4562897 Resolution 20-289, “Income Tax Secured Bond Authorization Emergency Declaration Resolution of 2013”

A RESOLUTION

 

20-289 

 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

 

September 17, 2013

 

 

To declare the existence of an emergency with respect to the need to  authorize the issuance of additional revenue bonds of the District of Columbia payable from and secured by individual income tax and business franchise tax revenues for the purposes of financing capital projects of the District government. 

 

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That

this resolution may be cited as the “Income Tax Secured Bond Authorization Emergency Declaration Resolution of 2013”.

 

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 or to reimburse the District for funds already expended on the fiscal year 2014 capital projects approved and undertaken pursuant to the District’s Fiscal Year 2014 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 Income Tax Secured Bond Authorization Emergency Act of 2013 be adopted after a single reading.

 

Sec. 4. This resolution shall take effect immediately.