(a) Authorization. Pursuant to § 721(b) of the Charter, the County is hereby authorized to issue, sell, and deliver one or more series of interim notes to provide a temporary means of financing the funding of appropriations for capital projects approved in a capital budget to the extent the same are to be financed from borrowing and the borrowing is not, at the time of issuance of the notes, authorized pursuant to an enacted bond issue authorization ordinance. The net proceeds from the sale of the interim notes shall be used and applied for the public purpose of funding capital projects approved in an effective capital budget. The authority contained in this section shall be in addition and supplementary to any other authority vested in the County to borrow money.
(b) Order of County Executive. Interim notes issued hereunder to temporarily fund appropriations for capital projects shall be authorized by order of the County Executive. The County Executive shall have the authority to fix the terms, maturity, interest rates, method of issuance and sale, which may be by private negotiated sale or by competitive sale, and other conditions of issuance as provided by this subtitle.
(c) Limitations. The issuance of interim notes shall be subject to the limitations set forth in § 719 of the Charter.
(d) Payment date. Any interim notes issued hereunder shall be paid not later than the last day of the fiscal year in which the notes are issued.
(Bill No. 2-17)