Prince George's County Council - Reference No. CB-048-2019

• 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
• Contact: Rushane Jones, Office of Management and Budget

Date	Ver.	Action By	Action	Result
11/18/2019	1	County Executive	signed
11/5/2019	1	County Council	public hearing held
11/5/2019	1	County Council	enacted	Pass
10/8/2019	1	County Council	introduced
9/26/2019	1	Government Operations and Fiscal Policy Committee	Favorably recommended	Pass
9/17/2019	1	County Council	presented and referred	Fail

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.