The Mayor shall not borrow any funds for capital projects unless the Mayor has obtained prior approval from the Council, by resolution, identifying the projects and amounts to be financed with such borrowings. In determining the amounts to be financed, the Mayor shall consult with the Chief Financial Officer to determine if any funds appropriated for Debt Service, as defined in § 47-334(1), in excess of Debt Service requirements are available to reduce the amount of borrowing for the next bond issuance.
(Oct. 19, 2000, D.C. Law 13-172, § 3302, 47 DCR 6308; Feb. 26, 2015, D.C. Law 20-155, § 1043(c), 61 DCR 9990.)
Effect of AmendmentsThe 2015 amendment by D.C. Law 20-155 added the last sentence.
Emergency LegislationFor temporary (90 day) authorization to borrow funds for capital projects through the issuance of general obligation bonds, see § 2 of Fiscal Year 2005 General Obligation Bond Issuance Emergency Approval Act of 2004 (D.C. Act 15-593, October 26, 2004, 51 DCR 10734).
For temporary (90 day) addition of section, see § 3 of Fiscal Year 2011 Income Tax Secured Revenue Bond and General Obligation Bond Issuance Emergency Approval Act of 2010 (D.C. Act 18-607, November 17, 2010, 57 DCR 11054).
For temporary (90 days) amendment of this section, see § 1043(c) of the Fiscal Year 2015 Budget Support Emergency Act of 2014 (D.C. Act 20-377, July 14, 2014, 61 DCR 7598, 20 STAT 3696).
For temporary (90 days) amendment of this section, see § 1043(c) of the Fiscal Year 2015 Budget Support Congressional Review Emergency Act of 2014 (D.C. Act 20-449, October 10, 2014, 61 DCR 10915, 20 STAT 4188).
For temporary (90 days) amendment of this section, see § 1043(c) of the Fiscal Year 2015 Budget Support Second Congressional Review Emergency Act of 2014 (D.C. Act 20-566, January 9, 2015, 62 DCR 884, 21 STAT 541).
Temporary LegislationSection 3 of D.C. Law 18-308 added a section to read as follows:
“Sec. 3. (a) Pursuant to section 3302 of the Fiscal Year 2001 Budget Support Act of 2000, effective October 19, 2000 (D.C. Law 13-172; D.C. Official Code § 47-335.01), the Council approves the issuance and sale of general obligation bonds in an aggregate principal amount not to exceed $180 million to fund certain capital projects listed in section 4, plus all costs and expenses related to issuing and delivering the bonds as authorized pursuant to the Bond Acts.
“(b) The capital projects listed in section 4 have been authorized pursuant to section 446 of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 801; D.C. Official Code § 1-204.46), the District of Columbia Appropriations Act, 2000, approved November 29, 1999 (Pub. L. No. 106-113; 113 Stat. 1501), the District of Columbia Appropriations Act, 2001, approved November 22, 2000 (Pub. L. No. 106-522; 114 Stat. 2457), the District of Columbia Appropriations Act, 2002, approved December 21, 2001 (Pub. L. No. 107-96; 115 Stat. 923), the District of Columbia Appropriations Act, 2003, approved February 20, 2003 (Pub. L. No. 108-7; 117 Stat. 11), the District of Columbia Appropriations Act, 2004, approved January 23, 2004 (Pub. L. No. 108-199; 118 Stat. 3), the District of Columbia Appropriations Act, 2005, approved October 18, 2004 (Pub. L. No. 108-335; 118 Stat. 1322), the District of Columbia Appropriations Act, 2006, approved November 30, 2005 (Pub. L. No 109-115; 119 Stat. 2508), the Continuing Appropriations Resolution, 2007, approved February 15, 2007 (Pub. L. No. 110-5; 121 Stat. 8), the Continuing Appropriations Resolution, 2008, approved September 29, 2007 (Pub. L. No. 110-92; 121 Stat. 989), the District of Columbia Appropriations Act, 2008, approved December 26, 2007 (Pub. L. No. 110-161; 121 Stat. 1990), the Continuing Appropriations Resolution, 2009, approved September 30, 2008 (Pub. L. No. 110-329; 119 Stat. 3574), the District of Columbia Appropriations Act, 2009, approved March 11, 2009 (Pub. L. No. 111-8; 123 Stat. 524), the Continuing Appropriations Resolution, 2010, approved October 1, 2009 (Pub. L. No. 111-68; 123 Stat. 2023), the Further Continuing Appropriations Resolution, 2010, approved October 30, 2009 (Pub. L. No. 111-88; 123 Stat. 2904), the District of Columbia Appropriations Act, 2010, approved December 16, 2009 (Pub. L. No. 111-117; 123 Stat. 3034), the Continuing Appropriations Resolution, 2011, approved September 30, 2010 (Pub. L. No. 111-242; 124 Stat. 2607), and are included within the schedule of capital projects for which the District of Columbia is authorized to incur indebtedness under the General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 1999—2004 Authorization Act of 1999, effective July 29, 1999 (D.C. Law 13-22; D.C. Official Code § 1-204.61, note); the General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 2002-2007 Authorization Act of 2002, effective March 25, 2003 (D.C. Law 14-214; D.C. Official Code § 1-204.61, note); and the General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 2007-2012 Authorization Act of 2006, effective March 6, 2007 (D.C. Law 16-212; D.C. Official Code § 1.204.61, note) (’Bond Acts’).”
Section 8(b) of D.C. Law 18-308 provided that the act shall expire after 225 days of its having taken effect.
ResolutionsResolution 14-224, the “General Obligation Bond Issuance Authorization Resolution of 2001”, was approved effective October 16, 2001.
Resolution 14-225, the “General Obligation Bond Proceeds Financing Reallocation Authorization Resolution of 2001”, was approved effective October 16, 2001.
Resolution 14-585, the “General Obligation Bond Issuance Authorization Emergency Resolution of 2002”, was approved effective October 18, 2002.
Resolution 15-129, the “General Obligation Bond Issuance Approval Resolution of 2003”, was approved effective July 8, 2003.
Resolution 16-356, the “Fiscal Year 2006 General Obligation Bond Issuance Approval Emergency Resolution of 2005”, was approved effective November 1, 2005.