Issuance of General Obligation Bonds and Bond Anticipation Notes
For the purpose of authorizing and empowering the City of Annapolis (the “City”)
to issue and sell, upon its full faith and credit, (i) one or more series of its general
obligation bonds in the aggregate principal amount not to exceed $73,561,499 (the
“Bonds”), pursuant to Sections 19-301 through 19-309, inclusive, of the Local
Government Article of the Annotated Code of Maryland, as amended, and Article
VII, Section 11 of the Charter of the City of Annapolis, as amended (the
“Charter”), (ii) one or more series of its general obligation bond anticipation notes
in anticipation of the issuance of the Bonds in the maximum aggregate principal
amount equal to the maximum aggregate principal amount of the Bonds (the
“Notes”), pursuant to Sections 19-211 through 19-221, inclusive, of the Local
Government Article of the Annotated Code of Maryland, as amended, and the
Charter and (iii) one or more series of its general obligation bonds to refund
specified bonds previously issued by the City in the aggregate principal amount not
to exceed 120% of the principal amount of bonds to be refunded (the “Refunding
Bonds”), pursuant to Section 19-207 and Sections 19-301 through 19-309,
inclusive, of the Local Government Article of the Annotated Code of Maryland, as
amended, and the Charter; providing that the Bonds, Notes and Refunding Bonds
shall be issued and sold for the public purpose of financing and refinancing certain
capital projects of the City as provided in this Ordinance; prescribing the form and
tenor of the Bonds, Notes and Refunding Bonds; providing for the method of sale
of the Bonds, Notes and Refunding Bonds and other matters relating to the
issuance and sale thereof; providing for the disbursement of the proceeds of the
Bonds, Notes and Refunding Bonds; covenanting to levy and collect all taxes
necessary to provide for the payment of the principal of and interest on the Bonds,
Notes and Refunding Bonds; and generally providing for and determining various
matters relating to the issuance, sale and delivery of the Bonds, Notes and
Refunding Bonds.
Buckley
Sponsors:
Director of Finance Moran, Director of Public Works Vogel and Budget Manger
Trudeau were present to answer questions from the committee.
Alderwoman Finlayson moved to recommend O-31-25 favorably. Seconded.
CARRIED on voice vote.
General Discussion
