§ 2-1217.10. Liability.

Current through October 23, 2012

(a) Neither the members of the Council nor any person executing TIF bonds issued pursuant to this subchapter shall be liable personally on the TIF bonds by reason of the issuance thereof.

(b) Notwithstanding any other provision of this subchapter, TIF bonds issued pursuant to this subchapter are not general obligations of the District and shall not be in any way a debt or liability of the District within the meaning of any debt or other limit prescribed by law. Neither the full faith and credit nor the taxing power of the District (other than property tax increment revenues and sales tax increment revenues) may be pledged to secure the payment of any TIF bonds issued pursuant to this subchapter.

                
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(Sept. 11, 1998, D.C. Law 12-143, § 11, 45 DCR 3724.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 1-2293.10.

Emergency Act Amendments

For temporary addition of §§ 1-2293.1 to 1-2293.11 [1981 Ed.] see note to § 2- 1217.01.

Legislative History of Laws

For legislative history of D.C. Law 12-143, see Historical and Statutory Notes following § 2-1217.01.