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Amendment adds council checkpoints at $220M and $320M for Viva White Oak bond issuances
Summary
Committee members accepted a technical amendment requiring council approval by resolution before bond issuances that would raise cumulative principal above $220 million and $320 million; staff said the first $220 million tranche should cover phase 1.
A technical amendment to Expedited Bill 31-26 was accepted by the joint committee that adds council checkpoint requirements for later bond issuances tied to the Viva White Oak Development District. Staff member Gorzalek explained the amendment and said it clarifies a shared understanding among parties that the council should retain legislative prerogative as the project progresses.
Gorzalek described the amendment’s triggers: if a proposed bond issuance would push cumulative principal above $220,000,000 or $320,000,000, the county executive would need to seek council approval by resolution prior to that issuance. He said the initial authorization would cover a first $220,000,000 tranche sufficient for phase 1 work. "There would not be a requirement for the developer or the county executive to come to council for each serial bond issuance," Gorzalek said, "but it would retain some of that exercise of legislative prerogative when later stages of the project are more clearly developed." The county attorney’s office, staff said, confirmed the approach.
