Bond Issue - School Loan - $55,000,000
For the purpose of authorizing the Mayor and City Council of Baltimore
(pursuant to General Assembly House Resolution II and Senate Resolution
II of 2024 approved by the members of the Maryland General Assembly
representing Baltimore City) to create a debt, and to issue and sell, at any
time or from time to time and in one or more series its certificates of
indebtedness as evidence thereof, and proceeds not exceeding
FIFTY-FIVE Million Dollars ($55,000,000.00) from the sale of such
certificates of indebtedness to be used for the cost of issuance, including
the expense of engraving, printing, advertising, attorneys’ fees, and all
other incidental expenses connected therewith (which may include the
proportion of the compensation of employees and general administrative
expenses of the Department of Finance reasonably allocated to the
issuance of the bonds); and the remainder of such proceeds shall be used
for the acquisition, by purchase, lease, condemnation or any other legal
means, of land or property, or any rights therein, in the City of Baltimore,
and demolishing, constructing and erecting on said land or property, or on
any land or property now or hereafter owned by the Baltimore City Board of
School Commissioners and/or the Mayor and City Council of Baltimore,
new school buildings, athletic and other auxiliary facilities including
community health and recreation facilities, and for additions and
improvements to, or the modernization or reconstruction of, including the
inspection, removal, encapsulation, management, containment and
abatement of asbestos from existing facilities, and for equipment for any
and all new or existing facilities authorized to be constructed, erected,
added, improved, modernized or reconstructed by the provisions hereof;
the payment of any and all costs and expenses incurred for or in connection
with doing any or all of the things herein mentioned, including, but not
limited to, the costs and expenses of securing administrative, appraisal,
economic analysis, engineering, planning, designing, architectural,
surveying, and other professional services, including, without limitation,
services relating to planning for future projects of the same general
character which may be constructed out of future loans; and for doing any
and all things necessary, proper or expedient in connection with or
pertaining to any or all of the matters or things hereinbefore mentioned;
authorizing the issuance of refunding bonds; conferring certain powers
upon the Baltimore City Board of School Commissioners; imposing certain
conditions in connection with the expenditure of the proceeds derived from
the sale of said certificates of indebtedness; conferring and imposing upon
the Board of Finance of Baltimore City certain powers and duties;
authorizing the submission of this Ordinance to the legal voters of the City
of Baltimore, for their approval or disapproval, at the Election to be held on
Tuesday, the 5th day of November, 2024, and providing for the expenditure
of the proceeds of sale of said certificates of indebtedness in accordance
with the provisions of the Charter of the Mayor and City Council of
Baltimore, and by the municipal agency designated in the annual
Ordinance of Estimates of the Mayor and City Council of Baltimore.
Sponsors:
Administration City Council
