Sec. 11401. FINDINGS

184 words·~1 min read·/statute-compilations/comps-10833/sec-11401

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## SEC. 11401 FINDINGS Congress finds as follows: ####

(1)The District of Columbia government sold accumulated deficit financing bonds in 1991. ####

(2)Between 1991 and the end of fiscal year 1997 the District of Columbia government is expected to accumulate an operating deficit in excess of $500,000,000. ####

(3)Requiring the District of Columbia budget for fiscal year 1998 to be balanced will ensure that no further addition is made to the accumulated operating deficit. ####

(4)In every other example of an American city in financial crisis, a vital and necessary component of recovery was to finance the accumulated operating deficit. ####

(5)Carrying forward an accumualted operating deficit of more than $500,000,000 has a significant negative impact on the District of Columbia's cash flow and financial condition and on its ability to improve its credit rating. ####

(6)It is not feasible to carry forward such a debt with an expectation of paying it off gradually from future budget surpluses. ####

(7)Financing the accumulated deficit would improve the District's cash management position and allow more normal cash management techniques.