Statutes, codes, and regulations
District of Columbia Official Code
Division I - GOVERNMENT OF DISTRICTTitle 1 - GOVERNMENT ORGANIZATIONChapter 2 - DISTRICT OF COLUMBIA HOME RULESubchapter IV - THE DISTRICT CHARTERPart E - BORROWING
Subpart 1 - BORROWING
Section 1-204.61 - Districts' authority to issue and redeem general obligation bonds for capital projects

D.C. Code § 1-204.61

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Current through codified legislation effective September 18, 2024
Section 1-204.61 - Districts' authority to issue and redeem general obligation bonds for capital projects
(a)
(1) Subject to the limitations in § 1-206.03(b), the District may incur indebtedness by issuing general obligation bonds to refund indebtedness of the District at any time outstanding, to finance the outstanding accumulated operating deficit of the general fund of the District of $331,589,000, existing as of September 30, 1990, to finance or refund the outstanding accumulated operating deficit of the general fund of the District of $500,000,000, existing as of September 30, 1997, and to provide for the payment of the cost of acquiring or undertaking its various capital projects. Such bonds shall bear interest, payable on such dates, at such rate or rates and at such maturities as the Mayor, subject to the provisions of § 1-204.62, may from time to time determine to be necessary to make such bonds marketable.
(2) The District may not issue any general obligation bonds to finance the operating deficit existing as of September 30, 1990 described in paragraph (1) of this subsection after September 30, 1992.
(b) The District may reserve the right to redeem any or all of its obligations before maturity in such manner and at such price as may be fixed by the Mayor prior to the issuance of such obligations.

D.C. Code § 1-204.61

Dec. 24, 1973, 87 Stat. 804, Pub. L. 93-198, title IV, § 461; Dec. 23, 1981, 95 Stat. 1493, Pub. L. 97-105, § 4; Aug. 17, 1991, 105 Stat. 540, Pub. L. 102-106, § 4; Aug. 5, 1997, 111 Stat. 768, Pub. L. 105-33, § 11405.

Enactment upon adoption of federal legislation: Section 4 of D.C. Law 11-254 provided that " §§ 47-101, 47-117, 47-130, 47-301, 47-302 , 47-303 , 47-304 , 47-304.1, 47-305 , 47-310 , 47-312, 47-317.1 through 47-317.6, 47-321 through 47-325 , 47-327 through 47-331 , and 47-332 through 47-334 of Title 47 §§ 1-204.41 , 1-204.55 , 1-204.50 , 1-204.42 , 1-204.43 , 1-204.44 , 1-204.46 , 1-204.53 , 1-204.47 , 1-204.48 , 1-204.49 , 1-204.24 a through 1-204.24e, 47-317.06, 1-204.61 through 1-204.65, 1-204.71 through 1-204.75, 1-204.81, 1-204.85, 1-204.86 and 1-204.90, 2001 Ed. of the District of Columbia Code shall be enacted as part of Title 47 upon the adoption by Congress of legislation so enacting these sections."

General Obligation Bond 1996 Issuance Authorization Emergency Resolution of 1996: Pursuant to Resolution 11-545, effective October 1, 1996, the Council approved, on an emergency basis, authorization for the borrowing of funds by the Mayor through the issuance and sale of general obligation bonds.

Effective Date of General Obligation Bond Act of 1998: Section 148 of Pub. L. 105-100 , 111 Stat. 2181, the District of Columbia Appropriations Act, 1998, provided that, notwithstanding § 602(c)(1) of the District of Columbia Home Rule Act ( D.C. Code, § 1-206.02(c)(1) ), General Obligation Bond Act of 1998 (D.C. Law 12-41), if enacted by the Council of the District of Columbia and approved by the District of Columbia Financial Responsibility and Management Assistance Authority, shall take effect on the date of such approval or the date of the enactment of this Act, whichever is later. Both Pub. L. 105-100 and D.C. Law 12-41 were approved on November 19, 1997.

General obligation bonds authorized: D.C. Law 12-41, effective November 19, 1997, authorized the issuance of general obligation bonds of the District of Columbia for the purpose of financing certain capital projects and the refunding of certain capital indebtedness of the District of Columbia.

General Obligation Bond Issuance 1998 Additional Authorization Emergency Resolution of 1998: Pursuant to Resolution 12-441, effective March 31, 1998, the Council authorized the borrowing of funds by the Mayor through the issuance and sale of general obligation bonds.

General Obligation Bonds Authorized.-D.C. Law 13-22, the "General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 1999-2004 Authorization Act of 1999" authorizes the issuance of general obligation bond anticipation notes of the District of Columbia for the purposes of financing certain capital projects and the refunding of certain capital indebtedness of the District during fiscal years 1999-2004.

Definitions applicable: The definitions in § 1-201.03 apply to this subchapter.

General Obligation Bonds Authorized: D.C. Law 14-214, effective March 25, 2003, authorized the issuance of general obligation bonds and general obligation bond anticipation notes of the District of Columbia for the purposes of financing certain capital projects and the refunding of certain capital indebtedness of the District of Columbia during fiscal years 2002-2007.

General Obligation Bonds Authorized: D.C. Law 16-212, effective March 6, 2007, authorized the issuance of general obligation bonds and general obligation bond anticipation notes of the District of Columbia for the purposes of financing certain capital projects and the refunding of certain capital indebtedness of the District of Columbia during fiscal years 2007-2012.

Sale of public lands, expenses and proceeds of sale; board of education real property improvement and maintenance fund, see § 10-802 . Taxation and fiscal affairs, intermediate-term advances for liquidation of deficit, see § 47-3401.01 . .