§ 10-182.04. Borrowings from bond proceeds.

(a)

Whenever the County Executive deems it desirable to undertake interfund cash borrowings from available bond proceeds currently in hand, to meet temporary cash requirements for financing capital projects of Prince George's County for which general obligation bonds of Prince George's County have been duly authorized for sale, he shall recommend to the Council for their approval, by resolution, that the borrowings of such proceeds on hand be authorized in an amount up to, but not exceeding Fifteen Million Dollars ($15,000,000) in the aggregate for all such capital projects, provided, that the Council must find, as a matter of fact:

(1)

That the funds to be borrowed are not required for immediate expenditure for the capital projects from which such funds are borrowed;

(2)

That the funds to be borrowed are not necessary to meet payments for any contracts or obligations now in effect, or to be in effect before such funds are repaid;

(3)

That County general obligation bonds to fund the capital projects to be financed with the borrowed funds have been duly authorized for sale by both a bond enabling act and a bond authorization act both duly adopted and in effect;

(4)

That to his and to their knowledge there are then existing no legal restraints, or any other limitation or obstacle which would prohibit or restrict the sale of said general obligation bonds of the County;

(5)

That the Director of Finance has certified that the said funds are available; and

(6)

That all such borrowings authorized are temporary, being for a period of time set forth in said resolution, and all such monies so transferred shall be repaid as determined by the Director of Finance from either:

(A)

The first proceeds of sale of the general obligation bonds of the County sold to fund the capital projects financed with the borrowed funds; or

(B)

From other available funds.

(CB-9-1977; CB-42-1985)