For the purposes of this subchapter, the term:
(1) "Authority" means the Washington Convention Center Authority established under subchapter I of this chapter.
(2) "Authorized Delegate" means the City Administrator, the Chief Financial Officer, the Treasurer, or any officer or employee of the executive office of the Mayor to whom the Mayor has delegated any of the Mayor's functions under this subchapter pursuant to § 1-204.22(6).
(3) "Available Real Property Tax Revenues" means the revenues resulting from the imposition of the tax provided for in Chapter 8 of Title 47, including any penalties and interest charges, exclusive of the special tax provided for in § 1-204.81 of the Home Rule Act and pledged to payment of general obligation indebtedness of the District.
(4) "Available Sales Tax Revenues" means the revenues resulting from the imposition of the tax under Chapter 20 of Title 47, including any penalties and interest charges, exclusive of the portion thereof required to be deposited in the Washington Convention Center Fund established pursuant to § 10-1202.08.
(5) "Available Tax Increment" means the sum of the Available Sales Tax Revenues and Available Real Property Tax Revenues generated in the New Convention Center Hotel TIF Area in any fiscal year of the District, less the sum of Available Sales Tax Revenues and Available Real Property Tax Revenues generated in the New Convention Center Hotel TIF Area in the base year.
(6) "Bond Counsel" means a firm or firms of attorneys designated as bond counsel from time to time by the Mayor.
(7) "Bonds" means the District of Columbia revenue bonds, notes, or other obligations (including refunding bonds, notes, and other obligations) authorized to be issued pursuant to this subchapter.
(8) "Chief Financial Officer" means the Chief Financial Officer established pursuant to § 1-204.24a(a).
(9) "City Administrator" means the City Administrator established pursuant to § 1-204.22(7).
(10) "Closing Documents" means all documents and agreements other than Financing Documents that may be necessary and appropriate to issue, sell, and deliver the bonds contemplated thereby, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.
(11) "D.C. Citizens' Job Program" means a job training and hiring program which complies with the conditions stated in § 10-1221.05(a)(2).
(12) "Financing Documents" means the documents other than Closing Documents that relate to the financing or refinancing of transactions to be effected through the issuance, sale, and delivery of the bonds, including any offering document, and any required supplements to any such documents.
(13) "Home Rule Act" means Chapter 2 of Title 1.
(14) "New Convention Center Hotel" means a hotel to be constructed on the New Convention Hotel Site.
(15) "New Convention Center Hotel Fund" means the nonlapsing fund established under § 10-1221.03.
(16) "New Convention Center Hotel Site" means the real property located in Lot 26 (formerly known as Lots 18, 21, 22, 24, 801 through 806, 830 through 839, 843, and 845), Square 370, bounded by 9th Street, N.W., 10th Street, N.W., L Street, N.W., and Massachusetts Avenue, N. W.
(17) "New Convention Center Hotel TIF Area" means the area designated for the TIF established pursuant to § 10-1221.04 and defined therein.
(18) "Project" means the financing, refinancing, or reimbursing of costs incurred for the acquisition, construction, installing, and equipping of a hotel having approximately 1,100 rooms and suites, meeting and ballroom space, and other ancillary facilities customarily found in convention center hotels.
(19) "TIF" means tax increment financing.
(20) "Washington Convention Center Authority Act" means subchapter I of this chapter.
(Sept. 19, 2006, D.C. Law 16-163, § 101, 53 DCR 5430; Apr. 15, 2008, D.C. Law 17-144, § 2(a), 55 DCR 2527; Oct. 22, 2009, D.C. Law 18-78, § 3(a), 56 DCR 6959.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 17-144 rewrote pars. (16) and (18) which had read as follows:
"(16) 'New Convention Center Hotel Site' means the area bounded by Ninth Street, N.W., Tenth Street, N.W., M Street, N.W., and Massachusetts Avenue, N.W."
"(18) 'Project' means the financing, refinancing, or reimbursing of costs incurred for the acquisition, construction, installing, and equipping of a hotel having a minimum of 1,200 rooms and suites, together with ancillary facilities customarily found in convention center hotels."
D.C. Law 18-78 rewrote par. (16), which had read as follows:
"(16) 'New Convention Center Hotel Site' means the real property located in Lots 18, 21, 22, 24, 801 through 806, 830 through 839, 843, and 845, Square 370, bounded by 9th Street, N.W., 10th Street, N.W., L Street, N.W., and Massachusetts Avenue, N.W."
