(a) Any act of the Council authorizing the issuance of general obligation bonds under § 1-204.61(a) shall provide for the annual levy of a special tax or charge, if the Council determines that such tax or charge is necessary. Such tax or charge shall be levied, without limitation as to rate or amount, in amounts which together with other District revenues available and applicable will be sufficient to pay the principal of and interest on such general obligation bonds as they become due and payable. Such tax or charge shall be levied and collected at the same time and in the same manner as other District taxes are levied and collected, and when collected shall be set aside in a separate debt service fund and irrevocably dedicated to the payment of such principal and interest.
(b) The Comptroller General of the United States shall make annual audits of the amounts set aside and deposited in each debt service fund pursuant to subsection (a) of this section.
(Dec. 24, 1973, 87 Stat. 807, Pub. L. 93-198, title IV, § 481; Dec. 23, 1981, 95 Stat. 1498, Pub. L. 97-105, § 13.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-331.
1973 Ed., § 47-251.
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 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."
The full faith and credit of the District is pledged for the payment of the principal of and interest on any general obligation bond or note issued under § 1-204.61(a), § 1-204.71(a), or § 1-204.72(a), whether or not such pledge is stated in such bond or note or in the act authorizing the issuance of such bond or note.
(Dec. 24, 1973, 87 Stat. 807, Pub. L. 93-198, title IV, § 482, as added Dec. 23, 1981, 95 Stat. 1498, Pub. L. 97-105, § 14.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-331.1.
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 authority under D.C. Law 9-46, the "General Fund Recovery Act of 1991.", see Mayor's Order 91-147, October 4, 1991.
(a) The Council shall provide in each annual budget for the District of Columbia government for a fiscal year adopted by the Council pursuant to § 1-204.46 sufficient funds to pay the principal of and interest on all general obligation bonds or notes issued under § 1-204.61(a), § 1-204.71(a), or § 1-204.72(a) becoming due and payable during such fiscal year.
(b) The Mayor shall insure that the principal of and interest on all general obligation bonds and notes issued under § 1-204.61(a), § 1-204.71(a), or § 1-204.72(a) are paid when due, including by paying such principal and interest from funds not otherwise legally committed.
(c) Repealed.
(d) The 4th sentence of § 1-204.46 shall not apply to:
(1) Any amount set aside in a debt service fund under § 1-204.81(a);
(2) Any amount obligated or expended for the payment of the principal of, interest on, or redemption premium for any general obligation bond or note issued under § 1-204.61(a), § 1-204.71(a), or § 1-204.72(a);
(3) Any amount obligated or expended as provided by the Council in any annual budget for the District of Columbia government pursuant to subsection (a) of this section or as provided by any amendment or supplement to such budget; or
(4) Any amount obligated or expended by the Mayor pursuant to subsection (b) or (c) of this section.
(Dec. 24, 1973, 87 Stat. 807, Pub. L. 93-198, title IV, § 483, as added Dec. 23, 1981, 95 Stat. 1498, Pub. L. 97-105, § 14; Aug. 5, 1997, 111 Stat. 777, Pub. L. 105-33, § 11601(b)(1)(B).)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-331.2.
