§ 2-1217.33d. Bond authorization.

Current through October 23, 2012

(a) The Council approves and authorizes the issuance of one or more series of bonds in an aggregate principal amount not to exceed $46.5 million to fund the project. The bonds, which may be issued 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 § 2-1217.33e.

(b) The proceeds of the bonds shall be used as follows:

(A) An amount not to exceed $35 million may be used for payment of Development Costs of the project, other than costs described in subparagraph (B) of this paragraph.

(B) An amount not to exceed $11.5 million may be used to pay the financing costs incurred by the District or the Development Sponsor and to fund capitalized interest and required reserves.

                
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(Nov. 25, 2008, D.C. Law 17-278, § 5, 55 DCR 11050.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws

For Law 17-278, see notes following § 2-1217.33a.