Title:
|
An Emergency Bill concerning the issuance and sale of General Obligation Qualified School Construction Bonds in an amount not to exceed $29,638,000
|
Title
An Emergency Bill concerning the issuance and sale of General Obligation Qualified School Construction Bonds in an amount not to exceed $29,638,000
Background
This emergency bill provides the authority to issue and sell General Obligation Qualified School Construction Bonds to finance Public School Facilities in an amount not to exceed $29,638,000 for capital projects and includes the amounts programmed in the FY 2010 Capital Budget. The bill also authorizes the County Executive to enter into agreements with the Prince George’s County Board of Education and public instrumentalities of the County or the State of Maryland to finance said capital projects, including agreements regarding sale and leaseback (or other similar arrangements) appropriate to said financing.
The designation of this legislation as an emergency bill is needed to take advantage of the federal allocation to the Prince George’s County Public Schools of $25,102,000 of qualified school construction bond volume cap in calendar year 2009, which will achieve savings in the cost of debt service.