District Of Columbia § 47-392.04 - Restrictions on borrowing by District during control year.
Full text of District Of Columbia D.C. Code § 47-392.04 — Restrictions on borrowing by District during control year., with citation guidance and answers to common questions.
§ 47-392.04. Restrictions on borrowing by District during control year.
47-392.04The District government may not borrow money during a control year unless the Authority provides prior certification that both the receipt of funds through such borrowing and the repayment of obligations incurred through such borrowing are consistent with the financial plan and budget for the year.
If the Authority determines that the borrowing proposed to be undertaken by the District government is not consistent with the financial plan and budget, the Mayor may submit to the Authority a proposed revision to the financial plan and budget in accordance with so that the borrowing will be consistent with the financial plan and budget as so revised.
This subsection shall apply with respect to any borrowing undertaken by the District government, including borrowing through the issuance of bonds under part E of title IV of the District of Columbia Home Rule Act [§§ through ], the exercise of authority to obtain funds from the United States Treasury under title VI of the District of Columbia Revenue Act of 1939 (§§ through ), or any other means.
The District government may requisition advances from the United States Treasury under title VI of the District of Columbia Revenue Act of 1939 (§§ through ) without the prior approval of the Authority during the 45-day period which begins on the date of the appointment of the members of the Authority (subject to the restrictions described in such title, as amended by subsection (c) of this section).
The District government may requisition advances described in subparagraph (A) of this paragraph during the portion of fiscal year 1995 occurring after the expiration of the 45-day period described in such subparagraph if the Authority finds that:
Such borrowing is appropriate to meet the needs of the District government to reduce deficits and discharge payment obligations; and
The District government is making appropriate progress toward meeting its responsibilities under this Act (and the amendments made by this Act).
If the Mayor requisitions funds from the Secretary of the Treasury pursuant to title VI of the District of Columbia Revenue Act of 1939 (§§ through ) during a control year (beginning with Fiscal Year 1996), such funds shall be deposited by the Secretary into an escrow account held by the Authority, to be used as follows:
The Authority shall expend a portion of the funds for its operations during the fiscal year in which the funds are requisitioned, in such amount and under such conditions as are established under the budget of the Authority for the fiscal year under .
The Authority shall allocate the remainder of such funds to the Mayor at such intervals and in accordance with such terms and conditions as it considers appropriate, consistent with the financial plan and budget for the year and with any other withholding of funds by the Authority pursuant to this Act.
If the Mayor requisitions funds described in paragraph (1) of this subsection during the 45-day period which begins on the date of the appointment of the members of the Authority, the Secretary of the Treasury shall notify the Authority, and at the request of the Authority shall deposit such funds into an escrow account held by the Authority in accordance with paragraph (1) of this subsection.
If the Mayor requisitions funds described in paragraph (1) of this subsection during the portion of fiscal year 1995 occurring after the expiration of the 45-day period described in subparagraph (A) of this paragraph, the Secretary of the Treasury shall deposit such funds into an escrow account held by the Authority in accordance with paragraph (1) of this subsection at the request of the Authority.
[Reserved].
If the District government borrows funds during a control year, the funds shall be deposited into an escrow account held by the Authority, to be allocated by the Authority to the Mayor at such intervals and in accordance with such terms and conditions as it considers appropriate, consistent with the financial plan and budget for the year and with any other withholding of funds by the Authority pursuant to this Act.
Any funds allocated by the Authority to the Mayor from the escrow account described in subsection (b)(1) of this section or the escrow amount described in subsection (d) of this section may be expended by the Mayor only in accordance with the terms and conditions established by the Authority at the time the funds are allocated.
The Mayor may not requisition advances from the Treasury pursuant to §§ through if there is an action filed by the Mayor or the Council which is pending against the Authority challenging the establishment of or any action taken by the Authority.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 47-392.04
What does D.C. Code § 47-392.04 cover?
Section 47-392.04 ("Restrictions on borrowing by District during control year.") 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 § 47-392.04?
A common citation format is "D.C. Code § 47-392.04" (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 § 47-392.04 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.