Reference No. CR-050-2006    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 6/20/2006
Introduced Date 6/13/2006 Public Hearing Date
Effective date: 6/29/2006    
Title: A Resolution concerning Economic Development Revenue Bonds for the purpose of authorizing the issuance of revenue bonds pursuant to the Maryland Economic Development Revenue Bond Act in an aggregate amount not to exceed Sixty-five Million Dollars ($65,000,000) and to loan the bond proceeds to Collington Episcopal Life Care Community, Inc., a not-for-profit Maryland corporation for the purpose of refinancing the costs of providing a continuing care retirement community for senior citizens  
Proposers/Sponsors: Douglas J.J. Peters, Will Campos, County Executive
Code sections: None - None
Attachments: 1. R2006050, 2. ACTION SUMMARY T2006050
Contact: Bond Counsel
Title A Resolution concerning Economic Development Revenue Bonds for the purpose of authorizing the issuance of revenue bonds pursuant to the Maryland Economic Development Revenue Bond Act in an aggregate amount not to exceed Sixty-five Million Dollars ($65,000,000) and to loan the bond proceeds to Collington Episcopal Life Care Community, Inc., a not-for-profit Maryland corporation for the purpose of refinancing the costs of providing a continuing care retirement community for senior citizens   Background This resolution authorizes the issuance of revenue bonds pursuant to the Maryland Economic Development Revenue Bond Act in an aggregate amount not to exceed Sixty-five Million Dollars ($65,000,000) and to loan the bond proceeds to Collington Episcopal Life Care Community, Inc. for the purpose of refinancing the costs of providing a continuing care retirement community for senior citizens. Collington Episcopal Life Care Community, Inc., a not-for-profit Maryland corporation, intends to apply the bond proceeds to consolidate and refund 1994 Prince George’s County, Maryland Refunding Revenue Bonds and 2001 Maryland Health and Higher Educational Facilities Authority Revenue Bonds to secure a more favorable interest rate and terms. These revenue bonds are payable solely through the revenues derived from loan payments by Collington Episcopal Life Care Community, Inc.



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