District of Columbia

Decision instrument

The Council approves District bonds. The section that was opened does not require a citywide vote.

What public act authorizes the borrowing, and where is the purpose and the first-year cost written down? D.C. Code § 47-335.02. The Council may not approve proposed bonds if the debt service on those bonds would push debt service on District bonds, in the year they are issued or in any of the next five years, over 12% of the expenditure base in the most recently enacted budget and financial plan. Some older water and sewer obligations, and some agency obligations, are left out of that 12% test.

Debt statement

No Annual Debt Statement of the New Jersey kind.

What yearly filing states gross debt, deductions, and how close the issuer is to its limit? District debt is in the annual report for the year ended September 30, 2025. Ward dollar rows are not attached.

Debt limit

New bonds stop if debt service would exceed 12% of the expenditure base. The report also prints a 17% of general-fund-revenue test.

What cap binds a county or a city, and is the state's own ceiling a different rule? The 12% rule is D.C. Code § 47-335.02. Exhibit S-3E prints the fiscal year 2025 base at $13,609,336,000, the 12% limit at $1,633,120,000, debt-service cost of $1,356,666,000, and a margin of $276,454,000. That cost was 9.97% of the base. Exhibit S-3D prints a separate limit equal to 17% of general-fund revenue, $2,168,560,000, against highest debt-service cost of $1,297,630,000. Those two tests are not the same number, and the 17% figure is the report’s, not a second reading of § 47-335.02.

Conflict rule

An employee may not take part in a matter that the employee knows is likely to have a direct and predictable effect on the employee’s own financial interest, or on the interest of a person closely affiliated with the employee.

Which ethics statute covers local officers, what counts as an interest, and who is left out? D.C. Code § 1-1162.23. This section does not use an ownership percentage. An employee who is not elected may seek a written waiver. An elected official who would have to act on such a matter has to disclose it in writing. The statement is read into the record, and the official is excused from the vote and from the discussion.

Geography

Eight wards. The District is not divided into counties.

What is the county-equivalent, and which cities, schools, and authorities must not be pasted onto that row? Ward names are listed. They are not census county codes, and no ward debt total is attached.

Primary money record

General obligation bond principal: $6.399 billion, as of September 30, 2025. The payable with premium is $7.054 billion.

Which audited report is the state's own number, and as of what date? Exhibit S-3A, in thousands. General-obligation bonds are $6,398,855. Unamortized premiums are $654,824. Outstanding net of those premiums is $7,053,679. The three figures add as printed. Income-tax secured revenue bonds are a separate $6,348,850,000 and are not inside this principal.

Who pays the coupon

In the year ending September 30, 2026, general-obligation bonds need $301.910 million of principal and $299.832 million of interest.

Which fund, tax, or rate is actually pledged — not which new store might show up later? Exhibit S-3E, in thousands. Those two add to $601,742. The same exhibit shows fiscal year 2025 general-obligation debt service of $283,930 of principal and $301,947 of interest. Income-tax secured bonds, in the same table, need $292,435 of principal and $305,572 of interest in fiscal year 2026. That payment is not part of the general-obligation line.

Other obligors

Income-tax secured revenue bonds: $6.349 billion. Do not add them to the $6.399 billion.

Which authorities and districts borrow beside the state and must not be added to its total? Note 7, in thousands. Outstanding income-tax secured revenue bonds were $6,348,850 as of September 30, 2025. The statute cited in the note authorizes up to $15,561,503. That is an authorization ceiling, not debt outstanding. Debt service on those bonds in fiscal year 2025 was $525,553. Grant-anticipation bonds outstanding were $219,495. Deed-tax revenue bonds outstanding were $27,920. None of those are general-obligation principal.

Book-entry wall

Cede & Co., at the Depository Trust Company.

Who is the registered owner on ordinary public paper? Series-level confirmation still waits on that official statement. Beneficial owners stay unnamed.