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Trappe council introduces $1.141 million bond and note measures to fund sewer pumping station work
Summary
On Nov. 6, 2024 Trappe Town Council introduced Ordinances 5-2024 and 6-2024 to authorize up to $1,141,000 in bonds and matching bond anticipation notes for repairs and upgrades to the town’s sanitary sewer pumping stations; public hearings are scheduled for Dec. 4 at 5:45 p.m.
Trappe — The Trappe Town Council on Nov. 6 introduced two financing ordinances that would provide up to $1,141,000 for repairs, upgrades or replacement of the town’s sanitary sewer pumping stations.
President Schmidt read Ordinance 5-2024, which would authorize the issuance and sale of up to One Million One Hundred Forty-One Thousand Dollars ($1,141,000) in bonds to pay project costs and related issuance expenses. Town Attorney Lyndsey Ryan told the council the ordinance responds to increased project costs and that draft language has been reviewed by the U.S. Department of Agriculture and bond counsel. Bond counsel recommended introducing the measure because the town’s interim financing with Shore United is set to expire Dec. 5.
The council then introduced Ordinance 6-2024, a companion measure authorizing up to $1,141,000 in General Obligation Bond Anticipation Notes in anticipation of eventual bond issuance. Both ordinances were introduced by motion and approved for introduction unanimously; public hearings on the ordinances are scheduled for Dec. 4 at 5:45 p.m.
Commissioner Jeremy Newnam moved to introduce Ordinance 5-2024; Commissioner Walter Chase seconded. Commissioner Newnam moved to introduce Ordinance 6-2024; Commissioner Michael Sullivan seconded. No final adoption votes were taken on either ordinance at the Nov. 6 meeting.
The ordinances reference statutory authorities for municipal bond issuance contained in the Local Government Article of the Annotated Code of Maryland (sections cited in the ordinances). The proposed measures state that the bonds and notes would be issued on the full faith and credit of the Town of Trappe and that proceeds would be disbursed to the designated pumping-station projects, with an annual tax levy authorized to pay principal and interest as required.
Next steps: Each ordinance is scheduled for a public hearing on Dec. 4 at 5:45 p.m.; the town must resolve interim financing by Dec. 5 if a permanent financing plan is not in place.
