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District of Columbia Code Division I. Government of District. § 1-204.83. Payment of the general obligation bonds and notes.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The Council shall provide in each annual budget for the District of Columbia government for a fiscal year adopted by the Council pursuant to § 1-204.46 sufficient funds to pay the principal of and interest on all general obligation bonds or notes issued under § 1-204.61(a), § 1-204.71(a), or § 1-204.72(a) becoming due and payable during such fiscal year.

(b) The Mayor shall insure that the principal of and interest on all general obligation bonds and notes issued under § 1-204.61(a), § 1-204.71(a), or § 1-204.72(a) are paid when due, including by paying such principal and interest from funds not otherwise legally committed.

(c) Repealed.

(d) Section 1-204.46(c) shall not apply to:

(1) Any amount set aside in a debt service fund under § 1-204.81(a);

(2) Any amount obligated or expended for the payment of the principal of, interest on, or redemption premium for any general obligation bond or note issued under § 1-204.61(a), § 1-204.71(a), or § 1-204.72(a);

(3) Any amount obligated or expended as provided by the Council in any annual budget for the District of Columbia government pursuant to subsection (a) of this section or as provided by any amendment or supplement to such budget; or

(4) Any amount obligated or expended by the Mayor pursuant to subsection (b) or (c) of this section.

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Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 1-204.83. Payment of the general obligation bonds and notes. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-1-204-83/

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