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County enacts emergency authorization to sell up to $751 million in general obligation bonds
Summary
The council enacted CB4-2026 under an emergency finding to authorize up to $751,371,000 in general obligation bonds and $152,452,000 in stormwater bonds for FY26 capital projects, citing immediate market conditions to secure debt-service savings; the emergency enactment passed by roll call (final recorded tally 8–0).
Prince George’s County Council on April 28 enacted CB4-2026 under emergency procedure, authorizing the issuance and sale of up to $751,371,000 in general obligation bonds and up to $152,452,000 in general obligation stormwater management bonds for fiscal 2026 capital projects.
The council held a public hearing with no members of the public speaking. The chair read an emergency finding saying a public emergency exists due to immediate market conditions that the county seeks to take advantage of to achieve savings in debt service. Following the reading, the council moved to enact the bill under emergency procedure and recorded a roll-call vote; the transcript records the motion as carrying 8–0 after an earlier vote-count correction was noted.
"A public emergency exists affecting the public health safety and welfare said emergency being the county's immediate need to take advantage of market conditions surrounding interest rates in calendar year 2026 in order to achieve savings in the cost of debt services," the chair read during the session.
Why it matters: The bond authorization finances a broad set of capital and stormwater projects in the county’s FY26 capital budget. Enacting the bill as an emergency allows the county to act more quickly than under normal legislative timelines and to use market conditions to reduce long-term borrowing costs.
Next steps: With the emergency enacted, county officials may proceed with issuance steps consistent with bond authorization and county procurement and financial procedures.
