Expedited Bill No.
26-13
Concerning: Bond Authorization
Draft No. _1_
Revised:
9/18/13
Introduced:
September 24. 2013
Enacted:
October 1. 2013
Executive: _ _ _ _ _ _ _ __
Effective: _ _ _ _ _ _ _ _ __
Sunset Date: -!...!N=on""'e"":-_::--_ _ __
Ch. _ _, Laws of Mont. Co. _ __
COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
By: Council President at the request of County Executive
AN EXPEDITED ACT
to:
(1) authorize the County to issue certain bonds;
(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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Existing law unaffected by bill
The County Council for Montgomery County, Maryland approves the following Act:
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EXPEDITED BILL
No. 26-13
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Sec.
1.
The following is added to the Laws of Montgomery County:
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The County may at any time and from time to time sell up to $435,700,000 in
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 $15,100,000 for public
facilities as defined in Section 20-14(a);
(b)
an aggregate principal amount not exceeding $86,800,000 for public
facilities as defined in Section 20-14(b);
(c)
an aggregate principal amount not exceeding $331,600,000 for public
facilities as defmed in Section 20-14(c); and
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(d)
an aggregate principal amount not exceeding $2,200,000 for public
facilities as defined in Section 20-14(i);
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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.
In
accordance with Section 2C of Article 31 of the Annotated Code of
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Maryland (2010 Replacement Volume and 2012 Supplement), 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 ofbonds.
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 in a
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EXPEDITED BILL
No. 26-13
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newspaper of general circulation in Montgomery 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 on which it
becomes law.
Approved:
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Nan;tt1~ounCil
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Approved:
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Isiah Leggett, County Executive
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IV/I!13
Date
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This is a correct copy ofCouncil action.
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Linda M. Lauer, Clerk ofthe Council
Date
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