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|Chairman Linda W. Cropp
at the Request of the Mayor
AN EMERGENCY RESOLUTION IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
To authorize the borrowing of funds by the Mayor through the issuance and sale of general obligation bonds.
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, that this resolution may be cited as "General Obligation Bond Issuance 1998 Additional Authorization Emergency Resolution of 1998."
Sec. 2. Pursuant to Section 114 of the District of Columbia Appropriations Act, 1998, approved November 19, 1997 (Public Law No. 105-100) ("1998 Appropriations Act") the Council approves the request of the Mayor for the authority to borrow funds for the capital projects, including Management Reform Initiatives, listed in section 3 through the issuance and sale of general obligation bonds to fund projects in the aggregate amount of $50,000,000 for the payment on an agency basis for the costs of acquiring or undertaking capital projects for general governmental and enterprise purposes, plus an amount equal to the costs and expenses of issuing and delivering the bonds, including any capitalized interest, underwriting, agency rating fees, legal fees, accounting fees, financial advisory fees, bond insurance and other credit enhancements, and printing costs and expenses. If the funds allocated to any agency under this resolution exceed the amount required by an agency to complete the capital projects listed in section 3 for that agency, the excess funds shall be available to finance additional capital projects under the same agency heading that are approved by a prior or subsequent general obligation bond issuance approval resolution. The capital projects and Management Reform Initiatives listed in section 3 have been authorized pursuant to section 446 of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 801; D.C. Code §47-304), and in the 1998 Appropriations Act, and are included within the schedule of capital projects for which the District of Columbia is authorized to incur indebtedness, under the General Obligation Bond Act of 1985, effective November 19, 1985 (D.C. Law 6-60; 32 DCR 5821), the General Obligation Bond Act of 1986, effective February 28, 1987 (D.C. Law 6-214; 34 DCR 865), the General Obligation Bond Act of 1988, effective September 21, 1988 (D.C. Law 7-147; 35 DCR 5411), the General Obligation Bond Act of 1990, effective March 6, 1991 (D.C. Law 8-217; 38 DCR 148), the General Obligation Bond Act of 1992, effective March 20, 1998 (D.C. Law 9-83; 39 DCR 688), the General Obligation Bond Act of 1992, effective March 25, 1993 (D.C. Law 9-251; 40 DCR 773), as amended by the General Obligation Bond Act of 1992, D.C. Law 9-251 Temporary Amendment Act of 1994, effective May 3, 1994 (D.C. Law 10-116; 41 DCR 1224), as amended by the General Obligation Bond Act of 1994, Emergency Amendment Act of 1994, effective June 30, 1994 (D.C. Act 10-267; 41 DCR 4665), the General Obligation Bond Act of 1996, effective October 1, 1996 (D.C. Law 11-162; 43 DCR 5432), and the General Obligation Bond for Fiscal Year 1998 Act of 1997, effective December 16, 1997 (D.C. Act 12-208).
Sec. 3. The capital projects, including Management Reform Initiatives, to be financed with the borrowing, and the costs of expenditure plans for these capital projects, and as follows:
FY 1998 Capital Projects and Categories for Bond Financing
Sec. 4. Amend section 2 of Bond Resolution 12-395, February 3, 1998, in the fifth line after general obligations bonds, strike "not to exceed an," and insert in its place "to fund projects in the," and strike the word "principal."
Sec. 5. The Mayor has notified the Council in the letter of transmittal accompanying this resolution that the general obligation bonds to be issued and sold pursuant to this resolution are intended to be issued on a tax exempt basis.
Sec. 6. The Council shall submit a copy of this resolution, upon its adoption, to the Mayor.
Sec. 7. This resolution shall take effect immediately.
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