D.C. Code § 1-204.71
This is the official text of D.C. Code § 1-204.71, part of District of Columbia’s Code — part of the compiled statutory law of District of Columbia, published by the state as "Code." Browse the sections below, each linked to its official government source.
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§ 1-204.71. Borrowing to meet appropriations.
Official statutory text
(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) Section 1-204.46(c) 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.
(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) Section 1-204.46(c) 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.
Status: in_force · Read it on the official government site
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