D.C. Fiscal Chief Urges Revamp of Replenishment Bill

Vadum, Matthew
April 2003
Bond Buyer;4/21/2003, Vol. 344 Issue 31618, p36
Trade Publication
Natwar M. Gandhi, the District of Columbia's chief financial officer, says the city council should scale back its proposal to extend to five years from one year the period for replenishing the local government's financial reserves after drawing from them, or risk not obtaining a bond-rating upgrade. While admitting the current one-year period is “overly restrictive,” Gandhi proposed extending the period to only three years, in a letter to Linda W. Cropp, who chairs the District Council. According to Gandhi, the plan, which is supported by all 13 members of the council, including Cropp, would both stretch the replenishment period to five years and also allow the city council to use 50 million dollars in the reserves to meet spending needs identified in the proposed 2004 budget.


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