Prince George's County Council - Reference No. CB-015-2020

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Details

Reference No.

CB-015-2020 Draft No. 1

Type:

Council Bill

Status:

Enacted

Meeting Body

County Council

Meeting Date

6/2/2020

Introduced Date

5/5/2020

Public Hearing Date

6/2/2020 @10:00 PM

Effective date:

6/3/2020

Title:

AN EMERGENCY ACT CONCERNING THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS AND STORMWATER MANAGEMENT BONDS for the purpose of amending and restating Section 5 of CB-48-2019 of the County Council of Prince George’s County, Maryland, adopted on November 5, 2019 (the “CB-48-2019”), and restating in its entirety CB-48-2019, as necessitated by the COVID-19 public health emergency, including modifying the manner in which the general obligation bonds authorized by CB-48-2019 may be sold to include the sale of bonds through a private (negotiated) sale.

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. B2020015, 2. CB-015-2020 AIS, 3. CB-015-2020 Report, 4. CB-015-2020 Transmittal

Contact:

Rushane Jones, Office of Management and Budget

Date	Ver.	Action By	Action	Result	Action Details	Meeting Details	Video
6/3/2020	1	County Executive	signed		Action details	Meeting details	Not available
6/2/2020	1	County Council	public hearing held		Action details	Meeting details	Video
6/2/2020	1	County Council	enacted	Pass	Action details	Meeting details	Video
5/5/2020	1	Sitting as the Committee of the Whole	Favorably recommended	Pass	Action details	Meeting details	Video
5/5/2020	1	County Council	presented and referred		Action details	Meeting details	Video
5/5/2020	1	County Council	introduced		Action details	Meeting details	Video

Title

AN EMERGENCY ACT CONCERNING THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS AND STORMWATER MANAGEMENT BONDS for the purpose of amending and restating Section 5 of CB-48-2019 of the County Council of Prince George’s County, Maryland, adopted on November 5, 2019 (the “CB-48-2019”), and restating in its entirety CB-48-2019, as necessitated by the COVID-19 public health emergency, including modifying the manner in which the general obligation bonds authorized by CB-48-2019 may be sold to include the sale of bonds through a private (negotiated) sale.

Background

This legislation needs to be approved as an emergency law and therefore not subject to the 45-day effective date requirement established by the same Charter provision. This amendment is needed in order to establish the ability to facilitate a negotiated bond sale. This legislation amendment should be enacted because it serves as documentation of the County’s intent to sell the bonds.

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