District of Columbia CONSTITUTION
ARTICLE V
BORROWING

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.

Art. V §2 | CONTENTS OF BORROWING LEGISLATION ON ISSUING GENERAL OBLIGATION BONDS

a. The Legislative Assembly may by Act authorize the issuance of general obligation bonds for the purposes specified in section 1. Such an Act shall contain, at least, provisions:

(1) briefly describing each project to be financed by the Act;

(2) identifying the Act authorizing each such project or category of projects;

(3) setting forth the maximum amount of debt principal that may be incurred for the projects;

(4) setting forth the maximum rate of interest to be paid on such indebtedness;

(5) setting forth the maximum allowable maturity for the issue and the maximum debt service payable in any year;

(6) authorizing the bonds to be sold at public sale or at private sale on a negotiated basis, as determined by the Governor to be in the public interest;

(7) authorizing the Governor to enter into and amend agreements in connection with the bond issue, including a trust indenture;

(8) vesting in the trustee under such a trust indenture such properties, rights, powers, and duties in trust as may be necessary, convenient, or desirable;

(9) authorizing the creation of a security interest in State of Washington, D.C. revenues as additional security for the payment of the bonds;

(10) describing the particular State of Washington, D.C. revenues that are subject to such security interest;

(11) prescribing the validity of such security interest;

(12) prescribing remedies of the bondholders in the event of a default; and

(13) specifying such other covenants, provisions and conditions necessary to issue the additional bonds as parity bonds.

b. The Governor shall publish the enacted Act in at least one newspaper of general circulation within the State of Washington, D.C. with the notification that the time within which a suit, action, or proceeding questioning the validity of such bonds may be commenced expires at the end of the 20-day period beginning on the date of the first publication of the notice.

c. Failure to publish the notice or any error in any publication shall not impair the effect of the Act or the validity of the bonds issued pursuant to the Act.

Art. V §3 | ISSUANCE OF GENERAL OBLIGATION BONDS

a. After an Act of the Legislative Assembly authorizing the issuance of general obligation bonds has taken effect, the Governor may issue such general obligation bonds. An issue of general obligation bonds may be all or any part of the aggregate principal amount of bonds authorized by such Act.

b. The principal amount of the general obligation bonds of each issue shall be payable in annual installments beginning not later than 3 years after the date of such bonds and ending not later than 30 years after such date.

Art. V §4 | BORROWING TO MEET APPROPRIATIONS AND IN ANTICIPATION OF REVENUES

a. In the absence of unappropriated revenues available to meet appropriations, the Legislative Assembly may by Act authorize the issuance of general obligation notes.

b. In anticipation of the collection or receipt of revenues for a fiscal year, the Legislative Assembly may by Act authorize the issuance of revenue anticipation notes.

c. The total amount of any general obligation notes originally issued during a fiscal year shall not exceed 2 percent of the total appropriations for the State of Washington, D.C. for such fiscal year, and the total amount of all revenue anticipation notes outstanding at any time during a fiscal year shall not exceed 20 percent of the total anticipated revenue of the State of Washington, D.C. 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.

d. Any general obligation note issued under subsection (a) of this section, or any revenue anticipation note issued under subsection (b) of this section, as authorized by an Act of the Legislative Assembly, may be renewed. Any such note, including any renewal of such note, shall be due and payable not later than the last day of the fiscal year occurring immediately after the fiscal year during which the Act authorizing the original issuance of such note takes effect.

Art. V §5 | SPECIAL TAX

Any Act of the Legislative Assembly authorizing the issuance of general obligation bonds shall provide for the annual levy of a special tax or charge, if necessary. Such tax or charge shall be levied, without limitation as to rate or amount, in amounts that, together with other State of Washington, D.C. revenues available and applicable, will be sufficient to pay the principal of and interest on such general obligation bonds as they become due and payable.

Art. V §6 | FULL FAITH AND CREDIT OF STATE OF WASHINGTON, D.C. PLEDGED

The full faith and credit of the State of Washington, D.C. is pledged for the payment of the principal of and interest on any general obligation bond or note issued under this Article, whether or not such pledge is stated in such bond or note or in the Act authorizing the issuance of such bond or note.

