Prince George's County Council - Reference No. CR-063-2020

• Reference No.: CR-063-2020
• Draft No.: 1
• Type: Resolution
• Status: Adopted
• Meeting Body: County Council
• Meeting Date: 7/21/2020
• Introduced Date: 7/7/2020
• Title: A RESOLUTION CONCERNING THE APPROVAL OF A CERTAIN REFUNDING PLAN OF THE WASHINGTON SUBURBAN SANITARY COMMISSION for the Issuance of Refunding Bonds for the purpose of approving the Refunding Plan of the Washington Suburban Sanitary Commission for the refunding of certain bonds of Washington Suburban Sanitary District through the issuance of General Construction Refunding Bonds, Water Supply Refunding Bonds, and Sewage Disposal Refunding Bonds of Washington Suburban Sanitary District.
• Proposers/Sponsors: Washington Suburban Sanitary Commission, Todd M. Turner, Sydney J. Harrison, Calvin S. Hawkins, Derrick Leon Davis, Deni L. Taveras, Rodney C. Streeter, Dannielle M. Glaros, Mel Franklin
• Contact: Kathleen H. Canning, Legislative Officer

Date	Ver.	Action By	Action	Result
7/21/2020	1	County Council	adopted	Pass
7/14/2020	1	Sitting as the Committee of the Whole	Favorably recommended	Pass
7/7/2020	1	County Council	introduced and referred

Title

A RESOLUTION CONCERNING THE APPROVAL OF A CERTAIN REFUNDING PLAN OF THE WASHINGTON SUBURBAN SANITARY COMMISSION for the Issuance of Refunding Bonds for the purpose of approving the Refunding Plan of the Washington Suburban Sanitary Commission for the refunding of certain bonds of Washington Suburban Sanitary District through the issuance of General Construction Refunding Bonds, Water Supply Refunding Bonds, and Sewage Disposal Refunding Bonds of Washington Suburban Sanitary District.

Background

This resolution provides for the sale of  Washington Suburban Sanitary Commission (WSSC) Refunding Bonds, as authorized pursuant to Section 22-114 of the Public Utilities Article of the Annotated Code of Maryland, requiring approval of the Refunding Plan by the County Executives and the County Councils of Prince George's County and Montgomery County.  The Commission is authorized to issue the Refunding Bonds to refund the Refunded Bonds to effect savings in debt service costs, directly or through any debt restructuring and only upon a finding by the Commission that such refunding will result in total savings in debt service costs.  WSSC proposes to issue General Construction Refunding Bonds, Water Supply Refunding Bonds and Sewage Disposal Refunding Bonds (the "Refunding Bonds"), at one time or from time to time, for the purpose of refunding the callable maturities and outstanding maturities of some or all of the bonds identified in EXHIBIT “A”, attached to this resolution and made a part thereof, (such callable maturities collectively, the "Refunding Bonds"), as market conditions may permit.