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BORROWING IN ANTICIPATION OF REVENUES

SEC. 622. For any fiscal year, in anticipation of the collection or receipt of revenues of that fiscal year, the District Council may by act authorize the borrowing of money by the execution of negotiable notes of the District, not to exceed 20 per centum of the total anticipated revenue, each of which shall be designated “Revenue Note for the Budget Year 19". Such notes may be renewed from time to time, but all such notes, together with the renewals, shall mature and be paid not later than the end of the fiscal year for which the original notes have been issued.

NOTES REDEEMABLE PRIOR TO MATURITY

SEC. 623. No notes issued pursuant to this part shall be made payable on demand, but any note may be made subject to redemption prior to maturity on such notice and at such time as may be stated in the note.

SALE OF NOTES

SEC. 624. All notes issued pursuant to this part may be sold at not less than par and accrued interest at private sale without previous advertising.

PART 3 PAYMENT OF BONDS AND NOTES

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

(b) The full faith and credit of the District shall be and is hereby pledged for the payment of the principal of and the interest on all bonds and notes of the District hereafter issued pursuant to this title whether or not such pledge be stated in the bonds or notes or in the Act authorizing the issuance thereof.

PART 4Tax EXEMPTION—LEGAL INVESTMENT

TAX EXEMPTION

SEC. 641. Bonds and notes issued by the District Council pursuant to this title and the interest thereon shall be exempt from all Federal and District taxation except estate, inheritance, and gift taxes.

LEGAL INVESTMENT

SEC. 642. Notwithstanding any restrictions on the investment of funds by fiduciaries contained in any other laws, all domestic insurance companies, domestic insurance associations, executors, administrators, guardians, trustees, and other fiduciaries within the District of Columbia may legally invest any sinking funds, moneys, trust funds, or other funds belonging to them or under or within their control in any bonds issued pursuant to this title, it being the purpose of this section to authorize the investment in such bonds or notes of all sinking, insurance, retirement, compensation, pension and trust funds. National banking associations are authorized to deal in, underwrite, purchase and sell, for their own accounts or for the accounts of customers, bonds and notes issued by the District Council to the same extent as national banking associations are authorized by paragraph seven of section 5136 of the Revised Statutes (title 12, U.S.C., sec. 24), to deal in, underwrite, purchase and sell obligations of the United States, States, or political subdivisions thereof. All Federal building and loan associations and Federal savings and loan associations; and banks, trust companies, building and loan associations, and savings and loan associations, domiciled in the District of Columbia, may purchase, sell, underwrite, and deal in, for their own account or for the account of others, all bonds or notes issued pursuant to this title: Provided, That nothing contained in this section shall be construed as relieving any person, firm, association or corporation from any duty of exercising due and reasonable care in selecting securities for purchase or investment.

TITLE VII-FINANCIAL AFFAIRS OF THE DISTRICT

PART 1-FINANCIAL ADMINISTRATION

SURETY BONDS

SEC. 701. Each officer and employee of the District required to do so by the District Council shall provide a bond with such surety and in such amount as the District Council may require. The premiums for all such bonds shall be paid out of appropriations for the District.

FINANCIAL DUTIES OF THE MAYOR

SEC. 702. The Mayor, through his duly designated subordinates, shall have charge of the administration of the financial affairs of the District and to that end he shall

(1) prepare and submit in the form and manner prescribed by the District Council under section 502 the annual budget estimates and budget message;

(2) supervise and be responsible for all financial transactions to insure adequate control of revenues and resources and to insure that appropriations are not exceeded;

(3) maintain systems of accounting and internal control designed to provide

(A) full disclosure of the financial results of the District govern. ment's activities,

(B) adequate financial information needed by the District government for management purposes,

(C) effective control over and accountability for all funds, property, and other assets: Provided, That as soon as practicable after the date of enactment of this Act, the mayor shall cause the accounts of the District to be maintained on a basis that will facilitate the prepara

tion of costs-based budgets ; (4) submit to the District Council a monthly financial statement, by appropriation and department, and in any further detail the District Council may specify;

(5) prepare, as of the end of each fiscal year, a complete financial state ment and report;

(6) supervise and be responsible for the assessment of all property subject to assessment within the corporate limits of the District for taxation, make all special assessments for the District government, prepare tax maps, and give such notice of taxes and special assessments as may be required by law;

(7) supervise and be responsible for the assessment and collection of all taxes, special assessments, license fees, and other revenues of the District for the collection of which the District is responsible and receive all money receivable by the District from the Federal Government, or from any courts, or from any agency of the District;

(8) have custody of all public funds belonging to or under the control of the District, or any agency of the District government, and deposit all funds coming into his hands, in such depositories as may be designated and under such terms and conditions as may be prescribed by act of the District Council;

(9) have custody of all investments and invested funds of the District government, or in possession of such government in a fiduciary capacity, and have the safekeeping of all bonds and notes of the District and the receipt and delivery of District bonds and notes for transfer, registration, or exchange.

