(a) Useful life. The County may not issue bonds or bond anticipation notes for the acquisition of a capital facility or construction of a capital project or a separately identifiable integral component of a capital facility or capital project unless the bonds or notes have a final maturity date within the probable useful life or the average probable useful lives of the capital project or projects for which the series of bonds or bond anticipation notes are issued, accounting from the date of issue of the series of bonds. The County Council shall determine the probable useful life of a facility, project, or undertaking. The determination by the County Council of the probable useful life of the project is conclusive.
(b) Stated in ordinance. Each bond issue authorization ordinance shall state the probable useful life of each capital facility, capital project, and separately identifiable integral component proposed to be funded through the issuance of general obligation bonds, estimated in accordance with generally accepted accounting principles and practices and, to the extent applicable, federal, State, and local laws and regulations.
(c) Replacement bonds. The County may execute and deliver bonds, in the manner provided in § 720 of the Charter, for the replacement of any bonds of the County previously issued that have become mutilated or have been destroyed or lost or pay any bonds of the County and any coupons issued with the bonds that have matured and have become mutilated or have been destroyed or lost, without requiring presentation of the bonds or coupons, on satisfaction of the requirements of this subsection. The Controller, with the written approval of the Chief Administrative Officer, may authorize the replacement of bonds if:
(1) the owner of the bonds has requested replacement bonds before receipt by the County of any notice that the lost bonds have been acquired by a bona fide purchaser;
(2) the owner of the bonds has filed with the County a sufficient indemnity bond, said indemnity bond being in an amount equal to twice the face value of the bonds plus the amount of coupons attached; and
(3) the owner of the bonds has agreed to satisfy all other expenses incurred by the County in connection with the issuance of replacement bonds.
(1985 Code, Art. 6, § 9-104) (Bill No. 102-87; Bill No. 13-89)