2647

ANNE ARUNDEL COUNTY

Bill No. 84-72

AN ORDINANCE to amend the Charter of Anne Arundel
County, Maryland, by repealing and re—enacting,
with amendments, Section 721 thereof, Article
VII, "Budgetary and Fiscal Procedures", to revise
the requirements for information to be set forth
in Bond Issue Authorization Ordinances, and to
submit said amendment to the qualified voters of
Anne Arundel County, Maryland, for their adoption
or rejection.

SECTION 1. BE IT ENACTED BY THE COUNTY COUNCIL
OF ANNE ARUNDEL COUNTY, MARYLAND, That Section 721,
Article VII, "Budgetary and Fiscal Procedures", of the
Charter of Anne Arundel County, Maryland, be and it is
hereby repealed and re-enacted, with amendments, to
read as follows:

Section 721.
Ordinances.

Contents of Bond Issue Authorization

Each Bond Issue Authorization Ordinance as
referred to in Section 709 of this Article shall
include a statement of the AGGREGATE AMOUNT OF BONDS
AUTHORIZED THEREBY, THE purpose or purposes of the
[issue] BORROWING, and if the purpose is to finance
one or more capital projects, it shall describe each
of them sufficiently for purposes of identification,
but no capital project shall be included unless the
amount included therein shall be deemed sufficient to
complete at least a usable portion of such project.
The Ordinance shall estimate the cost of the project
or projects TO BE FINANCED and the portion thereof to
be defrayed from sources, specifically named, other
than the proposed bond issue. The Ordinance shall
also include the amount of the proposed issue OR
ISSUES; a statement showing that the proposed issue is
within the legal limitation on the indebtedness of the
County or a Sanitary District as the case may be; the
probable useful life of the project or average
probable useful life of the projects to be
financed;[the date of the issue; the dates of the
first and last serial maturities; the dates on which