Current through October 23, 2012
(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.
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(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.)
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.