Reference No. CB-043-2020    Draft No.
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 7/21/2020
Introduced Date 6/23/2020 Public Hearing Date 7/21/2020 @ 10:00 AM
Effective date: 12/1/2020    
Title: AN ACT CONCERNING BORROWING TO FINANCE CAPITAL PROJECTS FOR PUBLIC WORKS AND TRANSPORTATION FACILITIES for the purpose of authorizing Prince George's County, Maryland, to borrow money upon its full faith and credit at any time and from time to time, in an aggregate principal amount not exceeding $178,150,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of, Public Works and Transportation Facilities (including roads and bridges, parking lots and maintenance facilities), including the acquisition and development of sites therefor, the architectural and engineering services incident thereto, and the acquisition and installation of necessary fixed permanent equipment therefor ; prescribing terms and conditions upon which bonds issued pursuant to this Act shall be issued and sold and other incidental details with respect thereto; providing generally for the issuance of suc...
Proposers/Sponsors: County Executive, Todd M. Turner, Monique Anderson-Walker, Derrick Leon Davis, Thomas E. Dernoga, Mel Franklin, Dannielle M. Glaros, Sydney J. Harrison, Calvin S. Hawkins, Jolene Ivey, Rodney C. Streeter, Deni L. Taveras
Attachments: 1. B2020043, 2. CB-043-2020 AIS, 3. CB-043-2020 Report, 4. CB-043-2020 Fiscal and Policy Note, 5. CB-043-2020 OOL Comment, 6. CB-043-2020 Transmittal
Related files: CR-084-2020
Contact: Rushane Jones, Office of Management and Budget
Title
AN ACT CONCERNING BORROWING TO FINANCE CAPITAL PROJECTS FOR PUBLIC WORKS AND TRANSPORTATION FACILITIES for the purpose of authorizing Prince George's County, Maryland, to borrow money upon its full faith and credit at any time and from time to time, in an aggregate principal amount not exceeding $178,150,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of, Public Works and Transportation Facilities (including roads and bridges, parking lots and maintenance facilities), including the acquisition and development of sites therefor, the architectural and engineering services incident thereto, and the acquisition and installation of necessary fixed permanent equipment therefor ; prescribing terms and conditions upon which bonds issued pursuant to this Act shall be issued and sold and other incidental details with respect thereto; providing generally for the issuance of such bonds and providing for such borrowing to be submitted to a referendum of the legal voters of the County.

Background
This bill will provide the County with the authority to borrow an amount not to exceed $178,150,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of, Public Works and Transportation Facilities (including roads and bridges, parking lots and maintenance facilities), including the acquisition and development of sites therefor, the architectural and engineering services incident thereto, and the acquisition and installation of necessary fixed permanent equipment therefor as approved in the FY 2021-2026 Capital Improvement Program (CIP).

The amount enabled will provide sufficient funding for each project as required by Section 823 of the County Charter. In accordance with the County Charter, upon the enactment by the Council, this bill will ...

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