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 $60,765,000 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 bill will provide the County with the authority to borrow an amount not exceeding $60,765,000 to finance the design, construction, reconstruction, extension, acquisition, improvement, enlargement, alteration, renovation, relocation, rehabilitation, or repair of Library Facilities as approved in the FY2017-2022 Capital Improvement Program (CIP). The projects in this bill are programmed for funding in FY2017.
The amount enabled will provide sufficient funding for each project as required by Section 823 of the County Charter. In accordance with the Charter, if enacted by Council, this bill will be placed on the ballot in November for approval by the legal voters of Prince George’s County.
APPROVED BY A MAJORITY OF THE VOTERS ON 11/8/2016; AS CERTIFIED BY THE BOARD OF ELECTIONS ON 11/30/2016.
EFFECTIVE DATE: 11/30/2016