Title
AN ACT CONCERNING THE ISSUANCE AND SALE OF SPECIAL OBLIGATION BONDS for the purpose of providing that special obligation bonds may be issued from time to time under the provisions of this Act, Sections 12-201 through 12-213, inclusive, of the Economic Development Article of the Annotated Code of Maryland, as amended (the “Tax Increment Act”), Section 10-269 of the Prince George’s County Code, as amended and Section 21-501 through Section 21-523 of the Local Government Article of the Annotated Code of Maryland, as amended (collectively, the “Special Taxing District Act”) and CR-25-2004 of the County Council of Prince George’s County, Maryland (the “Formation Resolution”) in an amount not to exceed the aggregate principal amount of Fifty Million Dollars ($50,000,000) in order for the County to refund the outstanding aggregate principal amount of Prince George’s County, Maryland Special Obligation Bonds (National Harbor Project) Series 2004 (the “2004 Bonds”); making certain findings and determinations, among others, concerning the public benefit and purpose of such special obligation bonds; providing that such special obligation bonds authorized to be issued hereby shall be payable, first, from the amounts levied and deposited in the Tax Increment Fund (as defined in the Formation Resolution) including certain County hotel occupancy taxes and other tax revenues, secondly, to the extent the Tax Increment Fund does not contain monies in an amount sufficient for payment of debt service on such special obligation bonds and to the extent amounts are required for deposit in funds and accounts created within the indenture providing for the issuance of the special obligation bonds to replenish deficiencies therein and to pay the administrative expenses of the County, from the special tax to be levied and deposited in the Special Taxing District Fund (as defined in the Formation Resolution) and, lastly, to the extent amounts in the Tax Increment Fund and the Special Ta...
Click here for full text