-
Current through October 23, 2012
(a) Subject to the limitations in § 10-1202.04, the Authority may at any time, and from time to time, issue bonds and notes or other obligations, by resolution, in 1 or more series to finance the construction of, or capital improvements to, the new convention center or a District sports or entertainment facility or certain costs of the new convention center hotel or a District sports or entertainment facility hotel. The resolution shall name the Chief Financial Officer of the District as the authorized delegate to execute all documents related to the bond financings or refinancings. In addition, the Authority may issue notes to renew notes and bonds to pay notes, including the interest thereon. Whenever expedient, the Authority may refund bonds by the issuance of new bonds.
(b) Bonds of the Authority are obligations payable from revenues of the Authority from whatever source derived, including certain designated taxes, operations of the new convention center, lease payments, earnings on certain funds, and any other funds available to the Authority which may lawfully be used for these purposes.
(c) Regardless of their form or character, bonds of the Authority are negotiable instruments for all purposes of Title 28, subject only to the provisions of the bonds and notes for registration.
(d) No official, employee, or agent of the Authority shall be held personally liable solely because a bond or note is issued.
(e) The issuance and performance of bonds, notes, and other obligations by the Authority as contemplated in this chapter and the adoption of resolutions authorizing such bonds, notes, and other obligations shall be done in compliance with the requirements of this chapter, but shall not be subject to Chapter 5 of Title 2.
(f) The Authority shall have the power to borrow money and to issue revenue bonds regardless of whether or not the interest payable by the Authority incident to such loans or revenue bonds or the income derived by the holders of the evidence of such indebtedness or revenue bonds is, for the purposes of federal taxation, includable in the taxable income of the recipients of these payments or is otherwise not exempt from the imposition of taxation on the recipients.
(g) The Authority shall have the power to contract with the holders of its notes or bonds as to the custody, collection, securing, investment, and payment of any monies of the Authority and of any monies held in trust or otherwise for the payment of notes or bonds.
(Sept. 28, 1994, D.C. Law 10-188, § 210, 41 DCR 5333; Oct. 22, 2009, D.C. Law 18-78, 2(c), 56 DRC 6959; Mar. 3, 2010, D.C. Law 18-111, § 2081(n), 57 DCR 181; Sept. 26, 2012, D.C. Law 19-171, § 72(c), 59 DCR 6190.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 9-811.
Effect of Amendments
D.C. Law 18-78, in subsec. (a), substituted "new convention center or certain costs of the new convention center hotel" for "new convention center".
D.C. Law 18-111, in subsec. (a), substituted "the construction of, or capital improvements to, the new convention center or a District sports or entertainment facility" for "the new convention center".
D.C. Law 19-171 made a technical amendment to D.C. Law 18-111, § 2081(n), that did not change the text of the section.
Emergency Act Amendments
For temporary (90 day) amendment of section, see § 2(c) of New Convention Center Hotel Emergency Amendment Act of 2009 (D.C. Act 18-186, August 12, 2009, 56 DCR 6967).
For temporary (90 day) amendment of section, see § 2081(n) of Fiscal Year 2010 Budget Support Second Emergency Act of 2009 (D.C. Act 18-207, October 15, 2009, 56 DCR 8234).
For temporary (90 day) amendment of section, see § 2081(n) of Fiscal Year Budget Support Congressional Review Emergency Amendment Act of 2009 (D.C. Act 18-260, January 4, 2010, 57 DCR 345).
Legislative History of Laws
For legislative history of D.C. Law 10-188, see Historical and Statutory Notes following § 10-1201.01.
For Law 18-78, see notes following § 10-1202.01.
For Law 18-111, see notes following § 10-303.
For history of Law 19-171, see notes under § 10-551.02.
