A Note Program is hereby established by the County of Summit for the following purposes and is hereby governed by the following general procedures.
(a) The County's capital project needs require the issuance, from time to time, of securities to provide funds for those projects. The County may issue general obligation bonds to finance those projects and may issue notes in anticipation of those bonds.
(b) The establishment of a program for the issuance of those bond anticipation notes will speed the process of issuing those notes, resulting in a more timely application of money to the costs of the County's capital projects and to the renewal of outstanding notes.
(c) This General Program Ordinance establishes procedures for the issuance of Notes and, to the extent not superseded by specific Note Resolutions, establishes the terms of the Notes.
(d) The Note Program is a non-exclusive procedure for the issuance of general obligation bond anticipation notes. Council may authorize the issuance of general obligation bond anticipation notes without following the Note Program procedure.
(Ord. 2009-139. Adopted 4-13-09.)