Emergency Act Amendments
For temporary (90 day) addition, see § 101 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
For temporary (90 day) amendment of section, see § 3(a) of New Convention Center Hotel Emergency Amendment Act of 2009 (D.C. Act 18-186, August 12, 2009, 56 DCR 6967).
Legislative History of Laws
Law 16-163, the "New Convention Center Hotel Omnibus Financing and Development Act of 2006", was introduced in Council and assigned Bill No. 16-630 which was referred to the Committee on Economic Development The Bill was adopted on first and second readings on May 2, 2006, and June 6, 2006, respectively. Signed by the Mayor on June 27, 2006, it was assigned Act No. 16-409 and transmitted to both Houses of Congress for its review. D.C. Law 16-163 became effective on September 19, 2006.
For Law 17-144, see notes following § 10-1202.01.
For Law 18-78, see notes following § 10-1202.01.
Delegation of Authority
Delegation of Authority to Dispose of Real Property Comprising a Portion of the Old convention Center Site, to Acquire Real Property for the New Convention Center Hotel Site, and to Lease Teal Property for the New Convention Center Hotel, see Mayor's Order 2007-194, August 20, 2007 (54 DCR 11631).
The Council finds that:
(1) A new hotel is required at the intersection of Ninth Street and Massachusetts Avenue, N.W., to support the operations of the Washington Convention Center and to enhance the economic benefits to the District of the Washington Convention Center. The construction and development of the New Convention Center Hotel would enable the Washington Convention Center to be more competitive in the convention market, enable it to attract increased business, and enhance the financial viability of the Washington Convention Center. The development of the New Convention Center Hotel is a municipal use that serves many public purposes and is in the interest of, and for the benefit of, the citizens of the District.
(2) Section 1-204.90 provides that the Council may, by act, authorize the issuance of District revenue bonds, notes, or other obligations, including refunding bonds, notes, or other obligations, to borrow money to finance, refinance, or reimburse and to assist in the financing, refinancing, or reimbursing of undertakings in certain areas designated in § 1-204.90 where the ultimate obligation to repay such revenue bonds, notes, or other obligations is that of one or more governmental persons or entities.
(3) Section 1-204.90 provides that bonds may be issued to assist in undertakings in the area of economic development.
(4) The authorization, issuance, sale, and delivery of bonds for the payment of costs of the project are desirable, are in the public interest and will promote the purposes and intent of § 1-204.90.
(Sept. 19, 2006, D.C. Law 16-163, § 102, 53 DCR 5430; Apr. 15, 2008, D.C. Law 17-144, § 2(b), 55 DCR 2527.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 17-144, in par. (1), deleted "and the expansion of the Washington Convention Center" following "development of the New Convention Center Hotel", and deleted "provide for additional retail use," following "increased business,".
Emergency Act Amendments
For temporary (90 day) addition, see § 102 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
Legislative History of Laws
For Law 16-163, see notes following § 10-1221.01.
For Law 17-144, see notes following § 10-1202.01.
(a) There is hereby established separate and apart from the General Fund of the District of Columbia a special nonlapsing fund designated as the New Convention Center Hotel Fund. The Chief Financial Officer shall deposit into the New Convention Center Hotel Fund the Available Tax Increment. The Chief Financial Officer shall create a sub-account within the New Convention Center Hotel Fund for Available Real Property Tax Revenues and Available Sales Tax Revenues and shall allocate the receipts from each to the appropriate sub-account. The Mayor may pledge and create a security interest in the funds in the New Convention Center Hotel Fund, or any sub-account or sub-accounts within the Fund, for the payment of the costs of carrying out any of the purposes described in subsection (b) of this section without further action by the Council as permitted by § 1-204.90(f). If bonds are issued, payment will be made in accordance with the provisions of the Financing Documents entered into by the District in connection with the issuance of the bonds.
(b)(1) The funds in the New Convention Center Hotel Fund may be used as follows:
(A) To secure the repayment of the bonds; and
(B) To finance, refinance, or reimburse the District or any instrumentality of the District for costs of the project.
