KENT COUNTY, MARYLAND
COUNTY COMMISSIONER'S

PUBLIC HEARING - 12/16/2003

 

A Public Hearing was held on Tuesday, December 16, 2003, at 9:30 a.m. in the County Commissioners' Hearing Room, County Government Center, Chestertown, Maryland on Code Home Rule Bill No. 6-2003 which is: an Act to add a 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 the County Commissioners of Kent County, from time to time, to borrow not more than Ten Million Dollars ($10,000.00) for the public purposes of financing or 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, empowering and directing the 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; expressing official intent to issue bonds to finance the acquisition of the LaMotte property; and relating generally to the issuance and sale of such bonds.

County Commissioners William W. Pickrum, Roy W. Crow, and Scott D. Livie were in attendance as well as Susanne Hayman, County Attorney, and T. Edward Robinson, County Administrator.

Notice of the public hearing was read into the record by Ms. Hayman. No one wished to speak for or against this legislation.

Commissioner Pickrum asked those gathered if there where any comments. Rex Kershaw inquired as to under what circumstances would the County's need to borrow $10 Million. Ms. Hayman responded by first giving her assurance that the County was not anticipating nor currently being faced with any major financial crisis. She continued by describing this legislation as a provision which maintains the County's eligibility for State and Federal Tax exempt financing and that it will, in fact, save the County money.

Commissioner Pickrum noted that the cash flow of any government is never steady and, therefore, borrowing money and the ability to borrow money become necessary, particularly, for example, during the summer months when the cash flow is routinely low.

Third reading of the legislation will be held on January 6, 2004, the next legislative day.

This hearing was taped for reference and adjourned at 9:35 a.m.


THE COUNTY COMMISSIONERS
OF KENT COUNTY, MARYLAND


Janice F. Fletcher
Executive Assistant


Approved: William W. Pickrum, President