Sec. 20-51. Duties of county executive.

   (a)   The county executive must specify, prescribe, determine, provide for, or approve all matters, forms, documents, or procedures that the county executive deems appropriate to effect the authorization, sale, security, issuance, delivery, and payment of or for revenue bonds, subject to the limitations under this article and the resolution providing for the issuance of the revenue bonds.

   (b)   The county executive may:

      (1)   Provide for the maturity of revenue bonds on a date or dates that is no later than fifty (50) years from the date of the issuance of the revenue bonds;

      (2)   Fix the rate or rates of interest payable on revenue bonds, or the method of determining the rate or rates;

      (3)   Fix the denomination or denominations of revenue bonds and the place or places of payment of the principal, interest, and premium, if any; the place of payment may be at any bank or trust company within or without the state;

      (4)   Determine the form of revenue bonds and the manner of executing them and affixing the county seal to them, which may be in accordance with the Uniform Facsimile Signature of Public Officials Act; however, if any officer whose signature or a facsimile of whose signature appears on any revenue bonds ceases to be the officer before delivery of the revenue bonds, the signature or facsimile is valid and sufficient for all purposes the same as if the officer had remained in office until delivery;

      (5)   Provide for the manner in which revenue bonds may be sold, at either public or private (negotiated) sale, at a price that may be either at, above, or below par;

      (6)   Enter into agreements with agents, banks, fiduciaries, insurers, or others for the purpose of:

         a.   Pledging or otherwise assigning funds or revenues received from or in connection with any project;

         b.   Enhancing the marketability of any security for revenue bonds; and

         c.   Securing any tender option that may be granted to holders of revenue bonds; and

      (7)   Provide for:

         a.   The preparation of temporary bonds, to be exchanged for definitive revenue bonds when the latter are available for delivery; and

         b.   For the replacement of any revenue bonds that are mutilated, destroyed, or lost.

      (c)   The authority of the county executive under this article is not subject to the provision of chapter 11B of the Code. (1986 L.M.C., ch. 52, § 1.)

Sec. 20-52. Application of bond proceeds.

   The proceeds from the sale of any revenue bonds must be applied only to:

      (1)   Pay the costs of the project for which the revenue bonds are authorized; or

      (2)   Any fund created for the payment of the revenue bonds. (1986 L.M.C., ch. 52, § 1.)

Sec. 20-53. Rights of bondholders and fiduciaries.

   Unless a holder of revenue bonds is restricted by an agreement with the county, any holder of revenue bonds and any fiduciary in connection with them may:

      (1)   Protect and enforce any and all rights granted:

         a.   Under the laws of the state; or

         b.   In a resolution authorizing revenue bonds; or

         c.   In any agreement by the county relating to revenue bonds; and

      (2)   Compel the performance of all duties required by:

         a.   This article; or

         b.   A resolution authorizing revenue bonds; or

         c.   Any agreement by the county relating to revenue bonds, in accordance with law. (1986 L.M.C., ch. 52, § 1.)

Sec. 20-54. Credit of county not pledged.

   (a)   Revenue bonds are not indebtedness of the county within the meaning of the Charter and do not constitute a pledge of the full faith and credit of the county.

   (b)   All revenue bonds must contain a statement on their face to the effect that the full faith and credit of the county is not pledged to pay their principal, interest, or premium, if any. (1986 L.M.C., ch. 52, § 1.)

Article X. Spending Affordability-Capital Budgets. [Note]

 

Notes

[Note]

*Editor’s note-See County Attorney Opinion dated 10/30/91-A describing the additions to Charter § 305 by Question F as not conflicting with the TRIM amendment. Prior to its repeal and reenactment by CY 1991 L.M.C., ch. 29, Art. X was entitled "Spending Affordability;" consisted of §§ 20-55-20-59, and was derived from CY 1991 L.M.C., ch. 1, § 1.

Sec. 20-55. Definitions.

   In this Article, the following terms have the meanings indicated:

   (a)   "Aggregate capital budget" means all capital budgets approved by the County Council.

   (b)   "Capital improvements program" means the comprehensive 6-year program for capital improvements submitted by the County Executive to the County Council under Section 302 of the Charter.

   (c)   "Council" means the County Council sitting as a spending affordability committee under Section 305 of the Charter. (CY 1991 L.M.C., ch. 29, § 2; 1997 L.M.C., ch. 33, § 1.)

Sec. 20-56. Establishment of Guidelines.

   (a)   General. The Council must adopt spending affordability guidelines for the aggregate capital budget under this Article.

   (b)   Content. The guidelines for the aggregate capital budget must specify the:

      (1)   total general obligation debt issued by the County that may be planned for expenditure in the first fiscal year under the capital improvements program;

      (2)   total general obligation debt issued by the County that may be planned for expenditure in the second fiscal year under the capital improvements program;

      (3)   total general obligation debt issued by the County that may be approved under the 6-year capital improvements program;

      (4)   total amount of debt, except refunding bonds, issued by the Maryland-National Capital Park and Planning Commission that may be planned for expenditure in the first fiscal year under the capital improvements program for projects in the County;

      (5)   total amount of debt, except refunding bonds, issued by the Maryland-National Capital Park and Planning Commission that may be planned for expenditure in the second fiscal year under the capital improvements program for projects in the County; and

      (6)   total amount of debt, except refunding bonds, issued by the Maryland-National Capital Park and Planning Commission for projects in the County that may be approved under the 6-year capital improvements program.

   (c)   Procedures.

      (1)   The Council must adopt spending affordability guidelines for the aggregate capital budget, by resolution, not later than the first Tuesday in October in each odd-numbered calendar year.

      (2)   The council must hold a public hearing before it adopts guidelines under paragraph (1).

      (3)   The Council may delegate responsibility for monitoring relevant affordability indicators to its standing committee with jurisdiction over spending affordability matters.

      (4)   Not later than the first Tuesday in February of each year, the Council may, subject to paragraph (5), amend the resolution establishing the guidelines to reflect a significant change in conditions. An amendment may alter a guideline by either an upward or downward adjustment in dollar amount.

      (5)   Any upward adjustment of a dollar amount under paragraph (4) for a guideline required by subsection (b)(1), (b)(2), (b)(4), or (b)(5) must not exceed 10%. (CY 1991 L.M.C., ch. 29, § 2; 1997 L.M.C., ch. 33, § 1.)