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 Howard County
 Code of Ordinances
 HOWARD COUNTY CHARTER
 Article VI. BUDGETARY AND FISCAL PROCEDURES

  § 618. Contents of bond issue authorization ordinances.  

Latest version.

  • Each Bond Issue Authorization Ordinance as referred to in Section 606 of this Article shall include a statement of the purpose or purposes of the issue, and if the purpose is to finance one or more capital projects, it shall describe each of them sufficiently for purposes of identification. The Ordinance shall estimate the cost of the project or projects and the portion thereof to be defrayed from sources, specifically named, other than the proposed bond issue. The Ordinance shall also include:

    (a)

    The amount of the proposed issue;

    (b)

    A statement showing that the proposed issue is within the legal limitation of the indebtedness of the County;

    (c)

    The probable useful life of the project or average probable useful life of the projects to the financed;

    (d)

    The date of the issue;

    (e)

    The dates of the first and last maturities;

    (f)

    The dates on which the interest shall be paid;

    (g)

    A declaration that the principal of and the interest on the proposed issue are to be paid by ad valorem taxes on real and tangible personal property and intangible property subject to taxation by the County without limitation of rate of amount, and, in addition, upon such other intangible property as may be subject to taxation by the County within limitations prescribed by law; and that the full faith and credit of the County are pledged to such payments.

    The Ordinance shall also recite either the procedure for the public sale of the proposed issue or the findings and determinations required for a private (negotiated) sale of the proposed issue, shall state whether the proposed issue, or any portion thereof, may be sold at a price of less than par, and shall contain such other matters relating to the authorization, issue or sale of the issuance as the Council shall deem desirable.

Editor's note

An amendment to § 618 proposed by Res. No. 135, 1982 was approved at an election held Nov. 2, 1982, and became effective Dec. 2, 1982. The section was further amended as proposed by Res. No. 33, 1990 and Res. No. 34, 1990, approved at an election held Nov. 6, 1990, with the provisions effective Dec. 6, 1990. Pursuant to instructions of the county, the language of both resolutions has been included.