(2)(A) If the New Convention Center Hotel Fund has funds in excess of the amount required for any purpose described in this subsection, the excess shall be transferred as follows:
(i) Until the Authority has been reimbursed in full for the Additional WCCA Funding, the first $1 million of such excess in any fiscal year of the District shall be transferred to the Authority; and
(ii) Following any transfer to the Authority required by sub-subparagraph (i) of this subparagraph, if there are excess funds in the New Convention Center Hotel Fund, 50% of the excess shall be transferred annually to the Authority to promote tourism in the District, Washington Convention Center neighborhood development, hospitality job training and readiness programs, and other needs of the Washington Convention Center and 50% of the excess shall be transferred to the General Fund of the District of Columbia pursuant to subsection (c) of this section.
(B) For the purposes of this section, the term "Additional WCCA Funding" means the payment of $25 million to the developer of the New Convention Center Hotel for the costs of the development and construction of the New Convention Center Hotel not paid from the proceeds of the bonds or the $22 million payment by the Authority.
(c) If, at the end of any fiscal year of the District, the balance of cash and investments in the New Convention Center Hotel Fund exceeds the amounts required under subsection (b) of this section, including the amount of debt service and reserves on the bonds, the excess shall be transferred to the General Fund of the District of Columbia, unless the District elects to use the excess to redeem the bonds prior to maturity, either in whole or in part.
(Sept. 19, 2006, D.C. Law 16-163, § 103, 53 DCR 5430; Apr. 15, 2008, D.C. Law 17-144, § 2(c), 55 DCR 2527; Oct. 22, 2009, D.C. Law 18-78, § 3(b), 56 DCR 6959.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 17-144 rewrote subsec. (c) which had read as follows:
"(c) If, at the end of any fiscal year of the District, the balance of cash and investments in the New Convention Center Hotel Fund exceeds the amounts required under subsection (b) of this section, including the amount of debt service and reserves on the bonds during the upcoming fiscal year, the excess shall be transferred to the General Fund of the District of Columbia."
D.C. Law 18-78 rewrote subsec. (b)(2), which had read as follows:
"(2) If the New Convention Center Hotel Fund has funds in excess of the amount required for any purpose described in this subsection, 50% of such excess shall be transferred annually to the Authority to promote tourism in the District, Washington Convention Center neighborhood development, hospitality job training and readiness programs, and other needs of the Washington Convention Center."
Emergency Act Amendments
For temporary (90 day) addition, see § 103 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
For temporary (90 day) amendment of section, see § 3(b) of New Convention Center Hotel Emergency Amendment Act of 2009 (D.C. Act 18-186, August 12, 2009, 56 DCR 6967).
Legislative History of Laws
For Law 16-163, see notes following § 10-1221.01.
For Law 17-144, see notes following § 10-1202.01.
For Law 18-78, see notes following § 10-1202.01.
(a) There is created a TIF area designated as the New Convention Center Hotel TIF Area. The New Convention Center Hotel TIF Area is defined as the real property located in Lot 26 (formerly known as Lots 18, 21, 22, 24, 801 through 806, 830 through 839, 843, and 845), Square 370, bounded by 9th Street, N.W., 10th Street, N.W., L Street, N.W., and Massachusetts Avenue, N.W. As provided under § 10-1221.03, the Available Tax Increment from the New Convention Center Hotel TIF Area shall be deposited in the New Convention Center Hotel Fund and may be used as provided herein, including as security for the repayment of the bonds.
(b) The base year for determination of Available Sales Tax Revenues from the New Convention Center Hotel TIF Area shall be the tax year preceding the year when this subchapter becomes effective and the base year for determination of Available Real Property Tax Revenues from the New Convention Center Hotel TIF Area shall be the fiscal year of the District when this subchapter becomes effective and the initial assessed value to be used in making such determination shall be the assessed value of each lot of taxable real property in the New Convention Center Hotel TIF Area on September 19, 2006.