Art. V §7 | PAYMENT OF GENERAL OBLIGATION BONDS AND NOTES

a. In each annual budget, the Legislative Assembly shall provide sufficient funds to pay the principal of and interest on all general obligation bonds or notes due and payable during such fiscal year.

b. The Governor shall ensure that the principal and interest on all general obligation bonds and notes issued under this Article are paid when due, including by paying such principal and interest from funds not otherwise legally committed.

c. All amounts obligated or expended by the State of Washington, D.C. for the payment of principal of, interest on, or redemption premium for any general obligation bonds issued under this Article or issued before the effective date of this Constitution are not subject to appropriation.

Art. V §8 | REVENUE BONDS AND OTHER OBLIGATIONS

(1) The Legislative Assembly may by Act or Resolution authorize the issuance of revenue bonds, notes, or other obligations (including refunding bonds, notes, or other obligations) to borrow money to finance, or assist in the financing or refinancing of undertakings in the areas of: housing; health; transit; utilities; preschool, primary, secondary, vocational, adult, rehabilitative, re-entry, and higher education; educational loans; facilities for culture, sports, mass commuting, sewage disposal, solid waste disposal, recycling or reuse, hazardous waste disposal, or local district heating or cooling; or the local furnishing of energy or water; manufacturing; and any other undertaking that the Legislative Assembly determines will contribute to the health, education, safety, or welfare of, or the creation or preservation of jobs for, the residents of the State of Washington, D.C., or to the economic development of the State of Washington, D.C., and any facilities or property, real or personal, used in connection with or supplementing any of the foregoing. Any such financing or refinancing may be effected by loans made directly or indirectly to any individual or legal entity, by the purchase of any mortgage, note, or other security, or by the purchase, lease, or sale of any property.

(2) Any revenue bond, note, or other obligation issued under paragraph (1) of this subsection shall be a special obligation of the State of Washington, D.C. and shall be a negotiable instrument.

(3) Any revenue bond, note, or other obligation issued under paragraph (1) of this subsection shall be paid and secured (as to principal, interest, and any premium) as provided by the Act or Resolution of the Legislative Assembly authorizing the issuance of such bond, note, or other obligation. Any Act of the Legislative Assembly authorizing the issuance of such bond, note, or other obligation, or any delegation of such authority, may provide for:

(A) The payment of such bond, note, or other obligation from any available revenues, assets, or property; and

(B) The securing of such bond, note, or other obligation by the mortgage of real property or the creation of any security interest in available revenues, assets, or other property.

(4)

(A) In authorizing the issuance of any revenue bond, note, or other obligation under paragraph (1) of this subsection, the Legislative Assembly may authorize the Governor to enter into any agreement concerning the acquisition, use, or disposition of any funds or property. Any such agreement may create any security interest in any funds or property; may provide for the custody, collection, security, investment, and payment of any funds (including any funds held in trust) for the payment of such bond, note, or other obligation; may mortgage any property; may provide for the acquisition, construction, maintenance, and disposition of the undertaking financed or refinanced using the proceeds of such bond, note, or other obligation; and may provide for the doing of any act (or the refraining from doing any act) that the State of Washington, D.C. has the right to do in the absence of such agreement. Any such agreement may be assigned for the benefit of, or made a part of any contract with, any holder of such revenue bond, note, or other obligation issued under paragraph (1) of this subsection.

(B) Any security interest created under subparagraph (A) of this paragraph shall be valid, binding, and perfected from the time such security interest is created, with or without the physical delivery of any funds or any other property and with or without any further action. Such security interest shall be valid, binding, and perfected whether or not any statement, document, or instrument relating to such security interest is recorded or filed. The lien created by such security interest is valid, binding, and perfected with respect to any individual or legal entity having claims against the State of Washington, D.C., whether or not such individual or legal entity has notice of such lien.

(C) Any funds of the State of Washington, D.C. held for the payment or security of any revenue bond, note, or other obligation issued under paragraph (1) of this subsection, whether or not such funds are held in trust, may be secured in the manner agreed to by the State of Washington, D.C. and any depository of such funds. Any depository of such funds may give security for the deposit of such funds.

