Reference No. CR-085-2021    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 10/26/2021
Introduced Date 9/14/2021 Public Hearing Date 10/26/2021 @ 10:00 AM
Effective date: 10/26/2021    
Title: A RESOLUTION CONCERNING CONTRACT APPROVALS for the purpose of approving a multi-year funding agreement (the “Funding Agreement”) to secure the obligations related to the special obligation refunding bonds (the “Bonds”) issued pursuant to CB-062-2021 (the “Refunding Act”) in connection with the National Harbor Project, but only to the extent amounts in the Tax Increment Fund and Special Taxing District Fund (as such terms are defined in the Refunding Act) are not sufficient to meet all the obligations related to the Bonds as described in the Refunding Act.
Proposers/Sponsors: County Executive, Calvin S. Hawkins, Mel Franklin, Sydney J. Harrison, Dannielle M. Glaros, Monique Anderson-Walker, Derrick Leon Davis, Jolene Ivey
Attachments: 1. R2021085, 2. CR-085-2021AIS, 3. CR-085-2021 Transmittal Letter, 4. CR-085-2021 Report, 5. CR-85-2021 OOL Comments, 6. CR-085-2021 PAFI Contract Approvals - Final
Contact: Ronald Halper, Debt Manager, Office of Finance

Title

A RESOLUTION CONCERNING CONTRACT APPROVALS for the purpose of approving a multi-year funding agreement (the “Funding Agreement”) to secure the obligations related to the special obligation refunding bonds (the “Bonds”) issued pursuant to CB-062-2021 (the “Refunding Act”) in connection with the National Harbor Project, but only to the extent amounts in the Tax Increment Fund and Special Taxing District Fund (as such terms are defined in the Refunding Act) are not sufficient to meet all the obligations related to the Bonds as described in the Refunding Act.

 

Background

Fiscal impact is positive.  The County will realize debt service savings by refinancing the Prince George’s County, Maryland Special Obligation Bonds (National Harbor Project) Series 2004 under current favorable bond market conditions.  Savings will be materially enhanced by pledging as a back-up security provision the County’s annual appropriation.



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