Bill No. 55-25

FOR the purpose of authorizing the issuance by Anne Arundel County, Maryland (the “County”) of bond anticipation notes in an amount to be outstanding at any time not in excess of Eight Hundred Million Dollars ($800,000,000) and bonds in an amount not exceeding One Billion Six Hundred Eleven Million Two Hundred Eight Thousand Three Hundred Twenty Six Dollars ($1,611,208,326) in order to finance in whole or in part the construction of capital projects set forth in the capital budget of the County for the fiscal year ending June 30, 2026, or in such capital budgets for prior fiscal years, or
usable portions thereof; authorizing the issuance by the County of refunding bonds to refund some or all of the outstanding bond issues of the County listed on Exhibit II attached hereto and incorporated herein in an aggregate principal amount not to exceed 120% of the aggregate principal amount of the outstanding bonds to be refunded, subject to the requirement that debt service savings shall be achieved in connection with any such refunding; authorizing the County to borrow money and incur indebtedness otherwise authorized to be borrowed and incurred hereunder in the form of bonds or bond anticipation notes by obtaining a loan or loans from the Maryland Water Infrastructure Financing Administration pursuant to and in accordance with Sections 9-1601 through 9-1622, inclusive, of the Environment Article of the Annotated Code of Maryland (2014 Replacement Volume and 2024 Supplement) for the public purpose of financing a portion of the costs of acquiring, constructing and equipping certain wastewater facilities and water supply systems; providing for the execution and delivery by the County of a loan agreement and bond to evidence any such loan; reaffirming and clarifying the guides and standards relating to the borrowing of money to finance such capital projects heretofore adopted; listing the capital projects to be financed in whole or in part from the proceeds of sale of the bonds hereby authorized, or usable portions thereof, estimated costs and probable useful lives thereof; showing compliance with the limitations 1 on the power of the County to incur indebtedness; providing for essential flexibility in the financing of such capital projects and the issuance of such bonds by authorizing such bond anticipation notes to be repaid from the proceeds of the sale of such bonds; prescribing the procedure for the issuance and sale of such bond anticipation notes and bonds; empowering the County Executive of the County (the “County Executive”), or the Chief Administrative Officer of the County (the “Chief Administrative Officer”) if authorized by the County Executive, subject to such guides and standards, to determine the time and method of sale of such bond anticipation notes and refunding bonds, which sale may be a private (negotiated) sale or a public sale, and the time, place, and procedure for the public sale of such bonds other than refunding bonds; empowering the County Executive, or the Chief Administrative Officer if authorized by the County Executive, subject to such guides and standards, to determine the forms of such bonds and to determine the forms of such bond anticipation notes; empowering the County Executive, or the Chief Administrative Officer if authorized by the County Executive, to provide for or determine the private (negotiated) sale of any loan agreement or bond to the Maryland Water Infrastructure Financing Administration, the form or forms thereof and other details with respect thereto and to the sales thereof; providing that such bond anticipation notes may be issued as notes in the nature of commercial paper and, in such event, authorizing the County Executive, or the Chief Administrative Officer if authorized by the County Executive, to determine various matters and to take various actions in connection with such issuance; providing that such bonds and bond anticipation notes may be issued as variable rate demand or similar obligations and, in such event, authorizing the County Executive, or the Chief Administrative Officer if authorized by the County Executive, to determine various matters and to take various actions in connection with such issuance; covenanting to issue, upon its full faith and credit, the bonds in anticipation of the sale of which any bond anticipation notes are issued when, and as soon as, the reason for deferring the issuance thereof no longer exists, to pay the principal of and interest on (to the extent such is not otherwise paid) such notes from the proceeds of such bonds and that, if the County shall be unable to issue and sell its bonds in an amount sufficient to pay the principal of and interest on any notes issued, then to appropriate sufficient revenues in each fiscal year following the issuance of such bond anticipation notes to pay the maturing principal thereof and the interest thereon to the extent not otherwise paid; covenanting to appropriate sufficient revenues in each fiscal year following the issuance of such bonds to pay the maturing principal thereof and the interest thereon and to meet such appropriation either by revenues derived from self-liquidating projects or from the proceeds of ad valorem taxes, or a combination of the foregoing; pledging the full faith and credit of the County, to the payment of the bonds and bond anticipation notes issued hereunder and the interest thereon, when due; providing that the pledge of the taxing power to secure such bonds and bond anticipation notes shall be subject to the limitation imposed by Section 710(d) of The Anne Arundel County Charter, except in the case where refunding bonds are issued to refund bonds secured by the pledge of the full faith and credit and unlimited taxing power of the County; covenanting that the proceeds of such bonds and bond anticipation notes, or any money which may be deemed to be proceeds, will not be used in a manner to cause such bonds to be arbitrage bonds; canceling,  rescinding, and repealing authority to issue certain bonds only to the extent such authority has not been previously exercised under Bill No. 58-24, as amended, and ratifying, confirming and validating the previous authorization, issuance, sale and delivery of bonds and bond anticipation notes pursuant to applicable authority; ratifying and authorizing the issuance of Shore Erosion Control Construction Loans pursuant to and in accordance with Sections 8-1001 to 8-1008, inclusive, of the Natural Resources Article of the Annotated Code of Maryland (2023 Replacement Volume and 2024 Supplement); and generally providing for the consolidation and authorization of a borrowing program for the County, and matters generally related thereto.