AGENDA ITEMS 2B
October 20, 2015
Jacob Sesker, Senior Legislative Analyst
Resolution to consolidate previously authorized notes for sale and
issuance as a single issue; Expedited Bill 42-15, 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 bill and the resolution together would
authorize the County to issue debt and to consolidate that debt with other debt already authorized so
that the bonds can be sold as a single issue.
1) Expedited Bill 42-15 (Item 4A) increases the County bond authorization by $563.1 million, the
amount needed to fund the capital projects the Council approved this year and fully implement the
Council's approved ClP.
2) Resolution (Item 2B) will authorize the County to borrow money in an aggregate amount of$563.1
million for the purposes of financing the cost of certain public facilities.
The bill and resolution will be introduced on October 20. A
Public hearing is tentatively
scheduled for October 27 at
p.m. with action immediately after the hearing.
This packet contains
Legislative Request Report
Bond Consolidation Resolution
Memo from County Executive
F:\LAW\BILLS\1542 Bond Authorization\lntro Memo.Docx