Expedited Bill No.:   27-12                    

Concerning:  Bond Authorization           

Revised: ___9/13/2012____ Draft No.: 1

Introduced:    September 18, 2012        

Enacted:        September 25, 2012        

Executive:      October 4, 2012              

Effective:       October 4, 2012              

Sunset Date:          None                      

Ch 19    , Laws of Mont. Co.    2012    

 

 

 

       County Council

For Montgomery County, Maryland

 

By: Council President at the request of the County Executive

 

AN EXPEDITED ACT to:

(1)      authorize the County to issue certain bonds; and

(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                                      Heading or defined term.

        Underlining                                 Added to existing law by original bill.

        [Single boldface brackets]           Deleted from existing law by original bill.

        Double underlining                      Added by amendment.

        [[Double boldface brackets]]       Deleted from existing law or the bill by amendment.

        *  *  *                                           Existing law unaffected by bill.

 

 

 

 

 

 

 

 

 

 

 

 

            The County Council for Montgomery County, Maryland approves the following Act:


            Section 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 $260,115,000 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 $187,400,000 for public facilities as defined in Section 20-14(a);

(b)     an aggregate principal amount not exceeding $38,700,000 for public facilities as    defined in Section 20-14(b);

(c)      an aggregate principal amount not exceeding $13,900,000 for public facilities as defined in Section 20-14(c);

(d)     an aggregate principal amount not exceeding $20,115,000 for public facilities as defined in Section 20-14(e); 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 2C of Article 31 of the Maryland Code, 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.

Section 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: