AGENDA ITEMS #3B
September 24, 2013
September 18, 2013
Jacob Sesker, Senior Legislative Analyst
Resolution to consolidate previously authorized notes for sale and
issuance as a single issue; Expedited Bill 26-13, Bond Authorization
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).
The Council President, at the request of the County Executive, has sponsored two items (one
bill and one resolution) to be considered concurrently. The
and the resolution would authorize the
County to issue debt and to consolidate that debt already issued.
1) Expedited Bill 26-13 (Item 6A) increases the County bond authorization by $435.7 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 3B) will authorize the County to borrow money in an aggregate amount of
$435.7 million for the purposes of financing the cost of certain public facilities.
The bill and resolution will be introduced on September 24th. A
Public hearing is
tentatively scheduled for October 1st with action immediately after the hearing.
This packet contains
Expedited Bill 26-13
Legislative Request Report
Bond Consolidation Resolution
Memo from County Executive
f:\sesker\project files\bondsl201 3 bond authorization and consolidation\intro memo. doc