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Council adopts ordinance authorizing bond anticipation notes for sewer work
Summary
Ordinance 6-2024, permitting issuance of up to $1,141,000 in General Obligation Bond Anticipation Notes to fund sewer pumping station work pending bond issuance, was adopted unanimously after a public hearing with no public comment.
The Town of Trappe adopted Ordinance 6-2024 on Dec. 4 to permit issuance of up to $1,141,000 in General Obligation Bond Anticipation Notes (BANs) to finance sanitary sewer pumping station repairs and other public improvements while awaiting future bond issuance.
The ordinance, framed under Section 19-212 of the Local Government Article of the Annotated Code of Maryland and Section 612 of the Town Charter, allows the town to issue interim notes in anticipation of longer-term bonds. A public hearing produced no comment; Commissioner Jeremy Newnam moved adoption, Commissioner Rose Potter seconded, and the council approved the ordinance unanimously.
The adoption gives the town short-term borrowing authority to cover project costs until bond proceeds or other financing settle.
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