Bill No. 83-25

FOR the purpose of authorizing the issuance, sale and delivery by the County from time to time pursuant to Sections 21-501 through 21-523, inclusive, of the Local Government Article of the Annotated Code of Maryland (2013 Replacement Volume and 2024 Supplement), Sections 4-8-101 through 4-8-106, inclusive, of the Anne Arundel County Code (2005, as amended) (together, the “Special Taxing District Act”) and Section 19-207 of the Local Government Article of the Annotated Code of Maryland (2013 Replacement Volume and 2024 Supplement) (the “Refunding Act”) and this Ordinance, of special taxing district refunding bonds in an aggregate principal amount not to exceed $12,360,000 (the “Refunding Bonds”) to refund all or a portion of the County’s Special Obligation Bonds (Arundel Gateway Project), Series 2014 (Taxable) in order to achieve debt service savings for the County in each year on a direct comparison basis; making certain findings and determinations, among others, concerning the public benefit and purpose of the Refunding Bonds; providing that the Refunding Bonds shall be payable from special taxes levied and collected from certain real and personal property located in the Arundel Gateway Special Taxing District (the “Arundel Gateway Special Tax”) and deposited in the Arundel Gateway Special Taxing District Fund created pursuant to Bill No. 16-12, adopted by the County Council of the County (the “County Council”) on March 19, 2012, approved by the County Executive of the County (the “County Executive”) on March 26, 2012, and effective, by its terms, on May 10, 2012 (“Bill No. 16-12”); providing that the Refunding Bonds shall not constitute a general obligation debt of the County or a pledge of the County’s full faith and credit or taxing power other than the Arundel Gateway Special Tax pursuant to the Special Taxing District Act, Bill No. 16-12 and this Ordinance; providing that the Refunding Bonds may be sold at private (negotiated) sale; providing for the creation of a debt service reserve fund for the Refunding Bonds, if deemed necessary at the recommendation of the financial advisor to the County or the underwriter for the Refunding Bonds, and the payment of costs and expenses related to the issuance of the Refunding Bonds; authorizing the County Executive to specify, prescribe, determine, provide for and approve certain details, forms, documents and procedures in connection with the Refunding Bonds issued hereunder and any other matters necessary or desirable in connection with the authorization, issuance, sale and payment of the Refunding Bonds; authorizing the County Executive to take certain actions, execute certain documents and make certain commitments on behalf of the County in connection with the issuance, sale and delivery of the Refunding Bonds; and generally providing for and determining various matters in connection with the issuance, sale, delivery and payment of the Refunding Bonds.