June 23, 2024
Annapolis, US 93 F

Public Testimony On Additional Loan

There will be an opportunity for the public to testify on the recent Charter Amendment introduced by the Mayor to increase the line of credit for the City to $20 million. The bad news is that they scheduled it for 4:30pm this Thursday.

If you are unable to attend the meeting, comments and testimony can be emailed to the Mayor’s Office at [email protected]. Additionally, the Mayor will be soliciting comments on his blog.

There is some confusion about this Charter Amendment. This does NOT enable the City to borrow the money upon passage. This merely allows the City to increase the limit. To actually borrow the money would require a separate resolution put forth to the Council, require public testimony, and a vote of the Council. So there will be additional opportunities to voice an opinion on this issue.

However, it is also very likely that this will be pressed through very quickly and the intent is indeed to borrow the money sooner rather than later.

Provided the amendment passes (which it likely will) it will become law on September 17, 2010. The resolution to actually borrow against the limit will likely be introduced on Thursday as well and fastracked to allow the City to get the money on or very close to September 17th.

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