(a) In the absence of unappropriated revenues available to meet appropriations made pursuant to § 1-204.46, the Council may by act authorize the issuance of general obligation notes. The total amount of all such general obligation notes originally issued during a fiscal year shall not exceed 2% of the total appropriations for the District for such fiscal year.
(b) Any general obligation note issued under subsection (a) of this section, as authorized by an act of the Council, may be renewed. Any such note, including any renewal of such note, shall be due and payable not later than the last day of the fiscal year occurring immediately after the fiscal year during which the act authorizing the original issuance of such note takes effect.
(c) The 4th sentence of § 1-204.46 shall not apply to any amount obligated or expended by the District for the payment of the principal of, interest on, or redemption premium for any general obligation note issued under subsection (a) of this section.
(Dec. 24, 1973, 87 Stat. 806, Pub. L. 93-198, title IV, § 471; Dec. 23, 1981, 95 Stat. 1493, Pub. L. 97-105, § 11.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-327.
1973 Ed., § 47-247.
Delegation of Authority
Delegation of authority under D.C. Law 8-217, the "General Obligation Bond Act of 1990.", see Mayor's Order 91-79, May 14, 1991.
Delegation of authority under D.C. Law 9-46, the "General Fund Recovery Act of 1991.", see Mayor's Order 91-147, October 4, 1991.
Miscellaneous Notes
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, 1-204.24a 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 notes authorized: D.C. Law 12-1, effective May 7, 1997, authorized the issuance of general obligation notes of the District of Columbia for the purpose of financing certain appropriations for which unappropriated revenues are not available.
(a) In general. -- In anticipation of the collection or receipt of revenues for a fiscal year, the Council may by act authorize the issuance of general obligation notes for such fiscal year, to be known as revenue anticipation notes.
(b) Limit on aggregate notes outstanding. -- The total amount of all revenue anticipation notes issued under subsection (a) of this section outstanding at any time during a fiscal year shall not exceed 20% of the total anticipated revenue of the District for such fiscal year, as certified by the Mayor under this subsection. The Mayor shall certify, as of a date which occurs not more than 15 days before each original issuance of such revenue anticipation notes, the total anticipated revenue of the District for such fiscal year.
(c) Permitted outstanding duration. -- Any revenue anticipation note issued under subsection (a) of this section may be renewed. Any such note, including any renewal note, shall be due and payable not later than the last day of the fiscal year during which the note was originally issued.
(d) Effective date of authorization acts; payments not subject to appropriation. --
(1) Effective date. -- Notwithstanding § 1-206.02(c)(1), any act of the Council authorizing the issuance of revenue anticipation notes under subsection (a) of this section shall take effect:
(A) if such act is enacted during a control year (as defined in § 47- 393(4)), on the date of approval by the District of Columbia Financial Responsibility and Management Assistance Authority; or
(B) if such act is enacted during any other year, on the date of enactment of such act.
(2) Payments not subject to appropriation. -- The fourth sentence of § 1- 204.46 shall not apply to any amount obligated or expended by the District for the payment of the principal of, interest on, or redemption premium for any revenue anticipation note issued under subsection (a) of this section.
(Dec. 24, 1973, 87 Stat. 806, Pub. L. 93-198, title IV, § 472; Dec. 23, 1981, 95 Stat. 1493, Pub. L. 97-105, § 12; Aug. 5, 1997, 111 Stat. 771, Pub. L. 105-33, § 11506.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-328.
1973 Ed., § 47-248.
Temporary Enactments
For temporary (225 day) authorization of the issuance of District of Columbia general obligation tax revenue anticipation notes, see §§ 2 to 17 of Fiscal Year 2004 Tax Revenue Anticipation Notes Temporary Act of 2003 (D.C. Law 15-41, November 26, 2003, law notification 50 DCR 10699).
For temporary (225 day) authorization of the issuance of District of Columbia general obligation tax revenue anticipation notes, see §§ 2 to 17 of Fiscal Year 2005 Tax Revenue Anticipation Notes Temporary Act of 2004 (D.C. Act 15- 639, November 30, 2004, law notification 52 DCR 1228).
Emergency Act Amendments
For temporary authorization, on an emergency basis, the issuance of District of Columbia general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for the fiscal year ending September 30, 1996, see § 2-15 and 17 of the Tax Revenue Anticipation Notes Emergency Act of 1996 (D.C. Act 11-301, July 15, 1996, 43 DCR 4169).
For emergency authorization of the issuance of District of Columbia general obligation tax revenue anticipation notes to finance general governmental expenses for the fiscal year ending September 30, 1999, see §§ 2-15 of the Fiscal Year 1999 Tax Revenue Anticipation Notes Emergency Act of 1998 (D.C. Act 12-433, July 29, 1998, 45 DCR 5734), §§ 2-15 of the Fiscal Year 1999 Tax Revenue Anticipation Notes Second Emergency Act of 1998 (D.C. Act 12-498, October 27, 1998, 45 DCR 8038, and §§ 2-15 of the Fiscal Year 1999 Tax Revenue Anticipation Notes of Congressional Review Emergency Act of 1999 (D.C. Act 13- 7, February 8, 1999, 46 DCR 2301).
