Expedited Bill No.
26-13
Conceming: Bond Authorization
Revised:
9/18/13
Draft No. _1_
Introduced:
September 24,2013
Enacted:
October 1, 2013
Executive:
October 10,2013
Effective:
October 10, 2013
Sunset Date: ---'--'.N""'on'-"'e"---_ _ _ _ __
Ch.
~,
Laws of Mont. Co.
2013
COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
By: C0W1.ci1 President at the request ofCounty 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
Boldface
Underlining
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* * *
Heading or defined term.
Added to existing law
by
original
bill.
Deletedfrom existing law
by
original
bill.
Added
by
amendment,
Deletedfrom existing law or the
bill by
amendment.
Existing law unaffocted
by bill.
The County Council for Montgomery County, Maryland approves the following Act:
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ExPEDITED BILL
No. 26-13
1
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 $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 defmed in Section 20-14(b);
(c)
an aggregate principal amount not exceeding $331,600,000 for public
facilities as defined in Section 20-14(c); and
(d)
an aggregate principal amount not exceeding $2,200,000 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 Annotated Code of
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 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 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.
Sec. 2.
Expedited Effective Date.
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The Council declares that this legislation is necessary for the immediate
protection ofthe public interest. This Act takes effect on the date on which it
becomes law.
Approved:
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N1ttJ~ounCil
Approved:
Isiah
Date
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This is a correct copy o/Council action.
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~?J,.~
Linda M. Lauer, Clerk of the Council
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