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Title:
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An Act concerning the issuance and sale of General Obligation Stormwater Management Bonds in an amount not to exceed Thirty-Eight Million Nine Hundred Sixty Thousand Dollars ($38,960,000)
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Title
An Act concerning the issuance and sale of General Obligation Stormwater Management Bonds in an amount not to exceed Thirty-Eight Million Nine Hundred Sixty Thousand Dollars ($38,960,000)
Background
This bill provides the authority to issue and sell bonds in an amount not to exceed $38,960,000 for stormwater management projects and reflects the amount programmed in the FY 2011 Capital Budget, stormwater management bond anticipation notes in anticipation of any such bonds, and stormwater management refunding bonds. Revenue from Stormwater Management Enterprise Fund will support the interest and principal payments on the bonds, notes and refunding bonds issued and sold pursuant to the legislation.
The projects are listed in Attachment 1 of the legislation. The fiscal impact on the County for any bonds or bond anticipation notes will be negative to the extent of the debt service obligation incurred by the County when the bonds or notes are sold; the fiscal impact on the County for any refunding bonds should be positive when such refunding bonds are sold.