D.C. Act 12-75 authorized, on an emergency basis, the issuance of District of Columbia general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for the fiscal year ending September 30, 1997.
D.C. Act 12-153 authorized, on an emergency basis, the issuance of District of Columbia general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for the fiscal year ending September 30, 1998.
D.C. Act 12-243 authorized, on an emergency basis due to Congressional review, the issuance of District of Columbia general obligation tax revenue anticipation notes to finance general governmental expenses for the fiscal year ending September 30, 1998.
Title II of D.C. Law 12-40, effective October 23, 1997, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for the fiscal year ending September 30, 1997.
Section 302 of D.C. Law 12-40 provided that Title II of the act shall take effect following enactment as provided in section 472(d)(1) of the Home Rule Act, and approval by the District of Columbia Financial Responsibility and Management Assistance Authority as provided in section 203(a) of the District of Columbia Financial Responsibility and Management Assistance Act of 1995, approved April 17, 1995 (109 Stat. 116; D.C. Code § 47-392.03(c)), as amended.
D.C. Act 12-196, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 1998.
Sections 2 through 15 of D.C. Act 12-560 authorized the issuance of District of Columbia general obligation tax revenue anticipation notes to finance general governmental expenses for the fiscal year ending September 30, 1999.
For temporary (90 day) authorization of issuance of general obligation revenue anticipation notes, see §§ 2 to 5 of Fiscal Year 2003 Tax Revenue Anticipation Notes Emergency Act of 2002 (D.C. Act 14-447, July 23, 2002, 49 DCR 7853).
For temporary (90 day) authorization of issuance of general obligation tax revenue anticipation notes, see §§ 2 to 15 of Fiscal Year 2004 Tax Revenue Anticipation Notes Congressional Review Emergency Act of 2003 (D.C. Act 15-216, November 7, 2003, 50 DCR 10027).
For temporary (90 day) authorization of issuance of general obligation tax revenue anticipation notes, see § 2 of Fiscal Year 2005 Tax Revenue Anticipation Notes Emergency Act of 2004 (D.C. Act 15-589, October 26, 2004, 51 DCR 10717).
For temporary (90 day) authorization of issuance of general obligation tax revenue anticipation notes, see §§ 2 to 15 of Fiscal Year 2005 Tax Revenue Anticipation Notes Congressional Review Emergency Act of 2005 (D.C. Act 16-10, January 19, 2005, 52 DCR 2696).
Delegation of Authority
Delegation of authority under D.C. Act 8-246, the "Tax Revenue Anticipation Notes Act of 1990", see Mayor's Order 90-118, September 27, 1990.
Delegation of contracting authority, see Mayor's Order 91-92, June 7, 1991.
Delegation of authority under D.C. Law 9-46, the "General Fund Recovery Act of 1991", see Mayor's Order 91-147, October 4, 1991.
Delegation of authority pursuant to D.C. Act 10-227, the Tax Revenue Anticipation Notes Act of 1994, see Mayor's Order 94-104, April 29, 1994 (41 DCR 2535).
Delegation of authority under D.C. Law 10-364, the "Second Tax Revenue Anticipations Notes Act of 1994", see Mayor's Order 94-266, December 29, 1994.
Delegation of authority under D.C. Act 11-301, the "Tax Revenue Anticipation Notes Emergency Act of 1996", see Mayor's Order 96-107, July 25, 1996 (43 DCR 4321).
Delegation of authority under D.C. Act 12-75, the "Tax Revenue Anticipation Notes Emergency Act of 1997" ("the TRANs Act"), see Mayor's Order 97-123, June 27, 1997 (44 DCR 4143).
Delegation of authority under D.C. Act 12-153, the "Fiscal Year 1998 Tax Revenue Anticipation Notes Emergency Act of 1997" ("the TRANs Act"), see Mayor's Order 97-175, September 30, 1997 (44 DCR 5870).
Delegation of authority pursuant to D.C. Act 12-498, the "Fiscal Year 1999 Tax Revenue Anticipation Notes Second Emergency Act of 1998", see Mayor's Order 98- 173, November 5, 1998 (45 DCR 8200).
Miscellaneous Notes
D.C. Act 10-227, effective April 22, 1994, authorized the issuance of District of Columbia general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for the fiscal year ending September 30, 1994.
D.C. Act 11-373, effective August 5, 1996, authorized the issuance of District of Columbia general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for the fiscal year ending September 30, 1996.
D.C. Act 14-386, effective June 21, 2002, authorized the issuance of District of Columbia general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for the fiscal year ending September 30, 2002.
D.C. Act 14-481, effective October 23, 2002, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2003.
D.C. Act 15-382, effective February 27, 2004, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2004.
D.C. Act 15-695, effective December 29, 2004, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2005.
