§ 47-340.02. Bond authorization.

Current through October 23, 2012

(a) The Mayor is authorized to assist in financing, refinancing, and reimbursing costs of the development of eligible projects by:

(1) Approving the issuance, sale, and delivery of one or more series of revenue bonds in multiple separate series in an aggregate principal amount not to exceed $850,000,000; and

(2) The making of various loans, pursuant to the Home Rule Act, provided that each such contemplated project shall have been submitted for Council review and approval in accordance with § 47-340.03, and shall not have been the subject of a Council resolution of disapproval.

(b) The Mayor is authorized to make loans to various applicants for the purpose of financing, refinancing, or reimbursing the costs of development of eligible projects, pay issuance costs with respect to the bonds, and establish any fund with respect to the various series of bonds as required by the financing documents.

(c) The Mayor may charge a program fee to each applicant, including, but not limited to, an amount sufficient to cover costs and expenses incurred by the District in connection with the issuance, sale and delivery of each series of bonds and the District's participation in monitoring of the use of bond proceeds and compliance with any public benefit agreements with the District, maintaining official records of each bond transaction and assisting in the redemption, repurchase, and remarketing of the bonds.

                
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(Sept. 20, 1995, D.C. Law 11-46, § 3, 42 DCR 3603; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 47-340.2.

Temporary Addition of Section

See Historical and Statutory Notes following § 47-340.01.

Legislative History of Laws

For legislative history of D.C. Law 11-46, see Historical and Statutory Notes following § 47-340.01.

Miscellaneous Notes

Delegation of Functions under the District of Columbia Self-Government and Governmental Reorganization Act of 1973 and D.C. Law 11-46, the Industrial Revenue Bond Forward Commitment Program Authorization Act of 1995: See Mayor's Order 96-29, March 5, 1996 (43 DCR 1378).