a. No general obligation bonds (other than bonds to refund outstanding indebtedness) shall be issued during any fiscal year in an amount that 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 State of Washington, D.C. 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 (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 the sale of general obligation or revenue bonds) that the Governor estimates, and the Chief Financial Officer certifies, will be credited to the State of Washington, D.C. during the fiscal year in which the bonds will be issued.
b. The 17% limitation specified in subsection (a) of this section shall be calculated in the following manner:
(1) Determine the dollar amount equivalent to 17% of the State of Washington, D.C. revenues as specified in subsection (a) of this section;
(2) Determine the actual total amount of principal and interest to be paid in each fiscal year for all outstanding general obligation bonds (less the allocable portion of principal and interest to be paid during the year on 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) and such Treasury loans;
(3) Determine the amount of principal and interest to be paid during each fiscal year over the term of the proposed general obligation bond or such Treasury loan to be issued; and
(4) If in any one fiscal year the sum arrived at by adding paragraphs (2) and (3) of this subsection exceeds the amount determined under paragraph (1) of this subsection, then the proposed general obligation bond or such Treasury loan in paragraph (3) of this paragraph cannot be issued.
Congratulations! You're now booked up on Article V Section 9 of the District of Columbia's Constitution!
