Title:
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A Resolution for the purpose of designating Prince George’s County as a Recovery Zone for purposes of issuance of Recovery Zone Economic Development Bonds and Recovery Zone Facility Bonds
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Title
A Resolution for the purpose of designating Prince George’s County as a Recovery Zone for purposes of issuance of Recovery Zone Economic Development Bonds and Recovery Zone Facility Bonds
Background
This Resolution designates the entire geographic area of the County as a Recovery Zone in order to permit the County to issue certain types of bonds created by the American Recovery and Reinvestment Act of 2009, Pub. L. No. 111-5, 123 Stat. 115 (2009) (“ARRA”).
ARRA includes provisions authorizing state and local governments, and issuing authorities empowered to issue bonds on behalf of state and local governments, to issue two new types of bonds, Recovery Zone Economic Development Bonds and Recovery Zone Facility Bonds. The County received initial volume cap whereby it can issue up to $27,691,000 in Recovery Zone Economic Development Bonds and up to $41,537,000 in Recovery Zone Facility Bonds. In order to issue these types of bonds, the County must designate a Recovery Zone as defined in Section 1400U-1(b) of ARRA. Based on home foreclosure and unemployment statistics in the County, as well as the accompanying general economic distress that exists in the County, the County is designating the entire County as a Recovery Zone for purposes of ARRA.