D.C. Code § 1-204.62

Current through codified legislation effective September 18, 2024

Section 1-204.62 - Contents of borrowing legislation and elections on issuing general obligation bonds

(a) The Council may by act authorize the issuance of general obligation bonds for the purposes specified in § 1-204.61. Such an Act shall contain, at least, provisions:

(1) Briefly describing the projects or categories of projects to be financed by the Act;

(2) Identifying the act authorizing each such project or category of projects;

(3) Setting forth the maximum amount of the principal of the indebtedness which may be incurred for the projects to be financed;

(4) Setting forth the maximum rate of interest to be paid on such indebtedness;

(5) Setting forth the maximum allowable maturity for the issue and the maximum debt service payable in any year; and

(6) Setting forth, in the event that the Council determines in its discretion to submit the question of issuing such bonds to a vote of the qualified voters of the District, the manner of holding such election, the date of such election, the manner of voting for or against the incurring of such indebtedness, and the form of ballot to be used at such election.

(b) Any election held on the question of issuing general obligation bonds must be held before the act authorizing the issuance of such bonds is transmitted to the Speaker of the House of Representatives and the President of the Senate pursuant to § 1-206.02(c).

(c) Notwithstanding § 1-206.02(c)(1), the provisions required by paragraph (6) of subsection (a) of this section to be included in any act authorizing the issuance of general obligation bonds shall take effect on the date of the enactment of such act.

D.C. Code § 1-204.62

Dec. 24, 1973, 87 Stat. 804, Pub. L. 93-198, title IV, § 462; Aug. 29, 1974, 88 Stat. 793, Pub. L. 93-395, § 1 (4); Dec. 23, 1981, 95 Stat. 1493, Pub. L. 97-105, § 5; Aug. 5, 1997, 111 Stat. 769, Pub. L. 105-33, § 11503.

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."

Council, limitations on authority, see § 1-206.02 . .