§ 1–204.72. Borrowing in anticipation of revenues.

(a) In general. — In anticipation of the collection or receipt of revenues for a fiscal year, the Council may by act authorize the issuance of general obligation notes for such fiscal year, to be known as revenue anticipation notes.

(b) Limit on aggregate notes outstanding. — The total amount of all revenue anticipation notes issued under subsection (a) of this section outstanding at any time during a fiscal year shall not exceed 20% of the total anticipated revenue of the District for such fiscal year, as certified by the Mayor under this subsection. The Mayor shall certify, as of a date which occurs not more than 15 days before each original issuance of such revenue anticipation notes, the total anticipated revenue of the District for such fiscal year.

(c) Permitted outstanding duration. — Any revenue anticipation note issued under subsection (a) of this section may be renewed. Any such note, including any renewal note, shall be due and payable not later than the last day of the fiscal year during which the note was originally issued.

(d) Effective date of authorization acts; payments not subject to appropriation. —

(1) Effective date. — Notwithstanding § 1-206.02(c)(1), any act of the Council authorizing the issuance of revenue anticipation notes under subsection (a) of this section shall take effect:

(A) if such act is enacted during a control year (as defined in § 47-393(4)), on the date of approval by the District of Columbia Financial Responsibility and Management Assistance Authority; or

(B) if such act is enacted during any other year, on the date of enactment of such act.

(2) Payments not subject to appropriation. — Section 1-204.46(c) shall not apply to any amount obligated or expended by the District for the payment of the principal of, interest on, or redemption premium for any revenue anticipation note issued under subsection (a) of this section.

(Dec. 24, 1973, 87 Stat. 806, Pub. L. 93-198, title IV, § 472; Dec. 23, 1981, 95 Stat. 1493, Pub. L. 97-105, § 12; Aug. 5, 1997, 111 Stat. 771, Pub. L. 105-33, § 11506; July 25, 2013, D.C. Law 19-321, § 2(h), 60 DCR 1724.)

Prior Codifications

1981 Ed., § 47-328.

1973 Ed., § 47-248.

Section References

This section is referenced in § 1-204.46, § 1-204.67, § 1-204.82, § 1-204.83, and § 1-206.02.

Effect of Amendments

D.C. Law 19-321 substituted “ Section 1-204.46(c)” for “The fourth sentence of § 1-204.46” in (d)(2).

Cross References

Council, limitations on authority, see § 1-206.02.

Emergency Legislation

For temporary authorization, on an emergency basis, the issuance of District of Columbia general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for the fiscal year ending September 30, 1996, see § 2-15 and 17 of the Tax Revenue Anticipation Notes Emergency Act of 1996 (D.C. Act 11-301, July 15, 1996, 43 DCR 4169).

For emergency authorization of the issuance of District of Columbia general obligation tax revenue anticipation notes to finance general governmental expenses for the fiscal year ending September 30, 1999, see §§ 2-15 of the Fiscal Year 1999 Tax Revenue Anticipation Notes Emergency Act of 1998 (D.C. Act 12-433, July 29, 1998, 45 DCR 5734), §§ 2-15 of the Fiscal Year 1999 Tax Revenue Anticipation Notes Second Emergency Act of 1998 (D.C. Act 12-498, October 27, 1998, 45 DCR 8038, and §§ 2-15 of the Fiscal Year 1999 Tax Revenue Anticipation Notes of Congressional Review Emergency Act of 1999 (D.C. Act 13-7, February 8, 1999, 46 DCR 2301).

D.C. Act 12-75 authorized, on an emergency basis, the issuance of District of Columbia general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for the fiscal year ending September 30,

Temporary Legislation

For temporary (225 day) authorization of the issuance of District of Columbia general obligation tax revenue anticipation notes, see §§ 2 to 17 of Fiscal Year 2004 Tax Revenue Anticipation Notes Temporary Act of 2003 (D.C. Law 15-41, November 26, 2003, law notification 50 DCR 10699).

For temporary (225 day) authorization of the issuance of District of Columbia general obligation tax revenue anticipation notes, see §§ 2 to 17 of Fiscal Year 2005 Tax Revenue Anticipation Notes Temporary Act of 2004 (D.C. Act 15-639, November 30, 2004, law notification 52 DCR 1228).

Effective Dates

Section 5 of D.C. Law 19-321 provided that the act shall take effect as provided in § 1-203.03.

Editor's Notes

D.C. Act 10-227, effective April 22, 1994, authorized the issuance of District of Columbia general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for the fiscal year ending September 30, 1994.

D.C. Act 11-373, effective August 5, 1996, authorized the issuance of District of Columbia general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for the fiscal year ending September 30, 1996.

D.C. Act 14-386, effective June 21, 2002, authorized the issuance of District of Columbia general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for the fiscal year ending September 30, 2002.

D.C. Act 14-481, effective October 23, 2002, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2003.

D.C. Act 15-382, effective February 27, 2004, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2004.

