Prince George's County Council - Reference No. CR-085-2021

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Details

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

Date	Ver.	Action By	Action	Result	Action Details	Meeting Details	Video
10/26/2021	1	County Council	public hearing held		Action details	Meeting details	Video
10/26/2021	1	County Council	adopted	Pass	Action details	Meeting details	Video
9/30/2021	1	Sitting as the Committee of the Whole	Favorably recommended	Pass	Action details	Meeting details	Video
9/14/2021	1	County Council	introduced and referred		Action details	Meeting details	Video

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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