Temporary Addition of Section

Section 102 of D.C. Law 18-156 added a section to read as follows:

"Sec. 102. Creation of the Special Energy Assessment Fund.

"(a)(1) There is established as a nonlapsing fund the Special Energy Assessment Fund. The Chief Financial Officer shall establish additional accounts in the Special Energy Assessment Fund, consisting of a Special Energy Assessment Bond Debt Service Account for each series of bonds and a single Special Energy Assessment Program Administrative Account. The Chief Financial Officer shall pay, or direct the payment of, all receipts of the principal and interest portion of each Special Assessment into the Special Energy Assessment Bond Debt Service Account applicable to the series of bonds secured by the payment of that Special Assessment, and the Chief Financial Officer shall pay, or direct the payment of, the receipt of the administrative costs portion of each Special Assessment into the Special Energy Assessment Program Administrative Account. The Mayor shall pledge and create a security interest in the Special Assessment revenues and all other funds deposited in each Special Energy Assessment Bonds Debt Service Account to pay the Debt Service on the applicable series of bonds without further action by the Council as permitted by section 490(f) of the Home Rule Act. The Chief Financial Officer shall pay from the Special Energy Assessment Program Administrative Account the annual costs of administering the collection and maintenance of the Special Assessment and the annual costs of administering the energy efficiency loan program authorized by Title II. Except for the Special Assessment revenues and any other amounts specifically authorized by the Council, all Debt Service and administrative costs shall be paid only from receipts from the Special Assessments and no other District funds shall be deposited in any fund or account created by this act or used for the purposes of such fund or account.

"(2) Except as provided by subsection (c) of this section, all funds deposited into the Special Energy Assessment Fund, and any interest earned on those funds, shall not revert to the unrestricted fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time, but shall be continually available for the uses and purposes set forth in this section without regard to fiscal year limitation, subject to authorization by Congress.

"(b) Receipt of the principal and interest portion of the Special Assessment and all amounts deposited in each Special Energy Assessment Bond Debt Service Account, plus all investments or earnings on those amounts, shall be irrevocably dedicated and pledged to the payment of the principal of, and interest on, the applicable bonds as provided in this act. Any escrow or other agreement entered into by the District providing for holding funds for the benefit of the holders of the bonds shall be maintained as long as any of the bonds are outstanding under the applicable Financing Documents. The administrative costs portion of the Special Assessment deposited in the Special Energy Assessment Program Administrative Account, plus all investments or earnings or those amounts, shall be used only for the payment of the costs of administering the program authorized by Title II.

"(c) If, at the end of any fiscal year of the District following the issuance of bonds, the value of cash and investments in a Special Energy Assessment Bond Debt Service Account exceeds the amount of all payments authorized by this act and the Financing Documents applicable to that series of bonds, including required deposits into reserve funds, amounts to be set aside for additional series of bonds, and any coverage requirements associated with the sale of the bonds, during the upcoming fiscal year, the excess shall be transferred to the General Fund of the District of Columbia, unless the District elects to use the excess to redeem that series of bonds prior to maturity. Amounts deposited in the Special Energy Assessment Program Administrative Account shall remain in, and shall be used for the purposes of, that account."

Section 402(b) of D.C. Law 18-156 provides that the act shall expire after 225 days of its having taken effect.

Emergency Act Amendments

For temporary (90 day) addition, see §§ 102, 201 of Energy Efficiency Emergency Act of 2009 (D.C. Act 18-324, March 1, 2010, 57 DCR 1851).

Legislative History of Laws

For Law 18-183, see notes following § 8-1778.01.

Temporary Addition of Section

Section 103 of D.C. Law 18-156 added a section to read as follows:

"Sec. 103. Bond authorization.

"(a) The Council approves and authorizes the issuance of one or more series of bonds in an aggregate principal amount not to exceed $250 million. The bonds, which may be issued at any time and from time to time, in one or more series, shall be tax-exempt or taxable as the Mayor shall determine and shall be payable and secured as provided in section 104.

"(b) The Mayor is authorized to pay from the proceeds of the bonds the financing costs and expenses of issuing and delivering the bonds, including, but not limited to, underwriting, legal, accounting, and financial advisory fees; bond insurance or other credit enhancement; expenses for marketing and selling the bonds; printing costs and expenses; and the costs of funding capitalized interest and required reserves.

"(c) The remaining proceeds of the bonds shall be paid into the National Capital Energy Fund created by section 202 and used to provide funds for the initial installation of energy efficiency and renewable energy improvements that are permanently attached to residential, commercial, industrial, or other real property as authorized under Title II."

Section 402(b) of D.C. Law 18-156 provides that the act shall expire after 225 days of its having taken effect.

Emergency Act Amendments

For temporary (90 day) addition, see § 103 of Energy Efficiency Emergency Act of 2009 (D.C. Act 18-324, March 1, 2010, 57 DCR 1851).

Legislative History of Laws

For Law 18-183, see notes following § 8-1778.01.

Temporary Addition of Section

Section 104 of D.C. Law 18-156 added a section to read as follows:

"Sec. 104. Payment and security.

