5150232 Resolution 20-634, "Fiscal Year 2015 Tax Revenue Anticipation Notes Emergency Declaration Resolution of 2014"

A RESOLUTION

                                                        

20-634

 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

 

October 7, 2014         

 

 

To declare the existence of an emergency with respect to the need to approve the borrowing of funds by the District through the issuance and sale of tax revenue anticipation notes.

 

 

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “Fiscal Year 2015 Tax Revenue Anticipation Notes Emergency Declaration Resolution of 2014”.

 

Sec. 2. Emergency legislation is necessary to ensure that the District can borrow in a timely manner and take advantage of favorable market conditions to provide funding for the District’s Fiscal Year 2015 cash flow needs pursuant to the District’s proposed Fiscal Year 2015 Budget and Financial Plan.

 

Sec. 3. The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the Fiscal Year 2015 Tax Revenue Anticipation Notes Emergency Act of 2014 be adopted after a single reading.

 

Sec. 4. This resolution shall take effect immediately.