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1 to have been incurred within the meaning of this Act until 2 the bonds shall have been sold, delivered, and paid for, and 3 then only to the extent of the principal amount of bonds so 4 sold and delivered. The bonds of any authorized issue may 5 be issued all at one time, or from time to time in series and 6 in such amounts as the Council shall deem advisable. The 7 act authorizing the issuance of any series of bonds shall fix 8 the date of the bonds of such series, and the bonds of each 9 such series shall be payable in annual installments beginning 10 not more than three years after the date of the bonds and 11 ending not more than thirty years from such date. The 12 amount of said series to be payable in each year shall be so 13 fixed that when the annual interest is added to the principal 14 amount payable in each year the total amount payable in 15 each year in which part of the principal is payable shall be 16 substantially equal. It shall be an immaterial variance if 17 the difference between the largest and the smallest amounts 18 of principal and interest payable annually during the term 19 of the bonds does not exceed 3 per centum of the total 20 authorized amount of such series. Such act shall also pre21 scribe the form of the bonds to be issued thereunder, and of 22 the interest coupons appertaining thereto, and the manner in 23 which said bonds and coupons shall be executed. The bonds 24 and coupons may be executed by the facsimile signatures of

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1 the officer or officers designated by the act authorizing the 2 bonds, to sign the bonds, with the exception that at least one 3 signature shall be manual. Such bonds may be issued in

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coupon form in the denomination of $1,000, registerable as 5 to principal only or as to both principal and interest, and if 6 registered as to both principal and interest may be issuable 7 in denominations of multiples of $1,000. Such bonds and the 8 interest thereon may be payable at such place or places within or without the District as the Council may determine.

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PUBLIC SALE

SEC. 606. All bonds issued under this part shall be sold

at public sale upon sealed proposals at such price or prices

as shall be approved by the Council after publication of a 14 notice of such sale at least once not less than ten days prior

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to the date fixed for sale in a daily newspaper carrying

municipal bond notices and devoted primarily to financial

news or to the subject of State and municipal bonds pub18 lished in the city of New York, New York, and in a news

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paper of general circulation published in the District. Such 20 notice shall state, among other things, that no proposal shall 21 be considered unless there is deposited with the District as a

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downpayment a certified check or cashier's check for an

amount equal to at least 2 per centum of the par amount of 24 bonds bid for, and the Council shall reserve the right to re

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PART 2 SHORT-TERM BORROWING

BORROWING TO MEET SUPPLEMENTAL APPROPRIATIONS

SEC. 621. In the absence of unappropriated available

4 revenues to meet supplemental appropriations made pursuant

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to section 505, the Council may by act authorize the issuance

6 of negotiable notes, in a total amount not to exceed 5 per

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centum of the total appropriations for the current fiscal year, 8 each of which shall be designated "supplemental" and may 9 be renewed from time to time, but all such notes and re10 newals thereof shall be paid not later than the close of the 11 fiscal year following that in which such act becomes effective.

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BORROWING IN ANTICIPATION OF REVENUES

13 SEC. 622. For any fiscal year, in anticipation of the col14 lection or receipt of revenues of that fiscal year, the Council

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may by act authorize the borrowing of money by the execu16 tion of negotiable notes of the District, not to exceed in the

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aggregate at any time outstanding 20 per centum of the total

anticipated revenue, each of which shall be designated 19 "Revenue Note for the Fiscal Year 19 ". Such notes may 20 be renewed from time to time, but all such notes, together 21 with the renewals, shall mature and be paid not later than 22 the end of the fiscal year for which the original notes have 23 been issued.

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NOTES REDEEMABLE PRIOR TO MATURITY

SEC. 623. No notes issued pursuant to this part shall be

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1 made payable on demand, but any note may be made subject

2 to redemption prior to maturity on such notice and at such 3 time as may be stated in the note.

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SALE OF NOTES

SEC. 624. All notes issued pursuant to this part may be

6 sold at not less than par and accrued interest at private sale

7 without previous advertising.

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PART 3-PAYMENT OF BONDS AND NOTES

SEC. 631. (a) The act of the Council authorizing the 10 issuance of bonds pursuant to this title, shall, where necessary, provide for the levy annually of a special tax without 12 limitation as to rate or amount upon all the taxable real and 13 personal tangible property within the District in amounts 14 which, together with other revenues of the District available 15 and applicable for said purposes, will be sufficient to pay the 16 principal of and interest on said bonds and the premium, if 17 any, upon the redemption thereof, as the same respectively 18 become due and payable, which tax shall be levied and col19 lected at the same time and in the same manner as other 20 District taxes are levied and collected, and when collected 21 shall be set aside for the purpose of paying such principal, 22 interest, and premium.

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(b) The full faith and credit of the District shall be and 24 is hereby pledged for the payment of the principal of and 25 the interest on all bonds and notes of the District hereafter 26 issued pursuant to this title whether or not such pledge be

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1 stated in the bonds or notes or in the act authorizing the

2 issuance thereof.

PART 4-TAX EXEMPTION-LEGAL INVESTMENT

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TAX EXEMPTION

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SEC. 641. Bonds and notes issued by the Council pur

6 suant to this title and the interest thereon shall be exempt

7 from all Federal and District taxation except estate, inherit

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SEC. 642. Notwithstanding any restriction on the in11 vestment of funds by fiduciaries contained in any other law, 12 all domestic insurance companies, domestic insurance asso13 ciations, executors, administrators, guardians, trustees, and 14 other fiduciaries within the District of Columbia may legally 15 invest any sinking funds, moneys, trust funds, or other funds 16 belonging to them or under or within their control in any 17 bonds issued pursuant to this title, it being the purpose of 18 this section to authorize the investment in such bonds or 19 notes of all sinking, insurance, retirement, compensation, 20 pension, and trust funds. National banking associations are 21 authorized to deal in, underwrite, purchase and sell, for their own accounts or for the accounts of customers, bonds and 23 notes issued by the District Council to the same extent as 24 national banking associations are authorized by paragraph seven of section 5136 of the Revised Statutes (12

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