D.C. Code § 1-204.71

Current through codified legislation effective September 4, 2024

Section 1-204.71 - Borrowing to meet appropriations

(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.

D.C. Code § 1-204.71

Dec. 24, 1973, 87 Stat. 806, Pub. L. 93-198, title VII, § 471; Aug. 29, 1974, 88 Stat. 793, Pub. L. 93-395, § 1 (8); July 25, 2013, D.C. Law 19-321, § 2(h), 60 DCR 1724.

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 , 1-204.24 a 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."

General obligation notes authorized: D.C. Law 12-1, effective May 7, 1997, authorized the issuance of general obligation notes of the District of Columbia for the purpose of financing certain appropriations for which unappropriated revenues are not available.

Applicability of D.C. Law 19-321: Section 3 of D.C. Law 19-321 provided that section 2 of the act shall apply as of January 1, 2014.

D.C. Law 19-321 was declared invalid by the United States District Court for the District of Columbia in a memorandum opinion dated May 19, 2014, Civil Action No. 2014-0655. The court held that although the Council of the District of Columbia, the Mayor, and United States District Court for the District of Columbia are powerless to grant to the residents of the District of Columbia full budget autonomy, the United States Congress and the President of the United States are empowered to do so; and concluded that the Budget Autonomy Act was unlawful. See Council of the Dist. of Columbia v. Gray, 42 F. Supp. 3d 134, 2014 U.S. Dist. LEXIS 68055 (2014).

On May 27, 2015, the United States Court of Appeals for the District of Columbia Circuit issued Order No. 14-7067, vacating the lower court's judgment, dismissing the appeal, and remanding the case to the District Court with instructions to remand the case to the Superior Court of the District of Columbia. See Council of the Dist. of Columbia v. Bowser, 2015 U.S. App. LEXIS 8881 (2015). The amendments contained in D.C. Law 19-321 are codified in this section.

Housing finance agency, agency bonds and notes, obligations, see § 42-2704.02 . .