§ 1-204.71. Borrowing to meet appropriations.

Current through October 23, 2012

(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.

                
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(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.