(Sept. 19, 2006, D.C. Law 16-163, § 104, 53 DCR 5430; Apr. 15, 2008, D.C. Law 17-144, § 2(d), 55 DCR 2527; Oct. 22, 2009, D.C. Law 18-78, § 3(c), 56 DCR 6959.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 17-144 rewrote subsec. (a), which had read as follows:
"(a) There is hereby created a TIF area designated as the New Convention Center Hotel TIF Area. The New Convention Center Hotel TIF Area is defined as the real property located in lots 801 through 805, 40, 838, 839, 62, 65 through 67, 842, 848, 859, and 878, square 369, bounded by M Street, N.W., 9th Street, N.W., L Street, N.W., and 10th Street, N.W., and square 370, bounded by 9th Street, N.W., 10th Street, N.W., M Street, N.W., and Massachusetts Avenue, N.W. As provided under § 10-1221.03, the Available Tax Increment from the New Convention Center Hotel TIF Area shall be deposited in the New Convention Center Hotel Fund and may be used as provided therein, including as security for the repayment of the bonds."
D.C. Law 18-78, in subsec. (a), substituted "Lot 26 (formerly known as Lots 18, 21, 22, 24, 801 through 806, 830 through 839, 843, and 845), Square 370" for "Lots 18, 21, 22, 24, 801 through 806, 830 through 839, 843, and 845, Square 370".
Emergency Act Amendments
For temporary (90 day) addition, see § 104 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
For temporary (90 day) amendment of section, see § 3(c) of New Convention Center Hotel Emergency Amendment Act of 2009 (D.C. Act 18-186, August 12, 2009, 56 DCR 6967).
Legislative History of Laws
For Law 16-163, see notes following § 10-1221.01.
For Law 17-144, see notes following § 10-1202.01.
For Law 18-78, see notes following § 10-1202.01.
(a) The Council approves and authorizes the issuance to the Authority of bonds in an aggregate amount sufficient to provide net proceeds as follows:
(1) An amount not to exceed $159 million for the costs of the project; and
(2) The amount of $2 million for the D.C. Citizens' Job Program; provided, that:
(A) The program shall begin no later than 2 years before the completion of the construction of the New Convention Center Hotel.
(B) The program shall train and hire citizens of the District for permanent employment positions in the New Convention Center Hotel.
(C) The development, administration, and oversight of the program shall be the responsibility of the Authority.
(D) The Authority shall ensure that Marriott International, Inc.; representatives of organized labor; ONE DC (formerly known as Manna CDC), a community development corporation organized in the District; and other community organizations which have demonstrated experience in providing effective job training and placement in hospitality industry jobs participate in the development of the program.
(E) The program shall be designed to provide job-specific training which meets the specifications of positions to be filled at the New Convention Center Hotel and shall provide that District citizens who successfully complete the training be given first consideration for the jobs for which they have been trained.
(b) The bonds shall be tax-exempt or taxable as the Mayor shall determine and shall be payable from and secured by funds in the New Convention Center Hotel Fund (or the portion of such funds as shall be determined in accordance with the terms of the bonds for the payment of debt service on the bonds).
(c) The Mayor is authorized to pay from the proceeds of the bonds the costs and expenses of issuing and delivering the bonds, including, but not limited to, underwriting, legal, accounting, financial advisory, bond insurance or other credit enhancement, marketing and selling the bonds, and printing costs and expenses.
(Sept. 19, 2006, D.C. Law 16-163, § 105, 53 DCR 5430; Oct. 22, 2009, D.C. Law 18-78, § 3(d), 56 DCR 6959.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 18-78, in the lead-in text of subsec. (a), substituted "sufficient to provide net proceeds" for "not to exceed $187 million. The net proceeds shall be used"; and rewrote subsec. (a)(1), which had read as follows:
"(1) The amount of $134 million for the costs of the project; and".
Emergency Act Amendments
For temporary (90 day) addition, see § 105 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
For temporary (90 day) amendment of section, see § 3(d) of New Convention Center Hotel Emergency Amendment Act of 2009 (D.C. Act 18-186, August 12, 2009, 56 DCR 6967).
Legislative History of Laws
For Law 16-163, see notes following § 10-1221.01.
For Law 18-78, see notes following § 10-1202.01.
(a) The Mayor is authorized to take any action reasonably necessary or appropriate in accordance with this subchapter in connection with the preparation, execution, issuance, sale, delivery, security for, and payment of the bonds, including, but not limited to, determinations of:
(1) The final form, content, designation, and terms of the bonds;
(2) The principal amount of the bonds to be issued and denominations of the bonds;
(3) The rate or rates of interest or the method for determining the rate or rates of interest on the bonds;
(4) The date or dates of issuance, sale, and delivery of, and the payment of interest on, the bonds, and the maturity date or dates of the bonds;
(5) The terms under which the bonds may be paid, optionally or mandatorily redeemed, accelerated, tendered, or called;
(6) Provisions for the registration, transfer, and exchange of the bonds and the replacement of mutilated, lost, stolen, or destroyed bonds;
(7) The creation of any reserve fund, sinking fund, or other fund with respect to the bonds; and
(8) The time and place of payment of the bonds.
