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Reallocation of Unexpended Bond Proceeds
For the purpose of reallocating the use of unexpended proceeds of certain general obligation bonds previously issued by the City of Annapolis (the "City") and designated as the City's Public Improvements Bonds, 2025 Series.
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City Council of the
City of Annapolis
Ordinance 5-26
Introduced by: Mayor Littmann
Referred to: Finance Committee and Financial Advisory Commission
AN ORDINANCE concerning
Reallocation of Unexpended Public Improvement Bond Proceeds, 2025 Series
FOR the purpose of reallocating the use of unexpended proceeds of certain general obligation bonds previously issued by the City of Annapolis (the "City") and designated as the City's Public Improvements Bonds, 2025 Series.
WHEREAS, The City Council has determined to modify the City's capital budget for the fiscal year ending June 30, 2026, to adjust the amounts appropriated to the capital improvements program of the City for that fiscal year; and
WHEREAS, Pursuant to Ordinance O-31-25 adopted by the City Council (the "Existing Bond Ordinance"), the City has previously issued its general obligations bonds designated as Public Improvements Bonds, 2025 Series in the aggregate principal amount of $38,155,000 (the "Series 2025 Bonds") for the purpose of financing and refinancing the costs of the public projects set forth in the Existing Bond Ordinance, which referenced capital projects in the capital budget of the City for fiscal year ending June 30, 2026 or in the capital budgets for prior fiscal years; and
WHEREAS, The City intends to reallocate the expenditure of the proceeds of the Series 2025 Bonds derived from the sale of the Series 2025 Bonds, including investment earnings and premium on such Series 2025 Bonds, among the public projects set forth in the Existing Bond Ordinance in order to be in accordance with the City's modified capital budget.
NOW, THEREFORE, BE IT ESTABLISHED AND ORDAINED BY THE ANNAPOLIS CITY COUNCIL, that:
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