(a) General. The Council must adopt spending affordability guidelines for the aggregate capital budget under this Article.
(b) Content. The guidelines for the aggregate capital budget must specify the:
(1) total general obligation debt issued by the County that may be planned for expenditure in the first fiscal year under the capital improvements program;
(2) total general obligation debt issued by the County that may be planned for expenditure in the second fiscal year under the capital improvements program;
(3) total general obligation debt issued by the County that may be approved under the 6-year capital improvements program;
(4) total amount of debt, except refunding bonds, issued by the Maryland-National Capital Park and Planning Commission that may be planned for expenditure in the first fiscal year under the capital improvements program for projects in the County;
(5) total amount of debt, except refunding bonds, issued by the Maryland-National Capital Park and Planning Commission that may be planned for expenditure in the second fiscal year under the capital improvements program for projects in the County; and
(6) total amount of debt, except refunding bonds, issued by the Maryland-National Capital Park and Planning Commission for projects in the County that may be approved under the 6-year capital improvements program.
(c) Procedures.
(1) The Council must adopt spending affordability guidelines for the aggregate capital budget, by resolution, not later than the first Tuesday in October in each odd-numbered calendar year.
(2) The council must hold a public hearing before it adopts guidelines under paragraph (1).
(3) The Council may delegate responsibility for monitoring relevant affordability indicators to its standing committee with jurisdiction over spending affordability matters.
(4) Not later than the first Tuesday in February of each year, the Council may, subject to paragraph (5), amend the resolution establishing the guidelines to reflect a significant change in conditions. An amendment may alter a guideline by either an upward or downward adjustment in dollar amount.
(5) Any upward adjustment of a dollar amount under paragraph (4) for a guideline required by subsection (b)(1), (b)(2), (b)(4), or (b)(5) must not exceed 10%. (CY 1991 L.M.C., ch. 29, § 2; 1997 L.M.C., ch. 33, § 1.)
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