(b) The bonds shall contain a legend which shall provide that the bonds are special obligations of the District, are without recourse to the District, are not a pledge of, and do not involve the faith and credit or the taxing power of the District (other than the taxes and fees allocated to the New Convention Center Hotel Fund), do not constitute a debt of the District, and do not constitute lending of the public credit for private undertakings as prohibited in § 1-206.02(a)(2).
(c) The Bonds shall be executed in the name of the District and on its behalf by the manual or facsimile signature of the Mayor, and attested by the Secretary of the District of Columbia by the Secretary's manual or facsimile signature.
(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the bonds.
(e) The bonds are declared to be issued for essential public and governmental purposes. The bonds, the interest thereon and the income therefrom, and all monies pledged or available to pay or secure the payment of the bonds, shall at all times be exempt from taxation by the District, except for estate, inheritance, and gift taxes.
(f) The District does hereby pledge, covenant, and agree with the holders of the bonds that, subject to the provisions of the Financing Documents, the District will not limit or alter the revenues pledged to secure the bonds or the basis on which such revenues are collected or allocated, will not impair the contractual obligations of the District to fulfill the terms of any agreement made with the holders of the bonds, will not in any way impair the rights or remedies of the holders of the bonds, and will not modify in any way, the exemptions from taxation provided for in this subchapter, until the bonds, together with interest thereon, and all costs and expenses in connection with any suit, action or proceeding by or on behalf of the holders of the bonds, are fully met and discharged. This pledge and agreement for the District may be included as part of the contract with the holders of the bonds. This subsection constitutes a contract between the District and the holders of the bonds. To the extent that any acts or resolutions of the Council may be in conflict with this subchapter, this subchapter shall be controlling.
(Sept. 19, 2006, D.C. Law 16-163, § 106, 53 DCR 5430.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 106 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
Legislative History of Laws
For Law 16-163, see notes following § 10-1221.01.
(a) The bonds shall be issued as a TIF note to the Authority and may be held and used as security for bonds to be issued by the Authority.
(b) The bonds shall not be issued until the Mayor receives an approving opinion from Bond Counsel as to the validity of the bonds and, if the interest on the bonds is expected to be exempt from federal income taxation, the treatment of the interest on the bonds for purposes of federal income taxation.
(Sept. 19, 2006, D.C. Law 16-163, § 107, 53 DCR 5430.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 107 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
Legislative History of Laws
For Law 16-163, see notes following § 10-1221.01.
Except as may be otherwise provided in this subchapter, the principal of, premium, if any, and interest on, the bonds shall be payable solely from proceeds received from the sale of the bonds, income realized from the temporary investment of those proceeds, receipts and revenues realized by the District and deposited in the New Convention Center Hotel Fund, and income realized from the temporary investment of those receipts and revenues.
(Sept. 19, 2006, D.C. Law 16-163, § 108, 53 DCR 5430.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 108 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
Legislative History of Laws
For Law 16-163, see notes following § 10-1221.01.
(a) The Mayor is authorized to prescribe the final form and content of all Financing Documents and all Closing Documents to which the District is a party that may be necessary or appropriate to issue, sell, and deliver the bonds.
(b) The Mayor is authorized to execute, in the name of the District and on its behalf, the Financing Documents and any Closing Documents to which the District is a party by the Mayor's manual or facsimile signature.
(c) If required, the official seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the bonds, the other Financing Documents, and the Closing Documents to which the District is a party.
(d) Unit A of Chapter 3 of Title 2 and subchapter III-A of Chapter 3 of Title 47 shall not apply to the Financing Documents, Closing Documents, and any other contract the Mayor may from time to time enter into in connection with the Project.
(Sept. 19, 2006, D.C. Law 16-163, § 109, 53 DCR 5430; Apr. 15, 2008, D.C. Law 17-144, § 2(e), 55 DCR 2527.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 17-144 added subsec. (d).
