CODE HOME RULE 4-2009
2009 BORROWING LEGISLATION
July 21, 2009
A public hearing was held today at 9:45 a.m. in the County Commissioners’ Hearing Room, County Government Center, Chestertown, Maryland, 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, Maryland from time to time, to borrow not more than Twenty Million Dollars ($20,000,000) in any fiscal year 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 County Commissioners of Kent County, Maryland 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; authorizing the issuance of refunding bonds pursuant to Section 24 of Article 31 of the Annotated Code of Maryland, as amended from time to time, and empowering and directing County Commissioners of Kent County, Maryland 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 refunding 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 such bonds and refunding bonds, and pledging the County’s full faith and credit and unlimited taxing power; exempting such bonds and refunding bonds from the provisions of Sections 9 to 11, inclusive, of Article 31 of the Annotated Code of Maryland, as amended from time to time; and relating generally to the issuance and sale of such bonds and refunding bonds.
Commissioner Crow read the Notice of Public Hearing into the record.
County Commissioners Roy Crow, Ronald Fithian, and William Pickrum, were in attendance as well as Susanne Hayman, County Administrator, ten interested persons and two members of the media.
The County Administrator commented that the legislation changes the borrowing authority from a cumulative amount to an annual amount of debt. She also noted that by having an annual amount the County will not need to enact new legislation, as was done in the past, once the cumulative limit is reached.
There was no one who wished to speak for or against this legislation.
This hearing was taped for reference and adjourned at 9:50 a.m.
Comments will be accepted until July 24 at noon. The third reading of the legislation will take place on August 4, 2009.
Janice F. Fletcher
Roy W. Crow, President