MS&H Serves as Bond Counsel in the First and Only Stormwater Management Limited Obligation Revenue Bonds in Maryland
McKennon Shelton & Henn LLP represented Montgomery County in the first and only stormwater management limited obligation revenue bonds issued by a local jurisdiction in the State of Maryland. The proceeds of the bonds were used to finance and refinance the planning, design, acquisition, and construction of stormwater management facilities and other related projects in Montgomery County. This new bond structure will assist the County in meeting the new Municipal Separate Storm Sewer System Permit requirements as the County expands its stormwater management program. The County’s existing local laws and their bond legislation have made the County a leader in compliance with the Maryland law requiring each county and municipal corporation in the State to adopt local laws necessary to establish an annual stormwater remediation fee and watershed protection and restoration fund in order to implement stormwater management plans. The bonds are supported by the water quality protection charges and bag taxes collected by the County and a debt service reserve fund.