Source: https://code.dccouncil.us/dc/council/code/sections/1-206.03.html
Timestamp: 2018-07-20 16:34:23
Document Index: 691469764

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DC Code - § 1–206.03. Budget process; limitations on borrowing and spending.
↪ § 1–206.03. Budget process; limitations on borrowing and spending.
§ 1–206.02. Limitations on the Council.
(b)(1) No general obligation bonds (other than bonds to refund outstanding indebtedness) or Treasury capital project loans shall be issued during any fiscal year in an amount which would cause the amount of principal and interest required to be paid both serially and into a sinking fund in any fiscal year on the aggregate amounts of all outstanding general obligation bonds and such Treasury loans, to exceed 17% of the District revenues (less any fees or revenues directed to servicing revenue bonds, any revenues, charges, or fees dedicated for the purposes of water and sewer facilities described in § 1-204.90(a) (including fees or revenues directed to servicing or securing revenue bonds issued for such purposes), retirement contributions, revenues from retirement systems, and revenues derived from such Treasury loans and the sale of general obligation or revenue bonds) which the Mayor estimates, and the District of Columbia Auditor certifies, will be credited to the District during the fiscal year in which the bonds will be issued. Treasury capital project loans include all borrowings from the United States Treasury, except those funds advanced to the District by the Secretary of the Treasury under the provisions of §§ 47-3401 through 47-3401.05.
(2) Obligations incurred pursuant to the authority contained in subchapter II of Chapter 3 of Title 3, obligations incurred by the agencies transferred or established by §§ 1-202.01 and 1-202.02, whether incurred before or after such transfer or establishment, and obligations incurred pursuant to general obligation bonds of the District of Columbia issued prior to October 1, 1996, for the financing of Department of Public Works, Water and Sewer Utility Administration capital projects, shall not be included in determining the aggregate amount of all outstanding obligations subject to the limitation specified in the preceding paragraph.
(e) Nothing in this chapter shall be construed as affecting the applicability to the District government of the provisions of §§ 1341, 1342, and 1349 to 1351 and subchapter II of Chapter 15 of Title 31, United States Code.
1981 Ed., § 47-313.
1973 Ed., § 47-228.
This section is referenced in § 1-204.24e, § 1-204.43, § 1-204.45a, § 1-204.48, § 1-204.61, § 1-204.75, § 1-204.87, § 1-204.90, § 1-207.23, § 1-301.86, § 1-301.115a, § 1-1162.07, § 34-2202.10, § 38-2652, § 42-2802, § 44-951.16, § 47-306, § 47-317.03a, § 47-318, § 47-340.30, § 47-392.14, § 47-398.01, § 47-398.02, and § 47-1806.03.
Sanitary sewage works, rates and charges agreements with Maryland and Virginia, see § 1-204.87.
Self-government, district charter amendments, see § 1-203.03.
Self-government, legislative power of District, see § 1-203.02.
“§§ 1341, 1342, and 1349 to 1351 and subchapter II of Chapter 15 of Title 31, United States Code,” referred to in subsection (e) of this section, was substituted for “§ 3679 of the Revised Statutes of the United States (s 665 of Title 31, United States Code), the so-called Anti-Deficiency Act” on authority of § 4(b) of Pub. L. 97-258, approved September 13, 1982.