The D.C. government, which earlier this week received the highest credit rating possible for its short-term borrowing, said yesterday it has sold $150 million worth of notes that will be repaid within a year with anticipated 1985 tax revenues.

This is the first time the District has been able to obtain short-term loans in the private securities market, independent of the U.S. Treasury, since home rule began. Congress cleared the way for the borrowing a week ago by approving legislation that removed a legal cloud from the city's decade-old home rule charter.

The so-called revenue anticipation notes carry a favorable 6.74 percent interest rate and were sold to a group of underwriters managed by Salomon Brothers Inc. The proceeds will be used to maintain the District's cash flow until 1985 tax revenues are collected.

D.C. this week received the highest credit-worthiness ratings for short-term borrowing from Moody's Investors Service and Standard & Poor's, the nation's foremost municipal finance rating services.

However, the ratings apply only to the $150 million in short-term borrowing, and there is no guarantee the city will receive the same high ratings for its planned marketing long-term bonds to finance capital improvements, said officials of Moody's and Standard & Poor's.

Alphonse G. Hill, deputy mayor for finance, said yesterday that long-term borrowing "may prove to be more of a challenge for us."

Meanwhile, the D.C. Federation of Citizens Associations has protested Mayor Marion Barry's decision to delay action on a $63 million revenue bond issue for Georgetown University at the behest of two gay activist groups unhappy with the university's policies on campus gay organizations.

A D.C. Superior Court judge ruled last year that Georgetown may withhold privileges from gay student organizations because of the university's adherence to Catholic beliefs against homosexuals.

That ruling has been appealed to the D.C. Court of Appeals. But two gay organizations have urged the mayor to block the bond issue.

"As citizens and taxpayers, we are appalled . . . . [at] the zealotry of these two gay groups and your cowering before them," Stephen A. Koczak, president of the federation, said in a letter to Barry.