Reference No. CB-045-2014    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body Public Safety and Fiscal Management Committee
Meeting Date 6/30/2014
Introduced Date 6/30/2014 Public Hearing Date
Effective date: 11/18/2014    
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 $32,243,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of Library Facilities including the acquisition of sites 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, Mel Franklin, Mary A. Lehman, Obie Patterson, Karen R. Toles
Attachments: 1. B2014045.pdf, 2. CB-045-2014 AIS, 3. CB-45-2014 Report
Contact: Debra Bice, Capital Budget Analyst, Office of Management and Budget
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 $32,243,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of Library Facilities including the acquisition of sites 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 legislation provides the authority to borrow an amount not to exceed $32,243,000 to finance improvements to Library Facilities as approved in the FY2015-2020 Capital Improvement Program.  The amount enabled will provide sufficient funding to complete a useable portion of each project as required by Section 823 of the County Charter.  The borrowings authorized in this bill will occur over several years as programmed in the FY2015-2020 Capital Improvement Program.
 



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