CONTROL OF APPROPRIATIONS SEC. 703. The District Council may provide (1) the transfer during the budget year of any appropriation balance then available for one item of appropriation to another item of appropriation, and (2) the allocation to new items of funds appropriated for contingent expenditure.

ACCOUNTING SUPERVISION AND CONTROL

SEC. 704. The Mayor, through his duly authorized subordinates, shall

(1) prescribe the forms of receipts, vouchers, bills, and claims to be used by all the agencies of the District government;

(2) examine and approve all contracts, orders, and other documents by which the District government incurs financial obligations, having previously ascertained that moneys have been appropriated and allotted and will be available when the obligations shall become due and payable;

(3) audit and approve before payment all bills, invoices, payrolls, and other evidences of claims, demands, or charges against the District government and with the advice of the legal officials of the District determine the regularity, legality, and correctness of such claims, demands, or charges; and

(4) perform internal audits of central accounting and department and agency records of the District government, including the examination of any accounts or records of financial transactions, and giving due consideration to the effectiveness of accounting systems, internal control, and related administrative practices of the respective agencies.

WHEN CONTRACTS AND EXPENDITURES PROHIBITED

SEC. 705. No officer or agency of the District shall, during any budget year, expend or contract to expend any money or incur any liability, or enter into any contract which by its terms involves the expenditure of money, for any purpose, in excess of the amounts appropriated for any item of expenditure. Any contract, verbal or written, made in violation of this Act shall be null and void. Any officer or employee of the District who shall violate this section, upon conviction thereof, may be summarily removed from office. Nothing in this section, however, shall prevent the making of contracts or of expenditures for capital improvements to be financed in whole or in part by the issuance of bonds, nor the making of contracts of lease or for services for a period exceeding the budget year in which such contract is made when such contract is permitted by law.

GENERAL FUND

SEC. 706. The general fund of the District shall be composed of the revenues of the District other than the revenues applied by law to special funds. All moneys received by any agency, officer, or employee of the District in its or his official capacity shall belong to the District government and shall be paid promptly to the Mayor, or his duly authorized subordinates, for deposit in the appropriate funds.

CONTRACTS EXTENDING BEYOND ONE YEAR

SEC. 707. No contract involving expenditure out of the appropriations of more than one year shall be made for a period of more than five years; nor shall any such contract be valid unless made or approved by act of the District Council.

PART 2-ANNUAL POST AUDIT BY GENERAL ACCOUNTING OFFICE

INDEPENDENT ANNUAL POST AUDIT

SEC. 721. (a) The General Accounting Office shall audit the financial transactions of the District for the fiscal year ending June 30, 1961, and for each fiscal year thereafter, under such rules and regulations as may be prescribed by the Comptroller General of the United States. The audit shall be conducted at the place or places where the accounts are normally kept. The representatives of the General Accounting Office shall have access to all books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the District and necessary to facilitate the audit, and they shall be afforded full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians.

(b) (1) A report of each such audit for each fiscal year shall be made by the Comptroller General to the Mayor and to the District Council not later than January 15 following the close of the fiscal year for which such audit is made. The report shall set forth the scope of the audit and shall include such comments and information as may be deemed necessary to keep the Mayor and the District Council informed of the operations and financial condition of the District, together with such recommendations with respect thereto as the Comptroller General may deem advisable. The report shall also show specifically every program, expenditure, or other financial transaction or undertaking, which, in the opinion of the Comptroller General, has been carried on or made without authority of law.

(2) After the Mayor and his duly authorized subordinates have had an opportunity to be heard, the District Council by resolution shall provide for the publication of such report together with such other material as it deems pertinent thereto.

(3) The Mayor, within ninety days after the report has been made to him and the District Council, shall state in writing to the District Council what has been done to comply with the recommendations made by the Comptroller General in the report.

AMENDMENT OF BUDGET AND ACCOUNTING ACT SEC. 722. Section 2 of the Budget and Accounting Act, 1921 (U.S.C., 1952 edition, title 31, sec. 2), is hereby amended by striking out "and the municipal government of the District of Columbia”.

