[An Amendment to Article VI, Section 619 (Limit of Indebtedness) of the Charter of the Town of Riverdale Park]
WHEREAS, the Prince George's County property tax assessment was amended to 100% of land valuation of all real and personal property in the town as appears on the county assessment records as of October 1, 2000; and
WHEREAS, the Maryland General Assembly reduced the effective borrowing authority of the Town of Riverdale Park from 1.0% to 0.4% of the valuation of all real and personal property in the town by going from 40% valuation to 100% valuation on October 1, 2000; and
WHEREAS, the Town of Riverdale Park currently has an approximate tax cap of $1,190,000 based on 0.4% of the value of all real and personal property, and a current debt load of $1,114,000; and
WHEREAS, the Town of Riverdale Park reserve fund was reduced by more than 50% in fiscal year 2000-2001 due to a substantial revenue shortfall; and
WHEREAS, the Town of Riverdale Park's attempt to attract grant monies to increase economic development and redevelopment within the community to enhance the quality of life for residents requires having the ability to pay for projects and then obtain reimbursement from federal, state and county programs; and
WHEREAS, the Town of Riverdale Park is presently unable to pay for these grants projects prior to being reimbursed by state and federal governments; and
WHEREAS, this inability seriously jeopardizes currently approved grants from the state and federal government totaling more than $800,000 in the current fiscal year; and
WHEREAS, the present borrowing authority for the Town of Riverdale Park is one of lowest for all 157 municipalities in the State of Maryland; and
WHEREAS, the Town of Riverdale Park has not increased the borrowing authority since May 21, 1991.
NOW WHEREFORE BE IT RESOLVED, that Article VI, Section 619 of the Charter of Riverdale Park is amended as follows:
The words "1.0 percent" (actually reduced to 0.4 percent by act of the Maryland General Assembly effective October 1, 2000) shall be replaced with the words "0.7 percent."
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