Annapolis City Council will unveil on first reader tonight legislation that would amend the charter to increase the City’s standing line of credit to $10 million:
CA-1-11 PUBLIC DEBT – For the purpose of increasing to ten million dollars
($10,000,000) the permissible aggregate principal amount the City of Annapolis
may borrow at any one time pursuant to Article VII, Section 8 of the Charter.
In addition:
R-3-11 LINE OF CREDIT – For the purpose of authorizing and empowering the City of
Annapolis to establish a line of credit, upon its full faith and credit, of up to the
lesser of ten million dollars ($10,000,000) or the amount specified in Article VII,
Section 8(a) of the Charter of the City, to be issued for financing any obligations
of the City of Annapolis.
This in addition to the Market House lease on 2nd reader should make for a very interesting evening.
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