Page:United States Statutes at Large Volume 95.djvu/1524

 95 STAT. 1498

PUBLIC LAW 97-105—DEC. 23, 1981

SEC. 13. Section 481 of the District of Columbia Self-Government and Governmental Reorganization Act (D.C. Code, sec. 47-251) is amended to read as follows: "SPECIAL TAX

"SEC. 481. (a) Any act of the Council authorizing the issuance of D.C. Code 47-241. general obligation bonds under section 461(a) shall provide for the annual levy of a special tax or charge, if the Council determines that such tax or charge is necessary. Such tax or charge shall be levied, without limitation as to rate or amount, in amounts which together with other District revenues available and applicable will be sufficient to pay the principal of and interest on such general obligation bonds as they become due and payable. Such tax or charge shall be levied and collected a t the same time and in the same manner as other District taxes are levied and collected, and when collected shall be set aside in a separate debt service fund and irrevocably dedicated to the payment of such principal and interest. "(b) The Comptroller General of the United States shall make annual audits of the amounts set aside and deposited in each debt service fund pursuant to subsection (a).". SEC. 14. Subpart 3 of part E of the District of Columbia SelfGovernment and Governmental Reorganization Act (D.C. Code, sec. 47-251) is amended by adding after section 481 the following new sections: "FULL FAITH AND CREDIT OF THE DISTRICT

"SEC. 482. The full faith and credit of the District is pledged for the payment of the principal of and interest on any general obligation D.C. Code 47-241. bond or note issued under section 461(a), section 471(a), or section Ant' ^ 1497 472(a), whether or not such pledge is stated in such bond or note or in " ^' ^ the act authorizing the issuance of such bond or note. "PAYMENT OF THE GENERAL OBLIGATION BONDS AND NOTES

"SEC. 483. (a) The Council shall provide in each annual budget for the District of Columbia government for a fiscal year adopted by the D.C. Code 47-224. 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) If the Mayor determines that no other funds are available to pay the principal and interest due and payable during any fiscal year on any general obligation bond or note issued under section 461(a), section 471(a), or section 472(a), the annual Federal payment appropriated for such fiscal year under the authorization contained in D.C. Code section 502 shall first be used to pay such principal or interest. 47-250id. "(jj) rjijjg fourth sentence of section 446 shall not apply to— "(1) any amount set aside in a debt service fund under section Supra. 481(a); "(2) any amount obligated or expended for the payment of the principal of, interest on, or redemption premium for any general

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