[HISTORY: Adopted by the Mayor and Council
of the City of College Park 2-28-1984 by Res. No. 84-R-2. Amendments noted where
applicable.]
[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.
A.
Form. Bonds may be in bearer coupon form or may be
registerable as to principal alone or as to both principal and interest.
B.
Signature; Seal to be affixed. Bonds shall be signed
by the Mayor or the City Manager, and the Seal of the City shall be
affixed thereto and attested by the City Clerk.
[Amended 12-10-1991 by Ord. No. 91-O-24]
C.
Maturity. Bonds shall mature not later than 30 years
from their date of issuance.
D.
Sale. Bonds shall be sold in such manner, either at
public or private (negotiated) sale, and upon such terms at, above
or below par as the City Council deems best. Any contract for the
acquisition of any facility may provide that payment shall be made
in bonds. Bonds are not subject to the limitations of § 9,
10 or 11 (Conditions Upon Sale of Public Securities) of Article 31
of the Annotated Code of Maryland.
E.
Limited obligations. Bonds and the interest on them
are limited obligations of the public body, the principal of, premium,
if any, and interest on which are payable solely (except for bond
anticipation notes and notes in the nature of commercial paper) from
revenues or moneys to be received in connection with the financing
or refinancing of a facility or from any other moneys made available
to the City for such purpose. Neither the bonds nor the interest thereon
shall ever constitute an indebtedness or a charge against the general
credit or taxing powers of the City within the meaning of any constitutional
or Charter provision or statutory limitation, and neither shall ever
constitute or give rise to any pecuniary liability of the city. Each
bond, on its face may plainly state that it has been issued under
the provisions of the Maryland Economic Development Revenue Bond Act[1] and that it does not constitute an indebtedness to which
the faith and credit of the City is pledged.
[1]
Editor's Note: See Article 41, § 14-101
et seq., of the Annotated Code of Maryland.
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.
