Submitted by: Ron Brooks
Submitting Department: Finance
Agenda Section: Consent
Item Title:
title
Hyattsville Ordinance 2022-03: Authorizing the Issue and Sell of General Obligation Bond Anticipation Notes (SECOND READING & ADOPTION)
end
Suggested Action:
recommendation
I move that the Mayor and Council adopt Hyattsville Ordinance 2022-03 authorizing and empowering City of Hyattsville to issue and sell from time to time one or more series of (1) general obligation bonds in an aggregate principal amount NOT to exceed Eleven Million Two Hundred Fifty Thousand Dollars ($11,250,000), and (2) general obligation bond anticipation notes in an aggregate principal amount not to exceed Eleven Million Dollars ($11,000,000), and (3) general obligation refunding bonds provided that the aggregate principal amount of any series of refunding bonds shall not exceed one hundred thirty percent (130%) of the aggregate principal amount of the bonds refunded therefrom.
The ordinance requires the proceeds of the sale of the bonds to be used and applied for the public purpose of financing, reimbursing or refinancing costs of the project identified as 3505 Hamilton Street Public Safety Building, together with related costs; specifies the amount of the bonds and the bond anticipation notes to be allocated to the project, provides that each series of the authorized bonds, bond anticipation notes and refunding bonds may be sold at public sale or private sale; authorizes the City Council to determine or provide by resolution for various matters relating to the authorization, sale, security, issuance, delivery, payment, and redemption or repayment of and for each series of bonds; City pledges its full faith and credit and unlimited taxing power to the payment of debt service on the bonds and provides for the imposition of ad valorem taxes sufficient for such purposes. Details of any series of the bonds to be issued shall be determined or provided for by resolution of the City Council. ...
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