D.C. Act 15-695, effective December 29, 2004, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2005.

D.C. Act 16-211, effective November 28, 2005, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2006.

D.C. Act 16-538, effective December 4, 2006, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2007.

D.C. Act 17-209, effective November 27, 2007, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2008.

D.C. Act 18-557, effective October 7, 2010, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2010.

D.C. Act 18-560, effective October 12, 2010, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2011.

Enactment upon adoption of federal legislation: Section 4 of D.C. Law 11-254 provided that ‘§§ 47-101, 47-117, 47-130, 47-301, 47-302, 47-303, 47-304, 47-304.1, 47-305, 47-310, 47-312, 47-317.1 through 47-317.6, 47-321 through 47-325, 47-327 through 47-331, and 47-332 through 47-334 of Title 47 [§§ 1-204.41, 1-204.55, 1-204.50, 1-204.42, 1-204.43, 1-204.44, 1-204.46, 1-204.53, 1-204.47, 1-204.48, 1-204.49, 1-204.24a through 1-204.24e, 47-317.06, 1-204.61 through 1-204.65, 1-204.71 through 1-204.75, 1-204.81, 1-204.85, 1-204.86 and 1-204.90, 2001 Ed.] of the District of Columbia Code shall be enacted as part of Title 47 upon the adoption by Congress of legislation so enacting these sections.’

D.C. Act 19-449, 59 DCR 11081, the “Fiscal Year 2013 Tax Revenue Anticipation Notes Act of 2012” authorized the issuance of additional District of Columbia general obligation tax revenue anticipation notes to finance general governmental expenses for the fiscal year ending September 30, 2013.

Applicability of D.C. Law 19-321: Section 3 of D.C. Law 19-321 provided that section 2 of the act shall apply as of January 1, 2014.

D.C. Law 19-321 was declared invalid by the United States District Court for the District of Columbia in a memorandum opinion dated May 19, 2014, Civil Action No. 2014-0655. The court held that although the Council of the District of Columbia, the Mayor, and United States District Court for the District of Columbia are powerless to grant to the residents of the District of Columbia full budget autonomy, the United States Congress and the President of the United States are empowered to do so; and concluded that the Budget Autonomy Act was unlawful. See Council of the Dist. of Columbia v. Gray, 42 F. Supp. 3d 134, 2014 U.S. Dist. LEXIS 68055 (2014).

On May 27, 2015, the United States Court of Appeals for the District of Columbia Circuit issued Order No. 14-7067, vacating the lower court’s judgment, dismissing the appeal, and remanding the case to the District Court with instructions to remand the case to the Superior Court of the District of Columbia. See Council of the Dist. of Columbia v. Bowser, 2015 U.S. App. LEXIS 8881 (2015). The amendments contained in D.C. Law 19-321 are codified in this section.

D.C. Act 20-504, enacted Dec. 8, 2014, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year ending September 30, 2015.

D.C. Act 21-196, 62 DCR 14690, the Fiscal Year 2016 Tax Revenue Anticipation Notes Act of 205, authorized the issuance of District of Columbia general obligation tax revenue anticipation notes to finance general governmental expenses for the fiscal year ending September 30, 2016.

Delegation of Authority

Delegation of authority under D.C. Act 8-246, the “Tax Revenue Anticipation Notes Act of 1990”, see Mayor’s Order 90-118, September 27, 1990.

Delegation of contracting authority, see Mayor’s Order 91-92, June 7, 1991.

Delegation of authority under D.C. Law 9-46, the “General Fund Recovery Act of 1991”, see Mayor’s Order 91-147, October 4, 1991.

Delegation of authority pursuant to D.C. Act 10-227, the Tax Revenue Anticipation Notes Act of 1994, see Mayor’s Order 94-104, April 29, 1994 ( 41 DCR 2535).

Delegation of authority under D.C. Law 10-364, the “Second Tax Revenue Anticipations Notes Act of 1994”, see Mayor’s Order 94-266, December 29, 1994.

Delegation of authority under D.C. Act 11-301, the “Tax Revenue Anticipation Notes Emergency Act of 1996”, see Mayor’s Order 96-107, July 25, 1996 ( 43 DCR 4321).

Delegation of authority under D.C. Act 12-75, the “Tax Revenue Anticipation Notes Emergency Act of 1997” (“the TRANs Act”), see Mayor’s Order 97-123, June 27, 1997 ( 44 DCR 4143).

Delegation of authority under D.C. Act 12-153, the “Fiscal Year 1998 Tax Revenue Anticipation Notes Emergency Act of 1997” (“the TRANs Act”), see Mayor’s Order 97-175, September 30, 1997 ( 44 DCR 5870).

Delegation of authority pursuant to D.C. Act 12-498, the “Fiscal Year 1999 Tax Revenue Anticipation Notes Second Emergency Act of 1998”, see Mayor’s Order 98-173, November 5, 1998 ( 45 DCR 8200).