A bill to amend the District of Columbia Self-Government and Governmental Reorganization Act and the charter of the District of Columbia with respect to the provisions allowing the District of Columbia to issue general obligation bonds and notes and revenue bonds, notes, and other obligations.

Summary

Amends the District of Columbia Self-Government and Governmental Reorganization Act to exempt specified provisions from the requirement that Congress must approve obligations of District funds before the funds are obligated. Authorizes the Mayor to make the required payments on the interest and principal of general obligation bonds and notes issued to finance capital projects. Authorizes the Mayor to take certain actions concerning bonds that created a security interest in district revenues. Changes the times at which the interest on District bonds issued for capital projects is payable. Requires that the District hold elections on whether to issue bonds for capital projects before the legislation authorizing the issuance of the bonds is sent to Congress. Requires the Mayor to publish a notice in a District newspaper whenever legislation authorizing the issuance of general obligation bonds is enacted. Sets forth the limitation period between the time such legislation is enacted and the time it is deemed immune from certain court challenges. Authorizes the Mayor to issue the bonds after the Council of the District of Columbia authorizes their issuance. Sets forth the methods of payment, execution, and authentication of such bonds. Authorizes the Mayor to sell bonds by private as well as public sale if the bonds are sold after a specified date and if they are secured by District revenues. Authorizes the Council to create a security interest in District revenues to secure bonds for capital projects. Sets forth the priority of such security interest. Authorizes the Council to issue short-term general obligation notes to meet appropriations made by Congress if no unappropriated revenues are available to meet such appropriations. Authorizes the Council to issue such notes in anticipation of collecting or receiving revenues. Retains the current provisions creating a special debt service fund by levying a special tax, requiring an audit of such fund, and pledging the District's full faith and credit to pay the principal of and interest on certain general obligation bonds. Directs the Council to provide in each annual District budget for payment of the principal of and interest on bonds issued for capital projects, meeting appropriations, or revenue anticipation. Directs the Mayor to insure payment of such principal and interest. Requires using the annual Federal payment to pay such principal and interest if no other funds are available. States that the full faith and credit of the United States is not pledged for bonds issued by the District under its borrowing authority. Revises the provisions for the issuance of revenue bonds and other obligations by the Council.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 12 November 1981

  Open at official source

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