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.