[Amended 9-10-1991 by Ord. No. 91-O-22]
The following rules and regulations shall be
applicable to the issuance by the City of revenue bonds or notes pursuant
to the provisions of the Maryland Economic Development Revenue Bond
Act, Article 41, §§ 14-101, 14-102 and 14-104(d), of
the Annotated Code of Maryland. Reference to Maryland Code sections
shall include amendments to those sections as may be enacted from
time to time.
[Amended 9-10-1991 by Ord. No. 91-O-22]
As a preliminary to the issuance of bonds (notes),
the Council shall make a finding and determination, by resolution,
that the proposed facility to be financed will accomplish one or more
of the legislative purposes set forth in Article 41, § 14-102,
of the Annotated Code of Maryland and shall specify the information
required by § 14-103.
[Amended 12-10-1991 by Ord. No. 91-O-24]
By resolution, the Council shall authorize the
City Manager to specify, prescribe, determine, provide for or approve
such matters, details, forms, documents or procedures as the Council
deems appropriate to the authorization, sale, security, issuance,
delivery or payment of or for the bonds, including without limitation,
creation of security for the bonds and provision for the administration
of bond issues, such as trust or other agreements with banks or trust
companies regarding any countersignature or delivery of bonds or security
for bonds. The resolution of trust agreement may contain a pledge
or assignment of revenues to be received in connection with the financing
or refinancing of a facility, and the lien of the pledge or assignment
shall be valid and binding against any person having a claim of any
kind against the City of College Park, irrespective of whether the
person has notice.
Within 60 days after the date of closing of
any bonds issued under this chapter, the City shall file or cause
to be filed with the Secretary of Economic and Community Development
a written statement setting forth, for information purposes only:
A. The name and address of the issuing public body (the
city).
B. The name and address of each facility applicant and
each facility user.
C. The aggregate principal amount of the bonds and the
maximum maturity of the bonds.
D. A brief description of the facility or facilities
to be financed by the bonds.