Submitted by: Ron Brooks
Submitting Department: Finance
Agenda Section: Action
Item Title:
title
Hyattsville Resolution 2022-08: Authorizing the Issue and Sell of General Obligation Bond Anticipation Notes (INTRODUCTION & ADOPTION)
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Suggested Action:
recommendation
I move that the Mayor and Council introduce and adopt Hyattsville Resolution 2022-08 authorizing the issuance and sale of the City's general obligation bond anticipation notes in an original aggregate principal amount not exceeding Eleven Million Dollars ($11,000,000).
The resolution requires that the proceeds of the sale of the notes be used and applied for the public purpose of financing or reimbursing costs of the project identified as the 3505 Hamilton Street Public Safety Building, together with related costs, specifies the form and tenor of the notes, authorizes the sale thereof at private sale through a private placement or direct purchase transaction and specifies other details relating to the issuance, sale and delivery of the notes.
The resolution authorizes the Treasurer to determine certain terms and details in connection with the issuance, sale and delivery of the notes and provides for the appropriation, disbursement, and investment of the proceeds of the notes. The resolution pledges the City's full faith and credit and unlimited taxing power to the payment of debt service on the notes and provides for the imposition of ad valorem taxes sufficient for such purposes.
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Summary Background:
In 2019 the City issued bonds in the amount of $12,675,000 to fund improvements to the DPW facility and the renovation of 3505 Hamilton Street to become the new public safety building. Construction of the DPW facility began in late Fall 2019. The 3505 Hamilton Street construction project was anticipated to be solicited in 2020 with work beginning in late 2020. However, due to the COVID-19 pandemic the process to complete the design, review, and permitting for the 3505 Hamilton Street pro...
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