Title
AN ACT CONCERNING THE ISSUANCE AND SALE OF SPECIAL OBLIGATION BONDS FOR THE KARINGTON DEVELOPMENT DISTRICT AND THE KARINGTON SPECIAL TAXING DISTRICT 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 of the Economic Development Article of the Annotated Code of Maryland, as amended (the “Tax Increment Act”), Section 10-269 of Prince George’s County Code, as amended, and Sections 21-501 through 21-523 of the Local Government Article of the Annotated Code of Maryland, as amended (collectively, the “Special Tax Act”), CR-73-2016 and CR-57-2018, each of the County Council of Prince George’s County, Maryland, in an amount not to exceed the aggregate principal amount of Thirty-Three Million Dollars ($33,000,000) in order for the County to finance or reimburse, in accordance with the Tax Increment Act and the Special Tax Act (together, the “Acts”), costs related to the construction and installation of certain of the public infrastructure improvements as more particularly described herein; making certain findings and determinations, among others, concerning the public benefit and purpose of such special obligation bonds, including that prior to the issuance of such bonds the criteria set forth in CR-38-2011, including but not limited to the “But-For Test,” the “Trigger Mechanism/Look Back Provision,” LMBE participation and the impact of the County credit/bond rating, have been satisfied; providing for the modification of certain requirements of CR-73-2016 related to Hotel Taxes; providing that the special obligation bonds authorized to be issued hereby shall be payable, from the amounts levied and deposited in the Tax Increment Fund (as defined in the Development District Formation Resolution) and the Special Taxing District Fund (as defined in the Special Taxing District Formation Resolution) and that the special obligation bonds shall not constitute a general ob...
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