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, Section 10-269 of the Prince George’s County Code, as amended, and Sections 21-501 through 21-516, inclusive, and Section 21-523 of the Local Government Article of the Annotated Code of Maryland, as amended (collectively, the “Special Taxing District Act”), and CR-28-2013 adopted by the County Council of Prince George’s County, Maryland (the “Formation Resolution”), in an amount not to exceed the aggregate principal amount of Three Million Dollars ($3,000,000) in order for Prince George’s County (the “County”) to finance the construction of certain infrastructure improvements, including the CSX Crossing, as more particularly described herein and to pay certain costs of issuing such bonds; making certain findings and determinations, among others, concerning the benefit and purpose of such special obligation bonds; providing for the levy of a Real Property Special Tax and a Special Hotel Rental Tax (each as defined below), and the allocation of such special taxes with respect to the special taxing district to be paid over to the Special Taxing District Fund (as defined in the Formation Resolution); providing that special obligation bonds authorized to be issued hereby shall be payable from the Real Property Special Tax and the Special Hotel Rental Tax to be levied and deposited in the Special Taxing District Fund and that the special obligation bonds shall not constitute a general obligation debt of the County or a pledge of the County’s full faith and credit or taxing power other than the special tax; authorizing the County Executive of the County to specify, prescribe, determine, provide for, approve certain details, forms, documents or procedures in connection with such special obligation bonds issued hereunder and any other matters necessary, or desirable in connecti...
Click here for full text