Sec. 461. district's authority to issue and redeem general obligation bonds for capital projects
223 words·~1 min read·
/statute-compilations/comps-709/sec-461A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
## Sec. 461 district's authority to issue and redeem general obligation bonds for capital projects ###
(a)####
(1)Subject to the limitations in section 603(b), the District may incur indebtedness by issuing general obligation bonds to refund indebtedness of the District at any time outstanding, to finance the outstanding accumulated operating deficit of the general fund of the District of $331,589,000, existing as of September 30, 1990, to finance or refund the outstanding accumulated operating deficit of the general fund of the District of $500,000,000, existing as of September 30, 1997, and to provide for the payment of the cost of acquiring or undertaking its various capital projects. Such bonds shall bear interest, payable on such dates, at such date or dates and at such maturities as the Mayor, subject to the provisions of section 462 of this Act, may from time to time determine to be necessary to make such bonds marketable. ####
(2)The District may not issue any general obligation bonds to finance the operating deficit existing as of September 30, 1990 described in paragraph
(1)after September 30, 1992. ###
(b)The District 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 Mayor prior to the issuance of such obligations.