General Obligation Bond Issuance 1998 Additional Authorization Emergency Declaration Resolution
PR 12-697

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A PROPOSED RESOLUTION IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

To declare the existence of an emergency with respect to the need to issue $50 million of general obligation bonds to support capital and management reform projects

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the "General Obligation Bond Issuance 1998 Additional Authorization Emergency Declaration Resolution."

Sec. 2 (a) The District of Columbia is issuing $150 million in general obligation bonds during the week of April 1st, 1998.

(b) The District seeks to issue an additional $50 million in general obligation bonds to support capital and management reform projects.

(c) To ensure that the District is able to issue the additional $50 million in bonds, the "General Obligation Bond Issuance 1998 Additional Authorization Emergency Resolution" must be passed on an emergency basis to ensure that the bond issuance is completed, as scheduled, during the week of April 1.

(d) If the bond resolution is not approved, the District will be unable to fund critical capital and management reform that are vital to the District's operations.

Sec. 3. The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the "General Obligation Bond Issuance 1998 Additional Authorization Emergency Declaration Resolution" be adopted after a single reading.

Sec. 4. This resolution shall take effect immediately.