Sec. 11503. AMENDMENT TO SECTION 462 (RELATING TO CONTENTS OF BORROWING LEGISLATION AND ELECTIONS ON ISSUING GENERAL OBLIGATION BONDS)

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## SEC. 11503 AMENDMENT TO SECTION 462 (RELATING TO CONTENTS OF BORROWING LEGISLATION AND ELECTIONS ON ISSUING GENERAL OBLIGATION BONDS) Section 462(a) of the District of Columbia Self-Government and Governmental Reorganization Act (DC Code, sec. 47-322(a)) is amended to read as follows: > > ### “(a) > > The Council may by act authorize the issuance of general obligation bonds for the purposes specified in section 461. Such an Act shall contain, at least, provisions— > > > #### “(1) > > briefly describing the projects or categories of projects 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 the principal of the indebtedness which may be incurred for the projects to be financed; > > > #### “(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; and > > > #### “(6) > > setting forth, in the event that the Council determines in its discretion to submit the question of issuing such bonds to a vote of the qualified voters of the District, the manner of holding such election, the date of such election, the manner of voting for or against the incurring of such indebtedness, and the form of ballot to be used at such election.” > .