District of Columbia Bond Act of 1985

Summary

District of Columbia Bond Act of 1985 - Amends the District of Columbia Self-Government and Governmental Reorganization Act to provide for the issuance by the District of Columbia of bonds and notes to finance various capital projects. Creates a first priority lien in the security interest of a holder of such a note or bond. Authorizes the D.C. Council to take certain actions to improve the marketability of such notes and bonds, including letters of credit, loan agreements, credit agreements, and bond insurance. Outlines administrative guidelines concerning the issuance of such bonds and notes. Provides that any Act authorizing the District of Columbia to issue such bonds and notes shall also authorize the levy of a special tax necessary to ensure full repayment on such bonds and notes. Authorizes the District to issue bonds and notes in order to eliminate all or a portion of any accumulated general fund deficit reflected in its most recent financial statement and report for FY 1984. Eliminates the current requirement of information as to principal amount of indebtedness, interest rates, and maturity dates which must be contained in an authorization act for the issuance of bonds and notes. Eliminates the requirement that such bonds and notes must be sold at public sale with due notice. Provides for the determination of interest rates and maturity dates for bonds and notes as may be provided in their authorizing acts. Eliminates the authorization to sell such notes at not less than par value plus accrued interest at a private sale without previous advertising. Authorizes the District to issue bonds secured by or paid from the revenue of an enterprise owned or operated by or on behalf of the District. Prohibits such bonds or notes from being considered industrial development bonds.

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Documents

1 official file

• Introduced in House

  summary · EN · 10 July 1985

  Open at official source

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