Chairman Linda W. Cropp
at the request of the Mayor
A PROPOSED RESOLUTION IN THE COUNCIL OF THE DISTRICT OF
COLUMBIA
To declare the existence of an emergency with respect to the need to issue $50 million
of general obligation bonds to support capital and management reform projects
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited
as the "General Obligation Bond Issuance 1998 Additional Authorization Emergency
Declaration Resolution."
Sec. 2 (a) The District of Columbia is issuing $150 million in general
obligation bonds during the week of April 1st, 1998.
(b) The District seeks to issue an additional $50 million in general obligation bonds
to support capital and management reform projects.
(c) To ensure that the District is able to issue the additional $50 million in bonds,
the "General Obligation Bond Issuance 1998 Additional Authorization Emergency
Resolution" must be passed on an emergency basis to ensure that the bond issuance is
completed, as scheduled, during the week of April 1.
(d) If the bond resolution is not approved, the District will be unable to fund
critical capital and management reform that are vital to the District’s operations.
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 "General Obligation Bond Issuance 1998 Additional Authorization
Emergency Declaration Resolution" be adopted after a single reading.
Sec. 4. This resolution shall take effect immediately.