Agenda Items

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ORDER OF PROCEEDING

CALL TO ORDER

LEGISLATION

CB-092-2023 AN ACT CONCERNING HOMESTEAD PROPERTY TAX CREDIT for the purpose of establishing the homestead property tax credit for the County property tax for the taxable year beginning July 1, 2024.

CB-094-2023 AN ACT CONCERNING TAX DIFFERENTIAL TASK FORCE for the purpose of establishing a four-year term of office for appointees to the Annual Tax Differential Task Force.

CB-100-2023 AN ACT CONCERNING THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS AND GENERAL OBLIGATION STORMWATER MANAGEMENT BONDS for the purpose of authorizing and empowering Prince George's County, Maryland to issue and sell an amount not to exceed six hundred fifty-four million four hundred nine thousand dollars ($654,409,000) in aggregate principal amount of general obligation bonds and one hundred twenty-five million six hundred thirty-six thousand dollars ($125,636,000) in aggregate principal amount of general obligation stormwater management bonds for the purpose of providing funds for financing in whole or in part costs of the planning, acquisition, construction, reconstruction, establishment, extension, enlargement, demolition, or improvement of certain capital projects and stormwater projects, respectively, set forth in the capital budget of the County for the fiscal year ending June 30, 2024; describing the projects or usable parts to be financed in whole or in part from the proceeds of the bonds hereby authorized and the estimated costs thereof and the probable useful lives thereof; prescribing or providing for the procedures for the issuance and sale of such bonds at private (negotiated) sale or public sale; declaring the County's official intent to reimburse itself for certain expenditures paid before the issuance of the bonds authorized hereby in accordance with applicable Income Tax Regulations; authorizing the consolidation of such bonds with other bonds for purposes of such sale; showing compliance with the power of the County to incur indebtedness; directing the application of the proceeds of such bonds and the proceeds of bonds previously issued by an act of the County; pledging the full faith and credit and taxing power of the County to the payment of such bonds and providing for the levy and collection of taxes necessary for the payment of the principal of and interest on such bonds when due; authorizing the pledge of Clean Water Act Fees to the payment of the principal of and interest on such general obligation stormwater management bonds related to clean water projects when due; authorizing and empowering the County to issue and sell an amount not to exceed seven hundred eighty million forty-five thousand dollars ($780,045,000) in aggregate principal amount of bond anticipation notes and covenanting to issue bonds in anticipation of which such notes are issued; pledging the full faith and credit and taxing power of the County to the payment of such bond anticipation notes and providing for the levy and collection of taxes necessary for the payment of the principal of and interest on such bond anticipation notes when due and authorizing the pledge of Clean Water Act Fees to the payment of the principal of and interest on such bond anticipation notes related to clean water projects when due; directing the application of the proceeds of such bond anticipation notes; directing the application of the proceeds of such bonds; providing for the issuance of such bond anticipation notes in the form of commercial paper or revolving loan notes; providing for the issuance of such bond anticipation notes and the bonds in the form of variable rate demand obligations; authorizing certain determinations to be made in connection with the sale of any such bond anticipation notes; authorizing the consolidation of such bond anticipation notes with other notes for purposes of such sale; authorizing and empowering the County to issue, sell and deliver general obligation refunding bonds and general obligation stormwater management refunding bonds for the purpose of refunding all or a part of the bonds authorized hereby or in prior Acts of the County in an aggregate principal amount not to exceed 150% of the outstanding principal amount of the bonds to be refunded thereby, the proceeds of such refunding bonds to be used for the public purpose of providing funds sufficient to pay principal of, redemption premium, if any, and interest on such refunded bonds at the respective maturity, redemption, and interest payment dates of such refunded bonds and related issuance costs; prescribing or providing for the procedure for the issuance and sale of such refunding bonds; empowering the County Executive to determine the time and method for the sale of such refunding bonds and other details with respect to the sale of such refunding bonds; pledging the full faith and credit of the County to the payment of the principal of, redemption premium, if any, and the interest on such refunding bonds when due; and providing for the levy and collection of taxes necessary for the payment of the principal of, redemption premium, if any, and interest on such refunding bonds when due, showing compliance with the limitations on the power of the County to incur indebtedness; authorizing the pledge of Clean Water Act Fees to the payment of the principal of and interest on such refunding bonds related to clean water projects when due; covenanting or providing for the making of certain covenants on matters relating to the tax-exempt status of interest on such bonds, bond anticipation notes and refunding bonds, as applicable; providing for compliance with Securities and Exchange Commission Rule 15c2-12; providing for the authorization of and entry into interest rate exchange agreements or contracts in connection with or incidental to any of the obligations authorized by this Act; authorizing the County Executive to delegate to appropriate officials the power to make certain determinations and sign certain documents, certificates or agreements authorized to be made or signed by the County Executive herein; and otherwise generally determining or providing for the determination of certain matters in connection with the issuance, sale and delivery of the general obligation and stormwater management bonds, bond anticipation notes and refunding bonds authorized by this Act.

