The District of Columbia Council passed four bond-related bills last week.
On Tuesday it passed a temporary bill that allows the city to issue up to $200 million of grant anticipation revenue vehicles. Garvee bonds are funded by future federal highway aid appropriations and don’t count against the district’s 12% debt cap. The temporary legislation must be finalized within 225 days. For the bill to be made permanent, the council will need to hold a hearing and markup of the bill.
The council also authorized the district to issue up to $61 million of revenue bonds for the Urban Institute, up to $160 million of bonds for Georgetown University and up to $330 million for National Public Radio Inc. The bonds are issued on behalf of these entities and are not backed by the district’s taxing power.
All four bills need to be signed by Mayor Adrian M. Fenty. The three revenue bond issues were introduced at the mayor’s request.
