Expedited
Bill
No.
47-14
Concerning: Bond Authorization
Revised:
Draft No. _1_
Introduced:
October 7,
2014
Enaded:
October 14, 2014
Executive: _ _ _ _ _ _ _ __
Effective:
Sunset Date: _N=o=n""'e-:-----::-_ _ __
Ch. _ _
Laws
of Mont
Co. _ __
----------
I
COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
By: Council 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
La~
ofMontgomery County 2014
Boldface
Under1ining
[Single boldface brackets]
Double under1inina
[[Double
boldface bracketsD
*
* *
Heading or defined term.
Added to existing law
by
original hill
Deletedfrom existing law
by
original hill.
Added by amendment.
Deletedfrom existing law or the hill hyamendment.
Existing law unaffected
by
bill.
The County Council for Montgomery County, Maryland approves the following Act:
 PDF to HTML - Convert PDF files to HTML files
ExPEDITED BILL
No. 47-14
1
Sec. 1. The following
is
added to the Laws of Montgomery County 2014:
Montgomery County may at any time and from time
to
time sell up to
$388,100,000 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 $162,000,000 for public
facilities as defined in Section 20-14(a);
(b)
an aggregate principal amount not exceeding $49,300,000 for public
facilities as defined in Section 20-14(b);
(c)
an aggregate principal amount not exceeding $167,400,000 for public
facilities as defined in Section 20-14(c); and
(d)
an aggregate principal amount not exceeding $9,400,000 for public
facilities as defined in Section 20-14(d).
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.
2
3
4
5
6
7
8
9
10
11
. 12
13
14
15
16
In
accordance with Section 19-101 of the Local Government Article of the
Maryland Code, the County
Execu~ve
by Executive 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
-2­
17
18
19
20
21
 PDF to HTML - Convert PDF files to HTML files
EXPEDITED BILL
No.
47-14
22
23
24
25
consolidated issue, such as the forms, dates and denominations of the consolidated
bonds, the principal maturities, the method for detennining the interest payable on
the consolidated bonds, and provisions for the use offacsimile signatures or seals. At
least one advertisement of the public sale of the consolidated bonds must appear in a
newspaper ofgeneral circulation in the County at least 10 days before the sale.
Sec. 2.
26
27
28
Expedited Effective
Date~
The Council declares that this legislation is necessary for the immediate
protection of the public
interest.
1bis Act takes effect on the date on which it
becomes law.
Approved:
29
30
31
32
Date
33
Approved:
34
Isiah Leggett, County Executive
35
36
Date
This is a correct copy ofCouncil action.
Linda M. Lauer, Clerk offue Council
37
Date
-3­