Expedited Bill No.
42-15
Concerning: Bond Authorization
Revised:
10/14/15
Draft No.
_1_
Introduced:
October
20. 2015
Expires:
April
20. 2017
Enacted:
October
27. 2015
Executive: - - - - - - - - -
Effective: - - - - - - - - - -
Sunset Date: -'N'-'-'o=n=e'-------
Ch. _ _, Laws of Mont. Co. _ __
COUNTY COUNCIL
FOR
MONT~OMERY
COUNTY, MARYLAND
Lead Sponsor: Council President at the request of the 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 the Laws of Montgomery County
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Heading or defined term.
Added to existing law by original bill.
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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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B<PEDITED BILL NO.
42-15
1
Sec.
1.
The following is added to the 2015 Laws of Montgomery County:
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The County may at any time and from time to time sell up to $563,100,000 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 $267,200,000 for public
facilities as defined in Section 20-14(a);
(b) an aggregate principal amount not exceeding $113,600,000 for public
facilities as defined in Section 20- l 4(b);
(c) an aggregate principal amount not exceeding $148,100,000 for public
facilities as defined in Section 20-14(c);
(
d)
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an aggregate principal amount not exceeding $34,200,000 for public
facilities as defined in Section 20-14(d); and
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
Annotated Code ofMaryland (2013 Replacement Volume and 2014 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
newspaper of general circulation in Montgomery County at least 10 days before the
sale.
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ExPEDITED BILL NO.
42-15
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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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George Leventhal, President, County Council
Jo
/z..~
Approved:
/15
Date
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Isiah Leggett, County Executive
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This is a correct copy ofCouncil action.
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Linda M. Lauer, Clerk of the Council
Date
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