ADJOURN

ADDITIONS

CB-095-2023 AN ACT CONCERNING THE ISSUANCE OF SPECIAL OBLIGATION BONDS FOR THE LARGO TOWN CENTER METRO DEVELOPMENT DISTRICT for the purpose of providing that special obligation tax increment financing bonds may be issued from time to time under the provisions of this Act and Sections 12-201 through 12-213, inclusive, of the Economic Development Article of the Annotated Code of Maryland, as amended (the "Tax Increment Financing Act"), and consistent with the provisions of CR-92-2014, adopted by the County Council of Prince George's County, Maryland (the "County Council") on November 12, 2014, as amended by CB-14-2020 (the "Formation Resolution"), in an amount not to exceed the aggregate principal amount of Nine Million Dollars ($9,000,000), in order for Prince George's County, Maryland (the "County") to finance or reimburse, in accordance with the Tax Increment Financing Act, costs related to the construction and installation of certain infrastructure improvements, as more particularly described herein, and to pay certain costs of issuing such bonds; ratifying and confirming the designation of the Largo Town Center Metro Development District; making certain findings and determinations, among others, concerning the public benefit and purpose of such bonds, including that prior to the issuance of such bonds certain criteria set forth in CR-21-2019 (irrespective of any provision of CR-21-2019 to the contrary) and the provisions of CB-51-2022 will apply, including but not limited to the "But-For Test," the "Trigger Mechanism/Look Back Provision," a determination of impact on the County credit/bond rating, and the delivery and approval of a Supplier Diversity and Equity Plan have been satisfied; providing that such bonds authorized to be issued hereby shall be payable from certain amounts levied and deposited in the Tax Increment Fund (as defined in the Formation Resolution) and that such bonds shall not constitute a general obligation debt of the County or a pledge of the County's full faith and credit or taxing power other than the County's pledge of the taxes representing the levy on the Tax Increment (as defined in the Formation Resolution); specifying certain terms and conditions with respect to the issuance of the bonds and the financing or reimbursement of certain infrastructure improvements; authorizing the County Executive of the County (the "County Executive") to specify, prescribe, determine, provide for and approve certain details, forms, documents or procedures in connection with such bonds issued hereunder and any other matters necessary or desirable in connection with the authorization, issuance, delivery and payment of such bonds; authorizing the County Executive to take certain actions, execute documents and make certain commitments on behalf of the County in connection with the issuance and delivery of such bonds consistent with the provisions of this Act; authorizing the execution and delivery of such bonds and such other documents as may be necessary and desirable to effectuate the financing of certain infrastructure improvements described herein and the issuance and delivery of such bonds; and generally providing for, and determining various matters in connection with, the issuance, delivery and payment of such bonds.

CR-087-2023 A RESOLUTION CONCERNING TAX INCREMENT FINANCING RELATED TO LARGO TOWN CENTER METRO DEVELOPMENT DISTRICT for the purpose of approving a TIF proposal and certifications pursuant to CR-21-2019 to the extent required under CB-095-2023 and complying with the requirements of CB-51-2022, as applicable as described.