Expedited Bill No.
47-14
Concerning: Bond Authorization
Revised:
Draft No.
_1_
Introduced:
October 7. 2014
Ena~:
October 14. 2014
Executive:
October 22,2014
Effective:
October 22. 2014
Sunset Date: --'N:...:.;o=n=e_ _ _ _ __
Ch.~.
Laws
of Mont
Co.
2014
COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
By: Council President at the request of County Executive
AN EXPEorrEO 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 2014
Boldface
Underlining
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* * *
Heading or defined term.
Addedto existing law by original bill.
Deletedfrom existing law by original bill.
Added by amendment.
Deletedfrom existing law or the bill by amendment.
Existing law unqffected by bill.
The County Council for Montgomery County, Maryland approves the following Act:
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ExPEDITED BILL
No. 47-14
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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.
In accordance with Section 19-101 of the Local Government Article of the
Maryland Code, the County Executive 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
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ExPEDITED BILL No. 47-14
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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
newspaper ofgeneral circulation in the 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.
becomes law.
Approved:
This Act takes effect on the date on which
it
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Date
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Approved:
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This
is
a correct copy ofCouncil action.
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/o/z¥j;f
Date
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Linda M. Lauer, Clerk ofthe Council
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