Page:United States Statutes at Large Volume 87.djvu/836

 804

PUBLIC LAW 93-198-DEC. 24, 1973

[87 STAT.

comments and information as the District of Columbia Auditor may deem necessary to keep the Congress, the Mayor, and the Council informed of the operations to which the reports relate, together with such recommendations with respect thereto as he may deem advisable. Public informa^p) xiie Couiicil shall make such report, together with such other tion material as it deems pertinent thereto, available for public inspection, (f) The Mayor shall state in writing to the Council, within an appropriate time, what action he has taken to effectuate the recommendations made by the District of Columbia Auditor in his reports. PAKT E—BORROWING

Subpart 1—Borrowing DISTRICT'S AUTHORITY TO ISSUE AND REDEEM GENERAL OBLIGATION BONDS FOR CAPITAL PROJECTS

SEC. 461. (a) 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 and to provide for the payment of the cost of accpiiring or undertaking its various capital projects. Such bonds shall bear interest, payable annually or semi-annually, at such rate 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. (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. CONTENTS OF BORROWING LEGISLATION

SEC. 462. 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 each such project; (2) identifying the Act authorizing each such project; (3) setting forth the maximum amount of the principal of the indebtedness which may be incurred for each such project; (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 manner of voting for or against the incurring of such indebtedness, and the form of ballot to be used at such election. PUBLICATION OF BORROWING LEGISLATION

SEC. 463. The Mayor shall publish any act authorizing the issuance of general obligation bonds at least once within five days after the enactment thereof, together with a notice of the enactment thereof in substantially the following form: "NOTICE "The following act (published herewith) authorizing the issuance of general obligation bonds, has become effective. The time

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