Prince George's County Council - Reference No. CB-043-2022

• Reference No.: CB-043-2022
• Draft No.: 2
• Type: Council Bill
• Status: Enacted
• Meeting Body: County Council
• Meeting Date: 7/5/2022
• Introduced Date: 6/7/2022
• Public Hearing Date: 07/05/2022 @ 10:00 AM
• Effective date: 12/1/2022
• Title: AN ACT CONCERNING BORROWING TO FINANCE CAPITAL PROJECTS FOR LIBRARY 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 $9,258,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of Library 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.
• Proposers/Sponsors: County Executive, Sydney J. Harrison, Mel Franklin, Todd M. Turner, Dannielle M. Glaros, Thomas E. Dernoga, Rodney C. Streeter, Jolene Ivey, Johnathan M. Medlock
• Contact: Amber Hendricks, Office of Management and Budget Sara Brensinger, Office of Management and Budget

Date	Ver.	Action By	Action	Result
7/15/2022	2	County Executive	signed
7/5/2022	2	County Council	public hearing held
7/5/2022	2	County Council	enacted	Pass
6/7/2022	2	County Council	introduced
5/31/2022	1	Sitting as the Committee of the Whole	Favorably recommended with amendments	Pass
5/17/2022	1	County Council	presented and referred

Title

AN ACT CONCERNING BORROWING TO FINANCE CAPITAL PROJECTS FOR LIBRARY 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 $9,258,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of Library 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 $9,258,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of Library Facilities as approved in the FY 2023-2028 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 be placed on the ballot on November 8, 2022, for approval by the legal voters of the County.

NOTE: SUBJECT TO REFERENDUM