District of Columbia Bond Authorization Act of 1981

Summary

District of Columbia Bond Authorization Act of 1981 - Authorizes the District of Columbia to issue general obligation bonds to pay specified eligible liabilities and costs incidental to such bond issuance. Limits the aggregate principal amount of such bonds to a specified sum. Authorizes the District of Columbia City Council to authorize the issuance of such bonds without first submitting the issue to the President and Congress. Requires that such Council action shall include a payment financing plan for such bonds. Directs the Mayor to publish notice of any bond issuance authorized by the Council. Establishes a 20-day period of limitation beginning on such publication date. Sets forth procedures for the issuance, maturity, and execution of such bonds. Requires that bond proceeds be segregated from other District funds and expended solely for authorized purposes. Requires that the District report annually to Congress on its use of such proceeds and its payment of bond interest and principal. Specifies that such bonds shall be secured by the full faith and credit of the District. Authorizes the Council to pledge District revenues as additional security for such bonds. Authorizes the Mayor to sell such secured bonds within a specified period at either public or private sale. Exempts the obligation of bond proceeds, payments, or securities from the Congressional appropriation process. Declares that such bonds are: (1) exempt from Federal and District taxes; and (2) legal investments.

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Documents

2 official files

• Reported to House with amendment(s)

  summary · EN · 14 August 1981

  Open at official source

• Introduced in House

  summary · EN · 6 February 1981

  Open at official source

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