Page:United States Statutes at Large Volume 111 Part 1.djvu/792

 Ill STAT. 768 PUBLIC LAW 105-33 —AUG. 5, 1997 District of Columbia Bond Financing Improvements Act of 1997. SEC. 11404. TECHNICAL CORRECTIONS. Section 601 of the District of Columbia Revenue Act of 1939 (DC Code, sec. 47-3401) is amended— (1) in subsection (a)(3)(D), by striking "September 30, 1995" and inserting "September 30, 1996"; (2) in subsection (b)(2)(E), by striking "September 30, 1996" and inserting "September 30, 1997"; (3) in subsection (c)(2)(B)(i), by striking "October 1, 1995" and inserting "September 30, 1995"; (4) in subsection (d)(2)(B)(i)(II), by striking "September 30, 1997" and inserting "September 30, 1998"; (5) in subsection (d)(2)(B)(ii>— (A) by striking "September 30, 1995" and inserting "October 1, 1995"; and (B) by striking "September 30, 1997" and inserting "October 1, 1997"; and (6) in subsection (d)(2)(C)(iv), by striking "September 30, 1997" and inserting "September 30, 1998". SEC. 11405. AUTHORIZATION FOR ISSUANCE OF GENERAL OBLIGATION BONDS BY THE DISTRICT OF COLUMBIA TO FINANCE OR REFUND ITS ACCUMULATED GENERAL FUND DEFICIT. Section 461(a) of the District of Columbia Self-Government and Governmental Reorganization Act (DC Code, sec. 47-321(a)) is amended— (1) in paragraph (1), by inserting "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," after "existing as of September 30, 1990,"; and (2) in paragraph (2), by inserting "existing as of September 30, 1990" after ^operating deficit". Subtitle F—District of Columbia Bond Financing Improvements SEC. 11601. SHORT TITLE. This subtitle may be cited as the "District of Columbia Bond Financing Improvements Act of 1997". SEC. 11S02. FINDINGS. Congress finds as follows: (1) The bond authorization provision of the District of Columhia Self-Government and Governmental Reorganization Act (commonly known as the "Home Rule Act") have not been updated to conform with changes in the municipal securities marketplace. (2) The Home Rule Act unduly limits the ability of the District to take advantage of cost savings, investment opportunities, and oliier efficiencies generally available to municipal securities issuers. (3) Section 461 of the Home Rule Act limits the ability of the District government to implement cost-effective capital planning to the extent that it does not permit the District access to interim capital financing in anticipation of its periodic long-term borrowings.

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