Expedited Bill No. _--",3.::.,8-.,..!.1...!..1_ __
Concerning: Bond Authorization
Draft No. _1_
Revised:
11/22/2011
Introduced:
November 29, 2011
Enacted:
December 6, 2011
Executive:
December 14, 2011
Effective:
December 14, 2011
Sunset Date: ,...,N,.",o=n=e_ _ _ _ __
2011
Ch .
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Laws of Mont. Co.
COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
By: Council President at the Request of the 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
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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. 38-11
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Sec. 1. The following is added to the Laws of Montgomery County:
The County may at any time and from time to time sell up to $386,000,000
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general obligation bonds under Chapter 20 for any project included in an
approved Capital Improvements Program as follows:
(a)
an aggregate principal amount not exceeding $214,300,000 for public
facilities as defined in Section 20-14(a);
(b) an aggregate principal amount not exceeding $65,400,000 for public
facilities as defined in Section 20-14(c);
(c)
an aggregate principal amount not exceeding $103,200,000 for public
facilities as defined in Section 20-14( d);
(d) an aggregate principal amount not exceeding $2,000,000 for public
facilities as defined in Section 20-14(h); and
(e)
an aggregate principal amount not exceeding $1,100,000 for public
facilities as defined in Section 20-14(i).
Any bonds issued and sold by the County under this Act constitute an
irrevocable pledge of the full faith and credit and unlimited taxing power of the
County.
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In
accordance with Section 2C of Article 31 of the Maryland Code, as
amended, the County Executive by order may determine that all or any of the
bonds and any bonds authorized by any other County laws 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
bonds to be sold, advertisement, sale, issuance, delivery and payment of the
consolidated issue, such as the forms, dates and denominations of the consolidated
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.
At least one advertisement of the public sale of the consolidated bonds must appear
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EXPEDITED BILL
No. 38-11
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in a newspaper of general circulation in Montgomery County at least 10 days
before the sale.
Sec. 2. Expedited Effective Date.
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The Council declares that this legislation is necessary for the immediate
protection of the public interest. This Act takes effect on the date on which
it
becomes law.
Approved:
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Date
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This is a correct copy ofCouncil action.
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Linda M. Lauer, Clerk ofthe Council
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Date
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