Prince George's County Council - Reference No. CB-098-2010

• Reference No.: CB-098-2010
• Draft No.: 2
• Type: Council Bill
• Status: Enacted
• Meeting Body: County Council
• Meeting Date: 10/26/2010
• Introduced Date: 9/28/2010
• Effective date: 1/14/2011
• Title: An Act concerning the issuance of Special Obligation Bonds for the Kingdom Square Development District and Kingdom Square Special Taxing District in aggregate principal amount not to exceed $16,100,000 for the acquisition of certain infrastructure improvements, and generally providing for, and determining various matters in connection with, the issuance, delivery and payment of such bonds
• Proposers/Sponsors: Thomas E. Dernoga, Camille A. Exum, Samuel H. Dean, County Executive
• Code sections: None - None
• Contact: Bond Counsel

Date	Ver.	Action By	Action	Result
1/14/2011		County Council	effective
11/29/2010		County Executive	Unsigned
10/26/2010	2	County Council	Public hearing	Pass
10/26/2010	2	County Council	enacted	Pass
10/20/2010	2	County Council	enacted	Pass
9/28/2010	2	County Council	referred	Pass
9/28/2010		County Council	introduced

Title An Act concerning the issuance of Special Obligation Bonds for the Kingdom Square Development District and Kingdom Square Special Taxing District in aggregate principal amount not to exceed $16,100,000 for the acquisition of certain infrastructure improvements, and generally providing for, and determining various matters in connection with, the issuance, delivery and payment of such bonds Background By CR-76-2010 (the “Formation Resolution”), and pursuant to the Tax Increment Financing Act and Special Taxing District Act, the County established the Kingdom Square Development District and Kingdom Square Special Taxing District (collectively, the “District”). This bill amends the Rate and Method of Apportionment of Special Taxes attached to the Formation Resolution, authorizes the issuance of special obligation bonds in an aggregate principal amount not to exceed $16,100,000, and determines certain terms and provisions in connection with the issuance and payment of such bonds. The debt service costs will be paid from the increment increases in County real estate taxes attributable to the developed property and from a special tax levied on real and personal property within the Kingdom Square Special Taxing District as defined in the Formation Resolution. The bonds issued will be used to finance costs related to the construction or acquisition of the public infrastructure improvements in the District. 10/26/2010 - CB-98-2010 was amended on the floor prior to enactment; (DR-2) was enacted.