LEGISLATIVE SESSION MINUTES
October 20, 2009
Present: John W. Cole, President
Roger L. Layton, Vice President
Jefferson L. Ghrist, Member
Richard
P. Barton,
At 9:39 p.m., on motion by Mr. Ghrist and seconded by Mr. Layton, the County Commissioners unanimously adjourned Regular Session and convened in Legislative Session for the third reading and proposed enactment of the following:
Legislative Bill #2009-6, General Obligation Refunding Bond Authorization
for (1) Certain Outstanding 1982, 1996, 1997, and 1998 County General
Obligation Bonds Evidencing Loans from the United States of America, Acting
Through Certain Departments, Divisions, or Agencies Thereof, and the Maryland
Community Development Administration, as Applicable, and (2) Certain
Outstanding Certificates of Participation (Caroline County Health and Public
Service Facility), Series 1997
FOR THE PURPOSE OF authorizing and
empowering County Commissioners of Caroline County to borrow not more than Nine
Million Dollars ($9,000,000.00) in the aggregate for the public purpose of
refunding or advance refunding all or a portion of the outstanding and unpaid (i) Caroline County Jail Facilities Bonds of 1982, (ii)
Caroline County Public Library Bonds of 1996, (iii) Caroline County Detention
Center Bonds of 1996, (iv) Caroline County Detention Center Bond of 1997, (v)
County Commissioners of Caroline County, Maryland Infrastructure Bonds, 1997
Series A, (vi) Certificates of Participation (Caroline County Health and Public
Service Facility), Series 1997, and/or (vii) County Commissioners of Caroline
County Infrastructure Bonds, 1998 Series A, paying costs of issuance and paying
funded interest, by the issuance at one time or from time to time, at public or
private sale, of its general obligation refunding bonds (the “original
refunding bonds”) in one or more groups or series not in excess of such
aggregate principal amount; authorizing and empowering the County to issue and
sell, at one time or from time to time, at public or private sale, additional
general obligation refunding bonds (the “subsequent refunding bonds”) in one or
more groups or series for the purpose of refunding or advance refunding any of
the original refunding bonds issued pursuant to the authority of this public
local law, paying costs of issuance and paying funded interest, provided that
the aggregate principal amount of any such issue of subsequent refunding bonds
shall not exceed 130% of the aggregate principal amount of the original
refunding bonds refunded therefrom; empowering and
directing the County to adopt a resolution or resolutions in accordance with
Section 15(4) of Article 25B of the Annotated Code of Maryland prior to issuing
all or any part of the refunding bonds authorized hereby; authorizing and
empowering the County, by adoption of a resolution or resolutions prior to the
issuance of any such refunding bonds, to approve, determine or provide for
certain details relating to such obligations; providing for the determination
by resolution as to the application of (i) any
premium paid upon the sale of, and (ii) any earnings on the investment of
proceeds of the refunding bonds authorized hereby; making certain
representations with respect to any such refunding bonds issued on a tax-exempt
basis; pledging the faith and credit and unlimited taxing power of the County
to the payment of the refunding bonds authorized hereby and providing that any
such obligations may be payable from other sources available for such purposes;
providing that this title be deemed a fair summary of this public local law for
all purposes; and relating generally to the issuance and sale of the refunding
bonds authorized hereby.
Sara Visintainer,
Executive Assistant, stated that the Bill was introduced on September 8, 2009,
and the public hearing was advertised in the September 30, 2009 and October 7,
2009
Legislative Bill #2009-7, Bond, Bond Anticipation Note and Refunding
Bond Authorization –
FOR THE PURPOSE OF authorizing and
empowering County Commissioners of Caroline County to borrow not more than
Seven Million Seven Hundred Fifty Thousand Dollars ($7,750,000.00) in the
aggregate for the public purpose of financing, reimbursing or refinancing
expenditures made for the renovation, improvement and modernization of Colonel
Richardson High School and the replacement of certain bridges, together with,
in either such case, related costs and costs of issuance, by the issuance at
one time or from time to time, at public or private sale, of its general
obligation bonds in one or more series not in excess of such aggregate
principal amount; empowering and directing the County to adopt a resolution or
resolutions in accordance with Section 15(4) of Article 25B of the Annotated
Code of Maryland prior to issuing all or any part of the bonds; authorizing and
empowering the County to issue and sell, at one time or from time to time, at
public or private sale, general obligation bond anticipation notes in one or
more series in an aggregate principal amount not to exceed Seven Million Seven
Hundred Fifty Thousand Dollars ($7,750,000.00) prior to and in anticipation of
the sale of any of the bonds authorized hereby in order to finance or reimburse
project costs on an interim basis, including paying capitalized interest and
costs of issuance; authorizing and empowering the County to issue and sell, at
one time or from time to time, at public or private sale, general obligation
refunding bonds in one or more series for the purpose of refunding any of the
bonds issued pursuant to the authority of this public local law, including any
redemption premium, accrued interest, funded interest, and costs of issuance,
provided that the aggregate principal amount of any such issue of refunding
bonds shall not exceed 130% of the aggregate principal amount of the bonds
refunded therefrom; authorizing and empowering the
County, by adoption of a resolution or resolutions prior to the issuance of any
such bond anticipation notes or refunding bonds, to approve, determine or
provide for certain details relating to such obligations; providing for the
determination by resolution as to the application of (i)
any premium paid upon the sale of, and (ii) any earnings on the investment of
proceeds of, any bonds, bond anticipation notes or refunding bonds authorized
hereby; making certain representations with respect to any such bonds, bond
anticipation notes or refunding bonds issued on a tax-exempt basis; pledging
the faith and credit and unlimited taxing power of the County to the payment of
the bonds, bond anticipation notes and refunding bonds authorized hereby and
providing that any such obligations may be payable from other sources available
for such purposes; authorizing the County Commissioners to determine or provide
for by resolution any determinations or elections relating to the issuance of
any of the bonds or bond anticipation notes authorized hereby as obligations under the authority of the American Recovery
and Reinvestment Act of 2009; providing that this title be deemed a fair
summary of this public local law for all purposes; and relating generally to
the issuance and sale of the bonds, bond anticipation notes and refunding bonds
authorized hereby.
Ms. Visintainer stated that the Bill
was introduced on October 13, 2009, and the public hearing was held the same
day. The public hearing was advertised
on October 14, 2009 and October 18, 2009
On motion by Mr. Ghrist and seconded by Mr. Layton, the Commissioners unanimously adjourned Legislative Session and reconvened in Regular Session at 9:43 a.m.
Preparation of Minutes by: ________________________
Amy L. Kreiner