Page:United States Statutes at Large Volume 95.djvu/1523

 PUBLIC LAW 97-105—DEC. 23, 1981

95 STAT. 1497

security interest is valid, binding, and perfected with respect to any individual or legal entity having claims against the District, whether or not such individual or legal entity has notice of such lien. "(d) The fourth sentence of section 446 shall not apply to any "9/^x9^^^ obligation or expenditure of any District revenues to secure any '*'-224. general obligation bond under subsection (a).". SEC. 11. Section 471 of the District of Columbia Self-Government and Governmental Reorganization Act (D.C. Code, sec. 47-247) is amended to read as follows: "BORROWING TO MEET APPROPRIATIONS

"SEC. 471. (a) In the absence of unappropriated revenues available to meet appropriations made pursuant to section 446, the Council may by act authorize the issuance of general obligation notes. The total amount of all such general obligation notes originally issued during a fiscal year shall not exceed 2 per centum of the total appropriations for the District for such fiscal year. "(b) Any general obligation note issued under subsection (a), as authorized by an act of the Council, may be renewed. Any such note, including any renewal of such note, shall be due and payable not later than the last day of the fiscal year occurring immediately after the fiscal year during which the act authorizing the original issuance of such note takes effect. "(c) The fourth sentence of section 446 shall not apply to any amount obligated or expended by the District for the payment of the principal of, interest on, or redemption premium for any general obligation note issued under subsection (a).'. SEC. 12. Section 472 of the District of Columbia Self-Government and Governmental Reorganization Act (D.C. Code, sec. 47-248) is amended to read as follows: "BORROWING IN ANTICIPATION OF REVENUES

"SEC. 472. (a) In anticipation of the collection or receipt of revenues for a fiscal year, the Council may by act authorize the issuance of general obligation notes for such fiscal year, to be known as revenue anticipation notes. "(b) The total amount of all revenue anticipation notes issued under subsection (a) outstanding at any time during a fiscal year shall not exceed 20 per centum of the total anticipated revenue of the District for such fiscal year, as certified by the Mayor under this subsection. The Mayor shall certify, as of a date which occurs not more than fifteen days before each original issuance of such revenue anticipation notes, the total anticipated revenue of the District for such fiscal year. "(c) Any revenue anticipation note issued under subsection (a) may be renewed. Any such note, including any renewal of such note, shall be due and payable not later than the last day of the fiscal year during which the note was originally issued. "(d)(l) Notwithstanding section 602(c)(1), any act of the Council D C Code 1-147. authorizing the issuance of revenue anticipation notes under subsection (a) may take effect on the date of the enactment of such act. "(2) The fourth sentence of section 446 shall not apply to any amount obligated or expended by the District for the payment of the principal of, interest on, or redemption premium for any revenue anticipation note issued under subsection (a).".

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