(a) Contents of Bond Issue Authorization Ordinances. Each Bond Issue Authorization Ordinance as referred to in Section 709 of this Article shall include a statement of the aggregate amount of bonds authorized thereby, the purpose or purposes of the borrowing, and if the purpose is to finance one or more capital projects, it shall describe each of them sufficiently for purposes of identification, but no capital project shall be included unless the amount included therein shall be deemed sufficient to complete at least a usable portion of such project. The Ordinance shall estimate the cost of the project or projects to be financed and the portion thereof to be defrayed from sources, specifically named, other than the proposed bond issue. The Ordinance shall also include the amount of the proposed issue or issues; a statement showing that the proposed issue is within the legal limitation on the indebtedness of the County or a Sanitary District as the case may be; the probable useful life of the project or average probable useful life of the projects to be financed; and declarations that the principal of and interest on the proposed issue are to be paid by ad valorem taxes on real estate and tangible personal property and intangible property subject to taxation by the County without limitation of rate or amount, and in addition, upon such other intangible property as may be subject to taxation by the County within limitation prescribed by law, except for self-liquidating bonds, including those issued under the authority of the Sanitary Commission Act and that the full faith and credit of the County are pledged to such payments provided that such declarations shall appropriately reflect any limitations imposed by Section 710(d) of this Article. The Ordinance may authorize the issuance of bonds to provide for the financing of one or more projects included within a specified class of projects, and prescribe a procedure for the addition or deletion of projects from such class before or after the issuance of bonds, subject to compliance with the requirements set forth in this Article regarding the financing of projects with bonds. The ordinance shall also recite the procedure for the public sale or sales, if more than one sale is contemplated of the proposed issue; the sale price of the bonds which may be at, above, or below par, or the procedure for determining the same; the manner of execution and authentication of the bonds, which may be by manual or facsimile signature or seal; the form of the bonds (and any coupons appertaining thereto) which may be registerable or nonregistrable as to principal or interest, with or without coupons, or book entry in format; and shall contain such other matters relating to the authorization, issuance or sale of the issue as the County Council shall deem desirable.
(b) Interim notes. The County Council may, by ordinance, authorize the issuance of interim notes, at one time, or from time to time, to provide the 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 a Bond Issue Authorization Ordinance that has taken effect. The issuance of interim notes shall be subject to the limitations set forth in Section 719 of this Article, and such notes and any renewals shall be paid not later than the last day of the fiscal year next succeeding the fiscal year in which the notes are issued.
(Bill No. 84-72; Res. No. 38-96; Res. No. 43-16)