[RP Town Announce] Fair Summary of Ordinance 2013-OR-09

[Jessica Barnes]

TOWN OF RIVERDALE PARK

FAIR SUMMARY OF

ORDINANCE 2013-OR-09

TAX INCREMENT FINANCING BONDS

FOR CALVERT TRACT PROJECT

 

This is to give notice that the Riverdale Park Town Council has introduced
and intends to take action on Ordinance 2013-OR-09 (the "Ordinance").  The
title of the Ordinance is as follows:

 

            An Ordinance concerning authorization of revenue bonds, notes or
other similar instruments to be issued to finance costs of infrastructure
improvements for the Calvert Tract Project; for the purpose of making
certain legislative findings and determinations, among others, concerning
the public benefit of the matters contemplated by this Ordinance;
authorizing and empowering Town of Riverdale Park (the "Town") to issue,
sell and deliver pursuant to the Tax Increment Financing Act identified
herein (the "Act") its revenue bonds, notes or other similar instruments in
one or more series from time to time (the "Bonds") in an aggregate principal
amount not to exceed Four Million Dollars ($4,000,000.00) and bearing
interest at (i) a fixed rate or rates not to exceed eight percent (8.0%) per
annum or (ii) a variable rate or rates not to exceed seven percent (7.0%)
per annum initially and twelve percent (12.0%) per annum at any such time as
the applicable variable rate is reset, in order to finance the cost of
certain infrastructure improvements in or relating to the Calvert Tract
Development District identified herein and other costs or reserves permitted
under the Act; providing that the Bonds and the interest thereon shall never
constitute a general obligation debt of or a pledge of the Town's full faith
and credit or taxing powers; providing for the further specification,
prescription, determination, provision for or approval by the chief
executive of the Town (within the meaning of the Act) by executive order of
various other matters, details, documents and procedures in connection with
the authorization, issuance, security, sale and payment for any such Bonds;
providing for certain certifications, representations, designations,
elections and determinations with respect to any Bonds issued with the
expectation that interest thereon shall be excludable from gross income for
federal income tax purposes; providing that the provisions of this Ordinance
shall be liberally construed; providing for a sunset date with respect to
this Ordinance; providing that the title of this Ordinance constitutes a
fair summary hereof but that the Town may publish a fair summary of this
Ordinance in any format that meets Charter requirements; and generally
providing for the issuance of the Bonds in accordance with the Act.

 

The Ordinance is available for inspection by the public at Town Hall, 5008
Queensbury Road, during normal business hours, 8:30 a.m. to 4:30 p.m.,
Monday through Friday.  The Ordinance may be amended prior to passage.
Pursuant to Section 12-204(f) of the Act identified above, the Ordinance is
not subject to petition to referendum in accordance with Section 211 of the
Charter.  

 

 

 

Jessica

Jessica E. Barnes

Town Clerk

Riverdale Park

5008 Queensbury Road

Riverdale Park, MD 20737

www.riverdaleparkmd.info <http://www.riverdaleparkmd.info/> 

301-927-6381

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://riverdale-park.org/pipermail/townannounce/attachments/20131205/87ba8dff/attachment.html>