Sec. 483. payment of the general obligation bonds and notes

241 words·~1 min read·/statute-compilations/comps-709/sec-483

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## Sec. 483 payment of the general obligation bonds and notes ###

(a)The Council shall provide in each annual budget for the District of Columbia government for a fiscal year adopted by the Council pursuant to section 446 sufficient funds to pay the principal of and interest on all general obligation bonds or notes issued under section 461(a), section 471(a), or section 472(a) becoming due and payable during such fiscal year. ###

(b)The Mayor shall insure that the principal of and interest on all general obligation bonds and notes issued under section 461(a), section 471(a), or section 472(a) are paid when due, including by paying such principal and interest from funds not otherwise legally committed. **[**(c) Repealed**]** ###

(d)Section 446(c) shall not apply to— ####

(1)any amount set aside in a debt service fund under section 481(a); ####

(2)any amount obligated or expended for the payment of the principal of, interest on, or redemption premium for any general obligation bond or note issued under section 461(a), section 471(a), or section 472(a); ####

(3)any amount obligated or expended as provided by the Council in any annual budget for the District of Columbia government pursuant to subsection

(a)or as provided by any amendment or supplement to such budget; or ####

(4)any amount obligated or expended by the Mayor pursuant to subsection

(b)or (c). #### Subpart 4 Full Faith and Credit of the United States