- In general. --
- Request of Mayor. -- Subject to the requirements of this part, the Authority may at the request of the Mayor pursuant to an act of the Council issue bonds, notes, or other obligations to borrow funds to obtain funds for the use of the District government, in such amounts and in such manner as the Authority considers appropriate.
- Special rule for instrumentalities with independent borrowing authority. -- In the case of an agency or instrumentality of the District government which under law has the authority to issue bonds, notes, or obligations to borrow funds without the enactment of an act of the Council, the Authority may issue bonds, notes, or other obligations to borrow funds for the use or functions of such agency or instrumentality at the request of the head of the agency or instrumentality.
- Deposit of funds obtained through borrowing with Authority. -- Any funds obtained by the District government through borrowing by the Authority pursuant to this part shall be deposited into an escrow account held by the Authority, which shall allocate such funds to the District government in such amounts and at such times as the Authority considers appropriate, consistent with the specified purposes of such funds and the applicable financial plan and budget under part B of this subchapter.
- Use of funds obtained through bonds. -- Any funds obtained through the issuance of bonds, notes, or other obligations pursuant to this part may be used for any purpose (consistent with the applicable financial plan and budget) under part B of this subchapter for which the District government may use borrowed funds under the District of Columbia Home Rule Act and for any other purpose which the Authority considers appropriate.
Historical and Statutory
1981 Ed., § 47-392.11.
References in Text
"The District of Columbia Home Rule Act," referred to in (c), is Pub. L. 93- 198, 87 Stat. 774, approved December 24, 1973.
DC CODE § 47-392.11
Current through December 11, 2012
(Apr. 17, 1995, 109 Stat. 137, Pub. L. 104-8, § 211; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)