PART 3-ADJUSTMENT OF FEDERAL AND DISTRICT EXPENSES

ADJUSTMENT OF FEDERAL AND DISTRICT EXPENSES

SEC. 731. Subject to section 1001 and other provisions of law, the Mayor, with the advice and consent of the District Council, and the Director of the Bureau of the Budget, are authorized and empowered to enter into an agreement or agreements concerning the manner and method by which amounts owed by the District to the United States, or by the United States to the District, shall be ascertained and paid.

TITLE VIII—BOARD OF EDUCATION

CREATION AND MEMBERSHIP

SEC. 801. There is hereby created a Board of Education, consisting of nine members elected as provided in title IX.

TRANSFER OF FUNCTIONS

SEC. 802. The Board of Education provided for in section 2 of the Act entitled "An Act to ix and regulate the salaries of teachers, school officers, and other employees of the board of education of the District of Columbia”, approved June 20, 1906, is hereby abolished and its functions are hereby transferred to the Board of Education created by section 801.

FUNCTIONS AND LIMITATIONS

SEC. 803. (a) Subject to the provisions of section 321, the Board of Education shall

(1) determine appropriate policies for the District with respect to the maintenance and operation of public schools;

(2) appoint the Superintendent of Schools;

(3) prescribe such regulations, not inconsistent with the provisions of this title, as may be necessary or appropriate for the purposes of the operation of this title; and

(4) appoint such standing and special committees, and allocate to them such duties, as may be necessary or appropriate for the purposes of the operation of this title. (b) In contracting with any person to serve as Superintendent of Schools of the District, the Board of Education shall not obligate the District for a period longer than the three-year period commencing on the date of contracting. Each contract shall reserve to the Board the right to remove the incumbent for cause.

(c) Final action by the Board of Education shall not be taken on any proposed regulation until the thirteenth day following the day on which it was submitted; but the Board of Education may take earlier final action at a regular meeting, or at a special meeting for which reasonable notice has been given, upon vote of two-thirds of the members present.

QUALIFICATIONS FOR HOLDING OFFICE

SEC. 804. No person shall hold the office of member of the Board of Education unless he (1) is a qualified elector, (2) resides and is domiciled in the ward from which he is nominated, has, during the three years next preceding his nomination resided and been domiciled in the District, and has for one year preceding his nomination, resided and been domiciled in the ward from which he is nominated, (3) holds no other elective public office, and (4) holds no appointive office for which compensation is provided out of District funds. A member of the Board of Education shall forfeit his office upon failure to main. tain the qualifications required by this section.

COMPENSATION OF MEMBERS

SEC. 805. Members of the Board of Education shall receive $20 per meeting attended.

PRESIDENT OF THE BOARD OF EDUCATION

SEC. 806. (a) The Board of Education shall elect from among its members a presiding officer, to be known as the “President of the Board of Education”. The term of the first such president shall expire at the close of December 31, 1962, and at the close of December 31 of each succeed even-numbered year the term of office of the incumbent president shall expire. The Board of Education may by resolution remove the President of the Board of Education from his office as such.

(b) The President of the Board of Education shall, with the approval of the Board, designate a member of the Board to act as president during his absence or disability. If a vacancy occurs in the office of president, the Board shall elect from among its members a president for the unexpired term.

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SEC. 807. (a) The Board of Education shall appoint a secretary who shall serve at the pleasure of the Board, and such assistants and clerical personnel as may be necessary.

(b) The secretary shall keep a full record of the proceedings of the Board and shall perform such other duties as the Board may from time to time prescribe.

MEETINGS

SEC. 808. (a) The first meeting of the Board of Education after this section takes effect shall be called by the member who receives the highest vote in the election provided by title IX. He shall preside until a president is elected. The first meeting of the Board in each odd-numbered year commencing with 1961 shall be called by the secretary of the Board for a date not later than January 31 of such year.

(b) The Board of Education shall by resolution provide for the time and place of its regular meetings. The Board shall hold at least one regular meeting in each calendar month during the school term. Special meetings may be called, upon the giving of adequate notice, by the President or any three members of the Board.

(c) Meetings of the Board shall be open to the public and shall be held at reasonable hours and at such places as to accommodate a reasonable number of spectators. The record provided for in section 807 (b) shall be open to public inspection and available for copying during all regular office hours of the Board secretary. Any citizen shall have the right to petition and be heard by the Board at any of its meetings, within reasonable limits as set by the Board Presi. dent, the Board concurring.

CHANGES IN BOARD MEMBERSHIP, COMPENSATION AND SELECTION SEC. 809. The number of members constituting the Board of Education, the method of election, the qualifications for holding office, the tenure of office and the compensation of such members may be changed by act passed by the District Council: Provided, That no such act shall take effect until after it has been assented to by a majority of the qualified electors of the District voting at an election on the proposition set forth in any such act.

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