contents of borrowing legislation

contents of borrowing legislation Sec. 462. The Council may by act authorize the issuance of general obligation bonds for the purposes specified in section 461. Such an act shall contain, at least, provisions— (1) briefly describing each such project: (2) identifying the Act authorizing each such project; (3) setting forth the maximum amount of the principal of the indebtedness which may be incurred for each such project; (4) setting forth the maximum rate of interest to be paid on such indebtedness; (5) setting forth the maximum allowable maturity for the issue and the maximum debt service payable in any year: and (6) setting forth, in the event that the Council determines in its discretion, to submit the question of issuing such bonds to a vote of the qualified voters of the District, the manner of holding such election, the manner of voting for or against the incurring of such indebtedness, and the form of ballot to be used at such election.