(5) The following obligations and expenditures by the State of Washington, D.C. shall not be subject to appropriations:

(A) All amounts (including the amount of any accrued interest or premium) obligated or expended from the proceeds of the sale of any revenue bond, note, or other obligation issued under this section, or issued before the effective date of this Constitution;

(B) All amounts obligated or expended for the payment of principal of, interest on, or redemption premium for, or to secure, any bonds issued under this section or issued before the effective date of this Constitution; and

(C) All amounts obligated or expended pursuant to commitments made in connection with the issuance of a revenue bond, note, or other obligation for repair, maintenance, and capital improvements relating to undertakings financed through any revenue bond, note, or other obligation issued under this section or issued before the effective date of this Constitution.

b. Any and all such bonds, notes, or other obligations shall not be general obligations of the State of Washington, D.C., shall not be a pledge of or involve the faith and credit or the taxing power of the State of Washington, D.C., shall not constitute a debt of the State of Washington, D.C., and shall not constitute lending of the public credit for private undertakings.

c. Any and all such bonds, notes, or other obligations shall be issued pursuant to an Act or Resolution of the Legislative Assembly without the necessity of submitting the question of such issuance to the registered qualified voters of the State of Washington, D.C. for approval or disapproval.

d. Any Act or Resolution of the Legislative Assembly authorizing the issuance of revenue bonds, notes, or other obligations under paragraph (1) of subsection (a) of this section may:

(1) Briefly describe the purpose for which such bonds, notes, or other obligations are to be issued;

(2) Prescribe the form, terms, provisions, manner, and method of issuing and selling (including sale by negotiation or by competitive bid) such bonds, notes, or other obligations;

(3) Provide for the rights and remedies of the holders of such bonds, notes, or other obligations upon default;

(4) Prescribe any other details with respect to the issuance, sale, or securing of such bonds, notes, or other obligations; and

(5) Authorize the Governor to take any actions in connection with the issuance, sale, delivery, security, and payment of such notes, bonds, or other obligations, including the prescribing of any terms or conditions not contained in such Act or Resolution of the Legislative Assembly.

e. The Legislative Assembly may by Act delegate to any independent instrumentality of Washington, D.C. the authority of the Legislative Assembly under subsection (a) of this section to issue revenue bonds, notes, and other obligations to borrow money for the purposes described in subsection (a) of this section.

Art. V §9 | LIMITATIONS ON BORROWING AND SPENDING

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.

Art. V §10 | TAX EXEMPTION

Bonds and notes issued pursuant to this Article and the interest thereon shall be exempt from all taxes of the State of Washington, D.C., except estate, inheritance, and gift taxes.

Art. V §11 | LEGAL INVESTMENT

Notwithstanding any restriction on the investment of funds by fiduciaries contained in any other law, all domestic insurance companies, domestic insurance associations, executors, administrators, guardians, trustees, and other fiduciaries within the State of Washington, D.C. may legally invest any sinking funds, moneys, trust funds, or other funds belonging to them or within their control in any bonds issued pursuant to this title, it being the purpose of this section to authorize the investment in such bonds or notes of all sinking, insurance, retirement, compensation, pension, and trust funds.

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District of Columbia CONSTITUTIONARTICLE VBORROWING

Art. V §1 | AUTHORITY TO ISSUE AND REDEEM GENERAL OBLIGATION BONDS FOR CAPITAL PROJECTS

Art. V §2 | CONTENTS OF BORROWING LEGISLATION ON ISSUING GENERAL OBLIGATION BONDS

Art. V §3 | ISSUANCE OF GENERAL OBLIGATION BONDS

Art. V §4 | BORROWING TO MEET APPROPRIATIONS AND IN ANTICIPATION OF REVENUES

Art. V §5 | SPECIAL TAX

Art. V §6 | FULL FAITH AND CREDIT OF STATE OF WASHINGTON, D.C. PLEDGED

Art. V §7 | PAYMENT OF GENERAL OBLIGATION BONDS AND NOTES

Art. V §8 | REVENUE BONDS AND OTHER OBLIGATIONS

Art. V §9 | LIMITATIONS ON BORROWING AND SPENDING

Art. V §10 | TAX EXEMPTION

Art. V §11 | LEGAL INVESTMENT

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