AGENDA ITEMS #2E & 5
Jacob Sesker, Senior Legislative Analyst
Expedited Bill 38-11, Bond Authorization Resolution to consolidate
previously authorized notes for sale and issuance as a single issue
Expedited Bill 38-11, Bond Authorization, along with Item 2E, the implementing resolution, both
sponsored by the Council President at the request of the County Executive, are scheduled to be
introduced on November 29, 2011.
A public hearing is tentatively scheduled for December 6,
with action immediately after the hearing.
Every year, the Executive sends to the Council a bill increasing the bond authorization and one or
more resolutions consolidating the new bond authority with previous commercial paper bond
anticipation note authority.
The Council must act on both the bill and the resolution(s).
1) Expedited Bill 38-11 (Item 5) increases the County bond authorization by $386.0 million, the
amount needed to fund the capital projects the Council approved this year and fully implement
the Council's approved CIP.
2) Resolution (Item 2E) will consolidate the new bond authority (from Item 5) with previous
commercial paper bond anticipation note authority. This consolidation thereby increases the
amount of bond anticipation notes the County is authorized to sell by $386.0 million. Bond
anticipation notes are sold as needed to fund capital projects and then are repaid when the County
sells bonds, usually once a year.
This packet contains
Expedited Bill 38-11
Legislative Request Report
Bond Anticipation Resolution
Memo from County Executive
f:\sesker\word\bonds\bond consolidation ll.doc