Reference No. CB-048-2019    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 11/5/2019
Introduced Date 10/8/2019 Public Hearing Date 11/5/2019 @ 1:30 PM
Effective date: 1/3/2020    
Title: AN ACT CONCERNING THE ISSUANCE AND SALE OF GENERAL OBLIGATION AND STORMWATER MANAGEMENT BONDS for the purpose of authorizing and empowering Prince George's County, Maryland to issue and sell an amount not to exceed Four Hundred Fifty-Five Million, Five Hundred Twenty-Three Thousand ($455,523,000) in aggregate principal amount of general obligation and stormwater management bonds for the purpose of providing funds for financing in whole or in part costs of the planning, acquisition, construction, reconstruction, establishment, extension, enlargement, demolition, or improvement of certain capital projects and capital projects constituting facilities (including without limitation any land, interest in land or equipment) for the control and disposition of storm and surface waters, including floodproofing, flood control or navigation programs and other stormwater programs and systems, environmental restoration and/or wetlands construction, and the protection, conservation, creation and ac...
Proposers/Sponsors: County Executive, Mel Franklin, Sydney J. Harrison, Monique Anderson-Walker, Derrick Leon Davis, Todd M. Turner, Rodney C. Streeter, Thomas E. Dernoga, Deni L. Taveras, Calvin S. Hawkins
Attachments: 1. B2019048, 2. CB-048-2019 Attachment 1, 3. CB-048-2019 AIS, 4. CB-48-2019 Report, 5. CB-048-2019 Transmittal, 6. CB-048-2019 Fiscal Impact, 7. CB-048-2019 OOL Comment
Contact: Rushane Jones, Office of Management and Budget

Title

AN ACT CONCERNING THE ISSUANCE AND SALE OF GENERAL OBLIGATION AND STORMWATER MANAGEMENT BONDS for the purpose of authorizing and empowering Prince George's County, Maryland to issue and sell an amount not to exceed Four Hundred Fifty-Five Million, Five Hundred Twenty-Three Thousand ($455,523,000) in aggregate principal amount of general obligation and stormwater management  bonds for the purpose of providing funds for financing in whole or in part costs of the planning, acquisition, construction, reconstruction, establishment, extension, enlargement, demolition, or improvement of certain capital projects and capital projects constituting facilities (including without limitation any land, interest in  land or equipment) for the control and disposition of storm and surface waters, including floodproofing, flood control or navigation programs and other stormwater programs and systems, environmental restoration and/or wetlands construction, and the protection, conservation, creation and acquisition of certain property described in the Maryland Annotated Code Environment Article . . .

 

Background

This bill provides the authority to issue and sell up to $455,523,000 in general obligation bonds and stormwater management bonds to finance County, School, Community College, Library and Stormwater Management Capital projects in the FY 2020 Capital Budget.

 

The projects are listed in Attachment 1 of the legislation.  The fiscal impact on the County for any bonds or bond anticipation notes will be negative to the extent of the debt service obligation incurred by the County when the bonds or notes are sold.



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