General obligation bonds issued under this part may be sold at a private sale on a negotiated basis (in such manner as the Mayor may determine to be in the public interest), or may be sold at public sale upon sealed proposals after publication of a notice of such public sale at least once not less than 10 days prior 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 published in the city of New York, New York, and in one or more newspapers of general circulation published in the District. Such notice of public sale shall state, among other things, that no proposal shall be considered unless there is deposited with the District as a down payment a certified check, cashier’s check, or surety for an amount equal to at least 2% of the par amount of general obligation bonds bid for, and the Mayor shall reserve the right to reject any and all bids.

(Dec. 24, 1973, 87 Stat. 806, Pub. L. 93-198, title IV, § 466; Aug. 29, 1974, 88 Stat. 793, Pub. L. 93-395, § 1(6); Dec. 23, 1981, 95 Stat. 1493, Pub. L. 97-105, § 9; Oct. 12, 1984, 98 Stat. 1974, Pub. L. 98-473, § 131(a); Dec. 19, 1985, 99 Stat. 1185, Pub. L. 99-190, § 101(c); Oct. 30, 1986, 100 Stat. 3341-180, Pub. L. 99-591, § 131; Dec. 22, 1987, 101 Stat. 1329, Pub. L. 100-202, § 1(c); Nov. 21, 1989, 103 Stat. 1280, Pub. L. 101-168, § 129; Nov. 5, 1990, 104 Stat. 2237, Pub. L. 101-518, § 129; Oct. 1, 1991, 105 Stat. 569, Pub. L. 102-111, § 125; Oct. 5, 1992, 106 Stat. 1433, Pub. L. 102-382, § 125; Oct. 29, 1993, 107 Stat. 1347, Pub. L. 103-127, § 124; Sept. 30, 1994, 108 Stat. 2586, Pub. L. 103-334, § 124; Aug. 5, 1997, 111 Stat. 769, Pub. L. 105-33, § 11504.)

1981 Ed., § 47-326.

1973 Ed., § 47-246.

Applicability of amendments: Section 131(k) of Public Law 98-473 provided that amendments made by this section shall not be applicable with respect to any law which was passed by the Council prior to the date of enactment of this act, and such laws are deemed valid, in accordance with the provisions thereof notwithstanding such amendments, and any previous act of the Council which had been disapproved by the Congress pursuant to section 602(c)(1) or section 602(c)(2) is deemed null and void. Public Law 98-473 was approved October 12, 1984.

Effective period of § 131 of Public Law 98-473: Section 131(n) of Public Law 98-473 provided that the provisions of this section shall be effective hereafter without limitation as to fiscal year, notwithstanding any other provision of the joint resolution. Public Law 98-473 was approved October 12, 1984.

Enactment upon adoption of federal legislation: Section 4 of D.C. Law 11-254 provided that “§§ 47-101, 47-117, 47-130, 47-301, 47-302, 47-303, 47-304, 47-304.1, 47-305, 47-310, 47-312, 47-317.1 through 47-317.6, 47-321 through 47-325, 47-327 through 47-331, and 47-332 through 47-334 of Title 47 §§ 1-204.41, 1-204.55, 1-204.50, 1-204.42, 1-204.43, 1-204.44, 1-204.46, 1-204.53, 1-204.47, 1-204.48, 1-204.49, 1-204.24a through 1-204.24e, 47-317.06, 1-204.61 through 1-204.65, 1-204.71 through 1-204.75, 1-204.81, 1-204.85, 1-204.86 and 1-204.90, 2001 Ed. of the District of Columbia Code shall be enacted as part of Title 47 upon the adoption by Congress of legislation so enacting these sections.”