Title
AN ACT CONCERNING THE ISSUANCE AND SALE OF SPECIAL OBLIGATION BONDS FOR THE WESTPHALIA TOWN CENTER DEVELOPMENT DISTRICT AND WESTPHALIA TOWN CENTER SPECIAL TAXING DISTRICT for the purpose of providing that special obligation bonds may be issued from time to time under the provisions of this Act, Sections 12-201 through 12-213 of the Economic Development Article of the Annotated Code of Maryland, as amended (the “Tax Increment Financing Act”), Section 10-269 of the Prince George’s County Code, as amended, and Sections 21-501 through 21-518 and Section 21-523 of the Local Government Article of the Annotated Code of Maryland, as amended (collectively with Section 10-269 of the Prince George’s County Code, the “Special Taxing District Act,” and together with the Tax Increment Financing Act, the “Acts”), CR-76-2016 of the County Council of Prince George’s County, Maryland and CR-77-2016 of the County Council of Prince George’s County, in an amount not to exceed the aggregate principal amount of Forty-Two Million Dollars ($42,000,000) in order for the County to finance or reimburse, in accordance with the Acts, costs related to the construction and installation of certain of the public infrastructure improvements as more particularly described herein; making certain findings and determinations, among others, concerning the public benefit and purpose of such special obligation bonds, including that prior to the issuance of such bonds the criteria set forth in CR-38-2011, including but not limited to the “But-For Test,” the “Trigger Mechanism/Look Back Provision,” LMBE participation and the impact of the County credit/bond rating, have been satisfied; providing that such special obligation bonds authorized to be issued hereby shall be payable, first, from the amounts levied and deposited in the Tax Increment Fund (as defined in the Development District Formation Resolution) and, secondly, to the extent the Tax Increment Fund does not contain monies in an amount suff...
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