Art. V §1 | AUTHORITY TO ISSUE AND REDEEM GENERAL OBLIGATION BONDS FOR CAPITAL PROJECTS
a. The State of Washington, D.C. may incur indebtedness by issuing general obligation bonds to refund indebtedness of the State of Washington, D.C. at any time outstanding and to provide for the payment of the cost of acquiring or undertaking its various capital projects, including paying its share of regional transportation projects. Such bonds shall bear interest, payable on such dates, at such rate or rates and at such maturities as the Governor, subject to the provisions of section 2, may determine to be necessary to make such bonds marketable.
b. The State of Washington, D.C. may reserve the right to redeem any or all of its obligations before maturity in such manner and at such price as may be fixed by the Governor prior to the issuance of such obligations.
c. For purposes of section 1, capital projects means any physical public betterment or improvement, the acquisition of property of a permanent nature, or the purchase of equipment or furnishings.
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