§ 1–204.62. Contents of borrowing legislation and elections on issuing general obligation bonds.

(a) The Council may by act authorize the issuance of general obligation bonds for the purposes specified in § 1-204.61. Such an Act shall contain, at least, provisions:

(1) Briefly describing the projects or categories of projects to be financed by the Act;

(2) Identifying the act authorizing each such project or category of projects;

(3) Setting forth the maximum amount of the principal of the indebtedness which may be incurred for the projects to be financed;

(4) Setting forth the maximum rate of interest to be paid on such indebtedness;

(5) Setting forth the maximum allowable maturity for the issue and the maximum debt service payable in any year; and

(6) Setting forth, in the event that the Council determines in its discretion to submit the question of issuing such bonds to a vote of the qualified voters of the District, the manner of holding such election, the date of such election, the manner of voting for or against the incurring of such indebtedness, and the form of ballot to be used at such election.

(b) Any election held on the question of issuing general obligation bonds must be held before the act authorizing the issuance of such bonds is transmitted to the Speaker of the House of Representatives and the President of the Senate pursuant to § 1-206.02(c).

(c) Notwithstanding § 1-206.02(c)(1), the provisions required by paragraph (6) of subsection (a) of this section to be included in any act authorizing the issuance of general obligation bonds shall take effect on the date of the enactment of such act.