A
Bond Issue - School Loan - $38,000,000
For the purpose of authorizing the Mayor and City Council of Baltimore (pursuant to
General Assembly House Resolution II and Senate Resolution II of 2022 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 THIRTY-EIGHT Million Dollars ($38,000,000.00) 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 8th day of November, 2022,
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.
City Council President (Administration)
Sponsors:
A motion was made by member Middleton, seconded by member Stokes, Sr.,
that Ordinance 22-0232 be recommended Favorably. The motion carried by the
following vote:
5 - Costello, Burnett, McCray, Middleton, and Stokes Sr.
2 - Dorsey, and "Yitzy" Schleifer
Yes:
Absent:
