Expedited Bill No.:
_~5.::'..6-....:..1.:::..0
_ _ __
Concerning: Bond Authorization
2
Revised:
11/30/2010
Draft No.:
Introduced: November
23,2010
Enacted:
November
30, 2010
Executive:
December
10, 2010
Effective:
December
10, 2010
Sunset Date:
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_ _:-:-:_
Ch.~,
Laws of Mont. Co.
2010
COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
By: Council President at the Request of the County Executive
AN EXPEDITED ACT
to:
(1) authorize the County to issue certain bonds; and
(2) authorize the bonds and bonds previously authorized to be issued to be consolidated
for sale and issued, sold and delivered as a single issue.
By adding to
Laws of Montgomery County 2010
Boldface
Underlining
[Single boldface brackets]
Doubleunde.dining
[[Double boldface brackets]]
* * *
Heading
or
defined term.
Added to existing law by original bill.
Deleted from existing law by original bill.
Added by amendment.
Deleted from existing law
or
the bill by amendment.
Existing law unaffected by bill.
The County Council for Montgomery County, Maryland approves the following Act:
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EXPEDITED BILL
No. 56-10
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Sec.
1.
County:
The following is added to the
2010
Laws of Montgomery
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The County may at any time and from time to time sell up to $721,300,000
4 in general obligation bonds under Chapter 20 for any project included in an
5 approved Capital Improvements Program as follows:
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(a)
an aggregate principal amount not exceeding $108,700,000 for public
facilities as defined in Section 20-14(a1;
(b)
an aggregate principal amount not exceeding $192,000,000 for public
facilities as defined in Section 20-14(b);
(c)
an aggregate principal amount not exceeding [[$341,600,000]]
$339,600,000 for public facilities as defined in Section 20-14(c);
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(d)
an aggregate principal amount not exceeding $32,600,000 for public
facilities as defined in Section 20-14(d); [[and]]
(e)
an aggregate principal amount not exceeding $46,400,000 for public
facilities as defmed in Section 20-14(f)[[.]]; and
ill
an aggregate principal amount not exceeding $2,000,000 for
agricultural easements as defined in Section 20-14(h).
Any bonds issued and sold by the County under this Act constitute an
19 irrevocable pledge of the full faith and credit and unlimited taxing power of the
20 County.
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In accordance with Section 2C of Article 31 of the Maryland Code, the
County Executive by order may determine that all or any of the bonds and any
bonds authorized by any other County law may be consolidated for sale and issued,
sold, and delivered as a single issue of bonds.
The County Executive must determine all matters relating to the amounts of
26 bonds to be sold, advertisement, sale, issuance, delivery, and payment of the
27 consolidated issue, such as the forms, dates, and denominations of the consolidated
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EXPEDITED Bill
No. 56-10
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bonds, the principal maturities, the method for determining the interest payable on
the consolidated bonds, and provisions for the use of facsimile signatures or seals.
30 At least one advertisement of the public sale of the consolidated bonds must appear
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in a newspaper of general circulation in the County at least 10 days before the sale.
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Sec. 2.
Expedited Effective Date.
The Council declares that this legislation is necessary for the immediate
protection of the public interest. This Act takes effect on the date when it becomes
law.
Approved:
37
,
Date
I
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This is a correct copy ofCouncil action.
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Linda M. Lauer, Clerk of the Council
Date
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