Emergency Act Amendments
For temporary (90 day) addition, see § 109 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
Legislative History of Laws
For Law 16-163, see notes following § 10-1221.01.
For Law 17-144, see notes following § 10-1202.01.
(a) The bonds shall be special obligations of the District. The bonds shall be without recourse to the District. The bonds shall not be general obligations of the District, shall not be a pledge of or involve the faith and credit or the taxing power of the District (other than the Available Tax Increment from the New Convention Center Hotel TIF Area), shall not constitute a debt of the District, and shall not constitute lending of the public credit for private undertakings as prohibited in § 1-206.02(a)(2).
(b) No person, including, but not limited to, any bond owner, shall have any claims against the District or any of its elected or appointed officials, officers, employees, or agents for monetary damages suffered as a result of the failure of the District to perform any covenant, undertaking, or obligation under this subchapter, the bonds, the Financing Documents, or the Closing Documents, or as a result of the incorrectness of any representation in or omission from the Financing Documents or the Closing Documents, unless the District or its elected or appointed officials, officers, employees, or agents have acted in a willful and fraudulent manner.
(Sept. 19, 2006, D.C. Law 16-163, § 110, 53 DCR 5430.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 110 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
Legislative History of Laws
For Law 16-163, see notes following § 10-1221.01.
(a) Except as otherwise provided in § 10-1221.10(b), the elected or appointed officials, officers, employees, or agents of the District shall not be liable personally for the payment of the bonds or be subject to any personal liability by reason of the issuance of the bonds, or for any representations, warranties, covenants, obligations, or agreements of the District contained in this subchapter, the bonds, the Financing Documents, or the Closing Documents.
(b) The signature, countersignature, facsimile signature, or facsimile countersignature of any official appearing on the bonds, the Financing Documents, or the Closing Documents shall be valid and sufficient for all purposes notwithstanding the fact that the individual signatory ceases to hold that office before delivery of the bonds, the Financing Documents, or the Closing Documents.
(Sept. 19, 2006, D.C. Law 16-163, § 111, 53 DCR 5430.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 111 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
Legislative History of Laws
For Law 16-163, see notes following § 10-1221.01.
Copies of the specimen bonds and of the final Financing Documents and Closing Documents shall be filed in the Office of the Secretary of the District of Columbia.
(Sept. 19, 2006, D.C. Law 16-163, § 112, 53 DCR 5430.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 112 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
Legislative History of Laws
For Law 16-163, see notes following § 10-1221.01.
Within 3 days after the Mayor's receipt of the transcript of proceedings relating to the issuance of the bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the Council.
(Sept. 19, 2006, D.C. Law 16-163, § 113, 53 DCR 5430.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 113 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
Legislative History of Laws
For Law 16-163, see notes following § 10-1221.01
(a) The Mayor may designate recovery zones pursuant to sections 1400U-1, 1400U-2, and 1400U-3 of the Internal Revenue Code of 1986, approved February 17, 2009 (123 Stat. 348; 26 U.S.C. §§ 1400U-1, 1400U-2, and 1400U-3).
(b) Square 370, having been determined to be an area of general distress, is designated as a recovery zone.
(Sept. 19, 2006, D.C. 16-133, § 113a, as added Oct. 22, 2009, D.C. Law 18- 78, § 3(e), 56 DCR 6959.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 3(e) of New Convention Center Hotel Emergency Amendment Act of 2009 (D.C. Act 18-186, August 12, 2009, 56 DCR 6967).
Legislative History of Laws
For Law 18-78, see notes following § 10-1202.01.
If the District or the Authority receive reimbursement, subsidy, or TIF debt service relief in excess of the funds required by the bond covenant authorized by this subchapter, pursuant to the American Recovery and Reinvestment Act of 2009, approved February 17, 2009 (123 Stat. 115; 26 U.S.C. § 1, note), the revenue and relief shall be credited to the District and shall be deposited in the General Fund of the District of Columbia.
(Sept. 19, 2006, D.C. 16-133, § 113b, as added Oct. 22, 2009, D.C. Law 18- 78, § 3(e), 56 DCR 6959.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 3(e) of New Convention Center Hotel Emergency Amendment Act of 2009 (D.C. Act 18-186, August 12, 2009, 56 DCR 6967).
Legislative History of Laws
For Law 18-78, see notes following § 10-1202.01.
