Public Hearings - Code Home Rule 2-2007- Borrowing Legislation

PUBLIC HEARING
CODE HOME RULE BILL NO. 2-2007
BORROWING AUTHORITY

April 3, 2007

A Public Hearing was held today at 9:07 a.m. in the County Commissioners’ Hearing Room, County Government Center, Chestertown, Maryland on Code Home Rule No. 2-2007, which is an Act to repeal and re-enact Section 3-9.1 to Chapter 3, Administration of Government, of the Code of Public Local Laws of Kent County, Maryland to authorize and empower County Commissioners of Kent County, from time to time to borrow not more than Forty Million Dollars ($40,000,000) for the public purposes of financing of refinancing general operating expenses or capital improvements all as more particularly described herein, and to evidence such borrowing by the issuance and sale at public or private sale, upon its full faith and credit, of one or more series of its general obligation bonds in like par amount; providing that not more than Sixteen Million ($16,000,000) aggregate principal amount of such bonds shall be issues on or after April 1, 2007; empowering and directing County Commissioners of Kent County to adopt a resolution in accordance with Section 15(4) of Article 25B of the Annotated Code of Maryland, as amended from time to time, prior to issuing all or any part of the bonds; empowering and directing the County to levy ad valorem taxes in rate and amount sufficient to provide funds for the payment of the maturing principal of and interest on the bonds and pledging the County’s full faith and credit and unlimited taxing power; exempting the bonds from the provisions of Sections 9 to 11, inclusive, of Article 31 of the Annotated Code of Maryland; authorizing the issuance of refunding bonds; and relating generally to the issuance and sale of such bonds.

County Commissioners, Roy Crow, Ronald Fithian, and, William Pickrum were in attendance as well as Susanne Hayman, County Administrator, and two interested citizens, and one member of the media.

Commissioner Crow read the Notice of Public Hearing into the record. There was no one in attendance who wished to speak for or against the proposed legislation.

This hearing was taped for reference and adjourned at 9:10 a.m..

THE COUNTY COMMISSIONERS
OF KENT COUNTY, MARYLAND


Janice F. Fletcher
Executive Assistant
Approved:

Roy W. Crow
President