D.C. Act 16-211, effective November 28, 2005, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2006.
D.C. Act 16-538, effective December 4, 2006, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2007.
D.C. Act 17-209, effective November 27, 2007, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2008.
D.C. Act 17-628, effective December 22, 2008, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2009.
D.C. Act 18-557, effective October 7, 2010, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2010.
D.C. Act 18-560, effective October 12, 2010, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2011.
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, 1-204.24a 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."
D.C. Act 19-449, effective September 20, 2012, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2013.
No notes issued pursuant to this part shall be made payable on demand, but any note may be made subject to redemption prior to maturity on such notice and at such time as may be stated in the note.
(Dec. 24, 1973, 87 Stat. 806, Pub. L. 93-198, title IV, § 473.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-329.
1973 Ed., § 47-249.
References in Text
"This part," referred to in this section, refers to part E (comprising of §§ 461 to 490) of title IV of the District of Columbia Self-Government and Governmental Reorganization Act, approved December 24, 1973, 88 Stat. 804-809, Pub. L. 93-198, codified as §§ 1-204.89, 1-204.88, 1-204.87, and 1-204.61 to 1- 204.90.
Miscellaneous Notes
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, 1-204.24a 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."
All notes issued pursuant to this part may be sold at not less than par and accrued interest at private sale without previous advertising.
(Dec. 24, 1973, 87 Stat. 806, Pub. L. 93-198, title IV, § 474.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-330.
1973 Ed., § 47-250.
(a) Authorizing issuance. --
(1) In general. -- In anticipation of the issuance of general obligation bonds, the Council may by act authorize the issuance of general obligation notes to be known as bond anticipation notes in accordance with this section.
(2) Purposes; permitting issuance of general obligation bonds to cover indebtedness. -- The proceeds of bond anticipation notes issued under this section shall be used for the purposes for which general obligation bonds may be issued under § 1-204.61, and such notes shall constitute indebtedness which may be refunded through the issuance of general obligation bonds under such section.
(b) Maximum annual debt service amount. -- The act of the Council authorizing the issuance of bond anticipation notes shall set forth for the bonds anticipated by such notes an estimated maximum annual debt service amount based on an estimated schedule of annual principal payments and an estimated schedule of annual interest payments (based on an estimated maximum average annual interest rate for such bonds over a period of 30 years from the earlier of the date of issuance of the notes or the date of original issuance of prior notes in anticipation of those bonds). Such estimated maximum annual debt service amount as estimated at the time of issuance of the original bond anticipation notes shall be included in the calculation required by § 1-206.03(b) while such notes or renewal notes are outstanding.
(c) Permitted outstanding duration. -- Any bond anticipation note, including any renewal note, shall be due and payable not later than the last day of the third fiscal year following the fiscal year during which the note was originally issued.
(d) General authority of Council. -- If provided for in [an] Act of the Council authorizing such an issue of bond anticipation notes, bond anticipation notes may be issued in succession, in such amounts, at such times, and bearing interest rates within the permitted maximum authorized by such Act.
(e) Effective date of authorization acts; payments not subject to appropriation. --
(1) Effective date. -- Notwithstanding § 1-206.02(c)(1), any act of the Council authorizing the renewal of bond anticipation notes under subsection (c) [subsection (d)] or the issuance of general obligation bonds under § 1- 204.61(a) to refund any bond anticipation notes shall take effect --
(A) if such act is enacted during a control year (as defined in § 47- 393(4)), on the date of approval by the District of Columbia Financial Responsibility and Management Assistance Authority; or
(B) if such act is enacted during any other year, on the date of enactment of such act.
(2) Payment not subject to appropriation. -- The fourth sentence of § 1- 204.46 shall not apply to any amount obligated or expended by the District for the payment of the principal of, interest on, or redemption premium for any bond anticipation note issued under this section.
(Dec. 24, 1973, 87 Stat. 806, Pub. L. 93-198, title IV, § 475, as added Aug. 5, 1997, 111 Stat. 771, Pub. L. 105-33, § 11507(a).)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-330.1.
Emergency Act Amendments
For temporary (90 day) authorization for the issuance of general obligation bonds and bond anticipation notes, see § 2 of General Obligation Bond and Bond Anticipation Notes for Fiscal Years 2002-2007 Authorization Emergency Act of 2002 (D.C. Act 14-418, July 17, 2002, 49 DCR 7392).
Effective Dates
Section 11721 of Title XI of Pub. L. 105-33, 111 Stat. 786, the National Capital Revitalization and Self-Government Improvement Act of 1997, provided that except as otherwise provided in this title, the provisions of this title shall take effect on the later of October 1, 1997, or the day the District of Columbia Financial Responsibility and Management Assistance Authority certifies that the financial plan and budget for the District government for fiscal year 1998 meet the requirements of section 201(c)(1) of the District of Columbia Financial Responsibility and Management Assistance Act of 1995, as amended by this title.
Miscellaneous Notes
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.
