District Of Columbia § 47-335.02 - Borrowing limitation.
Full text of District Of Columbia D.C. Code § 47-335.02 — Borrowing limitation., with citation guidance and answers to common questions.
§ 47-335.02. Borrowing limitation.
47-335.02The Council shall not approve proposed District Bonds if the applicable annual Debt Service on the proposed District Bonds would cause the Debt Service on all District Bonds in the fiscal year in which the proposed District Bonds are issued, or in any of the 5 succeeding fiscal years, to exceed 12% of Total Expenditures in any applicable fiscal year, as contained in the most recently enacted District Budget and Financial Plan.
Obligations incurred pursuant to the authority contained in , obligations incurred by the agencies transferred or established by sections 201 or 202 of the Home Rule Act [ or ], whether incurred before or after such transfer or establishment, and obligations incurred pursuant to District Bonds issued prior to October 1, 1996, for the financing of Department of Public Works, Water and Sewer Utility Administration capital projects shall not be included in determining the aggregate amount of Debt Service on all outstanding District Bonds subject to the 12% limitation specified in subsection (a) of this section.
The 12% limitation specified in subsection (a) of this section shall be calculated by the Office of the Chief Financial Officer as follows:
Determine the dollar amount equivalent to 12% of the Total Expenditures during the fiscal year for which the proposed District Bonds will be issued and the 5 succeeding fiscal years;
Determine the actual total amount of Debt Service to be paid during the fiscal year for which the proposed District Bonds will be issued and the 5 succeeding fiscal years for all outstanding District Bonds;
Determine the amount of Debt Service to be paid during the fiscal year for which the proposed District Bonds will be issued and the 5 succeeding fiscal years; and
If in any applicable fiscal year the sum of paragraphs (2) and (3) of this subsection exceeds the amount determined under paragraph (1) of this subsection, then the proposed District Bonds or Treasury loan shall not be issued.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 47-335.02
What does D.C. Code § 47-335.02 cover?
Section 47-335.02 ("Borrowing limitation.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 47-335.02?
A common citation format is "D.C. Code § 47-335.02" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 47-335.02 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.