"(a) Except as may be otherwise provided in this act, Debt Service on each series of bonds shall be payable solely and only from proceeds received from the sale of that series of bonds, income realized from the temporary investment of those proceeds, Special Assessment revenues allocated to the applicable Special Energy Assessment Bond Debt Service Account, amounts received from prepayments of any loans made pursuant to this act, income realized from the temporary investment of those Special Assessment revenues prior to payment to the bond holders, and other moneys that, as provided in the Financing Documents, may be made available to the District for payment of the bonds from sources other than the District, all as provided for in the Financing Documents.

"(b) Payment of the bonds shall be secured as provided in the Financing Documents and by an assignment by the District for the benefit of the bond holders of certain of its rights under the Financing Documents and Closing Documents to the trustee for the bonds pursuant to the Financing Documents.

"(c) The trustee is authorized to deposit, invest, and disburse the proceeds received from the sale of the bonds pursuant to the Financing Documents."

Section 402(b) of D.C. Law 18-156 provides that the act shall expire after 225 days of its having taken effect.

Emergency Act Amendments

For temporary (90 day) addition, see § 104 of Energy Efficiency Emergency Act of 2009 (D.C. Act 18-324, March 1, 2010, 57 DCR 1851).

Legislative History of Laws

For Law 18-183, see notes following § 8-1778.01.

Temporary Addition of Section

Section 105 of D.C. Law 18-156 added a section to read as follows:

"Sec. 105. Bond details.

"(a) The Mayor is authorized to take any action reasonably necessary or appropriate in accordance with this act in connection with the preparation, execution, issuance, sale, delivery, security for, and payment of the bonds of each series, including, but not limited to, determinations of:

"(1) The final form, content, designation, and terms of the bonds, including a determination that the bonds may be issued in certificated or book-entry form;

"(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, called, or put for redemption, repurchase, or remarketing before their respective stated maturities;

"(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;

"(8) The time and place of payment of the bonds;

"(9) Procedures for monitoring the use of the proceeds received from the sale of the bonds to ensure that the proceeds are properly applied and used to accomplish the purposes of the Home Rule Act and this act;

"(10) Actions necessary to qualify the bonds under blue sky laws of any jurisdiction where the bonds are marketed; and

"(11) The terms and types of credit enhancement under which the bonds may be secured.

"(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 Special Assessment), do not constitute a debt of the District, and do not constitute lending of the public credit for private undertakings as prohibited in section 602(a)(2) of the Home Rule Act.

"(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 of any series may be issued in accordance with the terms of an indenture to be entered into by the District and a trustee to be selected by the Mayor, and may be subject to the terms of one or more agreements entered into by the Mayor pursuant to section 490(a)(4) of the Home Rule Act.

"(f) The bonds may be issued at any time or from time to time in one or more issues and in one or more series.

"(g) The bonds are declared to be issued for essential public and governmental purposes. The bonds, the interest thereon, and the income therefrom, and all funds 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.

"(h) The District does pledge and 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 basis on which the revenues pledged to secure the bonds 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, and will not in any way impair the rights or remedies of the holders of the bonds, 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 act, this act shall be controlling.

"(i) Consistent with section 490(a)(4)(B) of the Home Rule Act and notwithstanding Chapter 9 of Title 28 of the District of Columbia Official Code:

"(1) A pledge made and security interest created in respect of the bonds or pursuant to any related Financing Document shall be valid, binding, and perfected from the time the security interest is created, with or without physical delivery of any funds or any property and with or without any further action;

"(2) The lien of the pledge shall be valid, binding, and perfected as against all parties having any claim of any kind in tort, contract or otherwise against the District, whether or not such party has notice; and

"(3) The security interest shall be valid, binding, and perfected whether or not any statement, document, or instrument relating to the security interest is recorded or filed."

Section 402(b) of D.C. Law 18-156 provides that the act shall expire after 225 days of its having taken effect.

Emergency Act Amendments

For temporary (90 day) addition, see § 105 of Energy Efficiency Emergency Act of 2009 (D.C. Act 18-324, March 1, 2010, 57 DCR 1851).

Legislative History of Laws

For Law 18-183, see notes following § 8-1778.01.

Effect of Amendments

D.C. Law 19-171, in subsec. (e), substituted "Chapter 3A of Title 2" for "Unit A of Chapter 3 of this title".

Temporary Addition of Section

Section 106 of D.C. Law 18-156 added a section to read as follows:

"Sec. 106. Sale of the bonds.

"(a) The bonds of any series may be sold at negotiated or competitive sale at, above, or below par, to one or more persons or entities, and upon terms that the Mayor considers to be in the best interests of the District.

"(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of the bonds, offering documents on behalf of the District, may deem final any such offering document on behalf of the District for purposes of compliance with federal laws and regulations governing such matters, and may authorize the distribution of the documents in connection with the sale of the bonds.

"(c) The Mayor is authorized to deliver the executed and sealed bonds, on behalf of the District, for authentication, and, after the bonds have been authenticated, to deliver the bonds to the original purchasers of the bonds upon payment of the purchase price.

