Page:United States Statutes at Large Volume 95.djvu/1525

 PUBLIC LAW 97-105—DEC. 23, 1981

95 STAT. 1499

obligation bond or note issued under section 461(a), section 471(a), DC Code 47-241. or section 472(a); l n £ S' U9?" "(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).". SEC. 15. Part E of the District of Columbia Self-Government and Governmental Reorganization Act (D.C. Code, sec. 47-241 et seq.) is amended— (1) by redesignating subpart 4 as subpart 5; and (2) by inserting after section 481 the following new subpart: "Subpart 4—Full Faith and Credit of the United States "FULL FAITH AND CREDIT OF THE UNITED STATES NOT PLEDGED

"SEC. 484. The full faith and credit of the United States is not pledged for the payment of any principal of or interest on any bond, note, or other obligation issued by the District under this part. The United States is not responsible or liable for the payment of any principal of or interest on any bond, note, or other obligation issued by the District under this part.". SEC. 16. Section 490 of the District of Columbia Self-Government and Governmental Reorganization Act (D.C. Code, sec. 47-254) is amended— (1) by striking out subsection (a) and inserting in lieu thereof the following new subsection: "(a)(1) The Council may by act authorize the issuance of revenue bonds, notes, or other obligations (including refunding bonds, notes, or other obligations) to borrow money to finance, to refinance, or to assist in the financing or refinancing of, undertakings in the areas of housing, health facilities, transit and utility facilities, recreational facilities, college and university facilities, pollution control facilities, and industrial and commercial development. Any such financing or refinancing may be effected by loans made directly or indirectly to any individual or legal entity, by the purchase of any mortgage, note, or other security, or by the purchase, lease, or sale of any property. "(2) Any revenue bond, note, or other obligation issued under paragraph (1) shall be a special obligation of the District and shall be a negotiable instrument, whether or not such bond, note, or other obligation is a security as defined in section 28:8-102(l)(a) of title 28 of the District of Columbia Code. "(3) Any revenue bond, note, or other obligation issued under paragraph (1) shall be paid and secured (as to principal, interest, and any premium) as provided by the act of the Council authorizing the issuance of such bond, note, or other obligation. Subject to subsection (c), any act of the Council authorizing the issuance of such bond, note, or other obligation may provide for (A) the payment of such bond, note, or other obligation from any available revenues, assets, or property, and (B) the securing of such bond, note, or other obligation by the mortgage of real property or the creation of any security interest in available revenues, assets, or other property. "(4KA) In authorizing the issuance of any revenue bond, note, or other obligation under paragraph (1), the Council may enter into, or authorize the Mayor to enter into, any agreement concerning the acquisition, use, or disposition of any funds or property. Any such

Revenue bonds ^^^ ^°*^^-

Security interests.

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