Volume 72 · 183
Public Law 85–451
To authorize the Commissioners of the District of Columbia to borrow funds for capital improvement programs and to amend provisions of law relating to Federal Government participation in meeting costs of maintaining the Nation’s Capital City.
Approved June 6, 1958
Statutory text
AN ACT
To authorize the Commissioners of the District of Columbia to borrow funds for capital improvement programs and to amend provisions of law relating to Federal Government participation in meeting costs of maintaining the Nation’s Capital City.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That
a program
D. C. Public Works Program.
of construction to meet capital needs of the government of the District of Columbia is hereby authorized. Such program shall include, without limitation, projects relating to activities to meet the needs of the public in the fields of education, health, welfare, public safety, recreation, and other general government activities.
To assist in financing the cost of constructing facilities required
Loans.
for activities financed by the general fund of the District, the Commissioners are hereby authorized to accept loans for the District from the United States Treasury and the Secretary of the Treasury is hereby authorized to lend to the Commissioners such sums as may hereafter be appropriated: Provided, That the total principal amount of loans advanced pursuant to this section shall not exceed $75,000,000: Provided further, That any loan for use in any fiscal year must first be specifically requested of the Congress in connection with the budgets submitted for the District, with a full statement of the work contemplated to be done and the need thereof, and such work must be approved by the Congress: And provided further, That such approval shall not be construed to alter or to eliminate the procedures for consultation, advice, and recommendation provided in the National Capital Planning Act of 1952 (66 Stat. 781). Such loans shall be
D. C. Code 1–1001 et seq.
in addition to any other loans heretofore or hereafter made to the Commissioners for any other purpose, and when advanced shall be deposited in the Treasury of the United States to the credit of the general fund of the District.
The loans authorized pursuant to this section, or any part or
Advances.
parts thereof, shall be advanced to the Commissioners on their requisition therefor, shall be available to the Commissioners for carrying out the said construction program, and shall be available until expended.
Loans made under this section during any six-month period
Interest.
(beginning with the six-month period ending December 31, 1958) shall be at a rate of interest determined by the Secretary of the Treasury as of the beginning of such period which, in his judgment, would reflect the cost of money to the Treasury for borrowings at a maturity approximately equal to one-half of the period of time the loan is outstanding.
Any loan advanced pursuant to this section shall be repaid to the
Repayment.
Secretary of the Treasury in substantially equal payments, including principal and interest, within a period of thirty years beginning on July 1 of the second fiscal year following the date on which each such advance is credited to the general fund.
No loans shall be advanced pursuant to this section after June 30, 1968.
Sec. 2.
Subsection (a) of section 2 of article VI of the District of Columbia Revenue Act of 1947 (D. C. Code, sec. 47–2501b) is amended
to read as follows:
“Sec. 2.
(a) There are hereby authorized to be appropriated, in
Appropriation.
addition to the sums appropriated under section 1 of this article, as annual payments by the United States toward defraying the expenses of the government of the District of Columbia, the sum of $9,000,000 for each of the fiscal years 1955 and 1956, the sum of $12,000,000 for each of the fiscal years 1957 and 1958, and the sum of $21,000,000 for the fiscal year 1959 and for each fiscal year thereafter: Provided, That so much of the aggregate annual payments by the United States appropriated under this article to the credit of the general fund as is in excess of $13,000,000 for each of the fiscal years 1955 and 1956, $16,000,000 for each of the fiscal years 1957 and 1958, and $25,000,000 for the fiscal year 1959 and subsequent fiscal years shall be available for capital outlay only, and then on a cumulative total basis only to the extent of not more than 50 per centum of the cumulative total of capital outlay appropriations payable from such general fund which becomes available for expenditure on and after July 1, 1954.”
Sec. 3.
As used in this Act the term “District” means the District of Columbia and the term “Commissioners” means the Board of Commissioners of the District of Columbia.
Approved June 6, 1958.