Hearings

1 ness, shall be issued only with the assent of a majority of the 2 qualified voters of said District voting at an election on the 3 proposition of issuing such bonds. In determining the 4 amount of indebtedness within all of the aforesaid limitation 5 at any time outstanding there shall be deducted from the aggregate of such indebtedness the amount of the then cur7 rent tax levy for the payment of the principal of the out8 standing bonded indebtedness of the District and any other 9 moneys set aside into any sinking fund and irrevocably dedi10 cated to the payment of such bonded indebtedness. The 11 Council shall make provision for the payment of any bonds. 12 issued pursuant to this title, in the manner provided in sec13 tion 631 hereof.

CONTENTS OF BORROWING LEGISLATION; REFERENDUM ON

BOND ISSUE

SEC. 602. (a) The Council may by act authorize the 17 issuance of bonds: Provided, That such act shall contain at

18 least the following provisions:

(1) A brief description of each purpose for which indebtedness is proposed to be incurred;

(2) The maximum amount of the principal of the

indebtedness which may be incurred for each such

purpose;

(3) The maximum rate of interest to be paid on such indebtedness; and

(4) In the event the Council is required by this part, or it is determined by the Council 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. The ballot shall be in such

form as to permit the voters to vote separately for

or against the incurring of indebtedness for each of the purposes for which indebtedness is proposed to be

incurred.

(b) The Council shall cause the proposition of issuing 13 such bonds to be submitted by the Board of Elections to the 14 qualified voters at the first general election to be held in the 15 District not less than forty days after the date of enactment 16 of the act authorizing such bonds, or upon a vote of at least 17 two-thirds of the members of the Council, the Council may 18 call a special election for the purpose of voting upon the 19 issuance of said bonds, such election to be held by the Board 20 of Elections at any date set by the Council not less than forty 21 days after the enactment of such act.

(c) The Board of Elections is authorized and directed to 23 prescribe the manner of registration and the polling places 24 and to name the judges and clerks of election and to make

1 such other rules and regulations for the conduct of such elec2 tions as are not specifically provided by the Council as may 3 be necessary or appropriate to carry out the provisions of 4 this section, including provisions for the publication of a 5 notice of such election stating briefly the proposition or 6 propositions to be voted on and the designated polling places 7 in the various precincts and wards in the District. The said 8 notice shall be published at least once a week for four con9 secutive calendar weeks on any day of the week, the first 10 publication, thereof to be not less than thirty nor more than 11 forty days prior to the date fixed by the Council for the elec12 tion. The Board of Elections shall canvass the votes cast at 13 such election and certify the results thereof to the Council in 14 the manner prescribed for the canvass and certification of the 15 results of general elections. The certification of the result 16 of the election shall be published once by the Board of Elec17 tions within three days following the date of the election.

PUBLICATION OF BORROWING LEGISLATION

SEC. 603. The Mayor shall publish any act authorizing

20 the issuance of bonds at least once within five days after the

enactment thereof, together with a notice of the enactment

22 thereof in substantially the following form:

2 2 2 2 2

"NOTICE

"The following act authorizing the issuance of bonds

published herewith has become effective, and the time

within which a suit, action, or proceeding questioning

the validity of such bonds can be commenced as provided

in the District of Columbia Charter Act will expire

twenty days from the date of the first publication of this

notice (or in the event the proposition of issuing the

proposed bonds is to be submitted to the qualified voters, twenty days after the date of publication of the promulgation of the results of the election ordered by said act to be held).

"Mayor."

SHORT PERIOD OF LIMITATION

SEC. 604. Upon the expiration of twenty days from and

after the date of publication of the notice of the enactment of

an act authorizing the issuance of bonds without the submis16 sion of the proposition for the issuance thereof to the qualified

voters, or upon the expiration of twenty days from the date

of publication of the promulgation of the results of an election

upon

the proposition of issuing bonds, as the case may be, all as provided in section 603

such

(1) any recitals or statements of fact contained in

act or in the preambles or the titles thereof or in the results of the election of any proceedings in connec

tion with the calling, holding, or conducting of election

upon the issuance of such honds shall be deemed to be

1 true for the purpose of determining the validity of the

bonds thereby authorized, and the District and all others

interested shall thereafter be estopped from denying

same;

(2) such act and all proceedings in connection with the authorization of the issuance of such bonds shall be

conclusively presumed to have been duly and regularly

taken, passed, and done by the District and the Board of Elections in full compliance with the provisions of this Act and of all laws applicable thereto;

(3) the validity of such act and said proceedings shall not thereafter be questioned by either a party

plaintiff or a party defendant, and no court shall have jurisdiction in any suit, action, or proceeding questioning the validity of same, except in a suit, action, or proceeding commenced prior to the expiration of such twenty days.

ACTS FOR ISSUANCE OF BONDS

SEC. 605. After the expiration of the twenty-day limita20 tion period provided for in section 604 of this part, the 21 Council may by act establish an issue of bonds as authorized

pursuant to the provisions of sections 601 to 604, inclusive, 23 hereof. An issue of bonds is hereby defined to be all or any

part of an aggregate principal amount of bonds authorized

pursuant to said sections, but no indebtedness shall be deemed

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