"(d) The bonds shall not be issued until the Mayor receives an approving opinion from bond counsel as to the validity of the bonds of such series 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.

"(e) Subchapter III-A of Chapter 3 of Title 47 of the District of Columbia Official Code shall not apply to any contract the Mayor may from time to time enter into, or the Mayor may determine to be necessary or appropriate, for purposes of this act. The District of Columbia Procurement Practices Act of 1985, effective February 21, 1986 (D.C. Law 6-85; D.C. Official Code § 2- 301.01 et seq.), shall not apply to contracts the Mayor may from time to time enter into, or the Mayor may determine to be necessary or appropriate, for purposes of this act until 3 years after the effective date of this act."

Section 402(b) of D.C. Law 18-156 provides that the act shall expire after 225 days of its having taken effect.

Emergency Act Amendments

For temporary (90 day) addition, see § 106 of Energy Efficiency Emergency Act of 2009 (D.C. Act 18-324, March 1, 2010, 57 DCR 1851).

Legislative History of Laws

For Law 18-183, see notes following § 8-1778.01.

For history of Law 19-171, see notes under § 8-105.02.

Temporary Addition of Section

Section 107 of D.C. Law 18-156 added a section to read as follows:

"Sec. 107. Financing and closing documents.

"(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) The Mayor's execution and delivery of the Financing Documents and the Closing Documents to which the District is a party shall constitute conclusive evidence of the Mayor's approval, on behalf of the District, of the final form and content of the executed Financing Documents and the executed Closing Documents.

"(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, and delivery of the bonds, and to ensure the due performance of the obligations of the District contained in the executed, sealed, and delivered Financing Documents and Closing Documents."

Section 402(b) of D.C. Law 18-156 provides that the act shall expire after 225 days of its having taken effect.

Emergency Act Amendments

For temporary (90 day) addition, see § 107 of Energy Efficiency Emergency Act of 2009 (D.C. Act 18-324, March 1, 2010, 57 DCR 1851).

Legislative History of Laws

For Law 18-183, see notes following § 8-1778.01.

Temporary Addition of Section

Section 108 of D.C. Law 18-156 added a section to read as follows:

"Sec. 108. Limited liability.

"(a) The bonds shall be special obligations of the District payable solely and only from the amounts deposited in the respective Special Energy Assessment Bond Debt Service Accounts and Bond Proceeds Account of the National Capital Energy Fund created by section 202. 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 Special Assessment), shall not constitute a debt of the District, and shall not constitute lending of the public credit for private undertakings as prohibited in section 602(a)(2) of the Home Rule Act.

"(b) The bonds shall not give rise to any pecuniary liability of the District and the District shall have no obligation with respect to the purchase of the bonds.

"(c) No person, including, but not limited to any bond holder, 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 act, 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."

Section 402(b) of D.C. Law 18-156 provides that the act shall expire after 225 days of its having taken effect.

Emergency Act Amendments

For temporary (90 day) addition, see § 108 of Energy Efficiency Emergency Act of 2009 (D.C. Act 18-324, March 1, 2010, 57 DCR 1851).

Legislative History of Laws

For Law 18-183, see notes following § 8-1778.01.

Temporary Addition of Section

Section 109 of D.C. Law 18-156 added a section to read as follows:

"Sec. 109. District officials.

"(a) Except as otherwise provided in section 108(c), 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 act, 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."

Section 402(b) of D.C. Law 18-156 provides that the act shall expire after 225 days of its having taken effect.

Emergency Act Amendments

For temporary (90 day) addition, see § 109 of Energy Efficiency Emergency Act of 2009 (D.C. Act 18-324, March 1, 2010, 57 DCR 1851).

Legislative History of Laws

For Law 18-183, see notes following § 8-1778.01.

Temporary Addition of Section

Section 110 of D.C. Law 18-156 added a section to read as follows:

"Sec. 110. Information reporting.

"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."

Section 402(b) of D.C. Law 18-156 provides that the act shall expire after 225 days of its having taken effect.

Emergency Act Amendments

For temporary (90 day) addition, see § 110 of Energy Efficiency Emergency Act of 2009 (D.C. Act 18-324, March 1, 2010, 57 DCR 1851).

Legislative History of Laws

For Law 18-183, see notes following § 8-1778.01.

Temporary Addition of Section

Section 111 of D.C. Law 18-156 added a section to read as follows:

"Sec. 111. Clarification regarding the debt cap.

"The voluntary Special Assessments do not constitute revenues derived from taxes, fees, or other general revenues of the District, or its agencies or authorities, pursuant to the District's power to tax or impose fees within the definition of District Bonds in D.C. Official Code § 47-334(2)."

Section 402(b) of D.C. Law 18-156 provides that the act shall expire after 225 days of its having taken effect.

Emergency Act Amendments

For temporary (90 day) addition, see § 111 of Energy Efficiency Emergency Act of 2009 (D.C. Act 18-324, March 1, 2010, 57 DCR 1851).

Legislative History of Laws

For Law 18-183, see notes following § 8-1778.01.