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Current through October 23, 2012
(a) The bonds of any series may be sold at negotiated or competitive sale at, above, or below par, to one or more persons or entities, and upon terms that the Mayor considers to be in the best interests of the District.
(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of the bonds, offering documents on behalf of the District, may deem final any such offering document on behalf of the District for purposes of compliance with federal laws and regulations governing such matters, and may authorize the distribution of the documents in connection with the sale of the bonds.
(c) The Mayor is authorized to deliver the executed and sealed bonds, on behalf of the District, for authentication, and, after the bonds have been authenticated, to deliver the bonds to the original purchasers of the bonds upon payment of the purchase price.
(d) The bonds shall not be issued until the Mayor receives an approving opinion from Bond Counsel as to the validity of the bonds of such series and, if the interest on the bonds is expected to be exempt from federal income taxation, the treatment of the interest on the bonds for the purposes of federal income taxation.
(e) Chapter 3A of Title 2 shall not apply to any contract that the Mayor may from time to time enter into, or the Mayor may determine to be necessary or appropriate, for purposes of this subchapter.
(May 27, 2010, D.C. Law 18-183, § 205, 57 DCR 3406; Sept. 26, 2012, D.C. Law 19-171, § 224(a), 59 DCR 6190.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 19-171, in subsec. (e), substituted "Chapter 3A of Title 2" for "Unit A of Chapter 3 of this title".
Temporary Addition of Section
Section 106 of D.C. Law 18-156 added a section to read as follows:
"Sec. 106. Sale of the bonds.
"(a) The bonds of any series may be sold at negotiated or competitive sale at, above, or below par, to one or more persons or entities, and upon terms that the Mayor considers to be in the best interests of the District.
"(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of the bonds, offering documents on behalf of the District, may deem final any such offering document on behalf of the District for purposes of compliance with federal laws and regulations governing such matters, and may authorize the distribution of the documents in connection with the sale of the bonds.
"(c) The Mayor is authorized to deliver the executed and sealed bonds, on behalf of the District, for authentication, and, after the bonds have been authenticated, to deliver the bonds to the original purchasers of the bonds upon payment of the purchase price.
"(d) The bonds shall not be issued until the Mayor receives an approving opinion from bond counsel as to the validity of the bonds of such series and, if the interest on the bonds is expected to be exempt from federal income taxation, the treatment of the interest on the bonds for purposes of federal income taxation.
"(e) Subchapter III-A of Chapter 3 of Title 47 of the District of Columbia Official Code shall not apply to any contract the Mayor may from time to time enter into, or the Mayor may determine to be necessary or appropriate, for purposes of this act. The District of Columbia Procurement Practices Act of 1985, effective February 21, 1986 (D.C. Law 6-85; D.C. Official Code § 2- 301.01 et seq.), shall not apply to contracts the Mayor may from time to time enter into, or the Mayor may determine to be necessary or appropriate, for purposes of this act until 3 years after the effective date of this act."
Section 402(b) of D.C. Law 18-156 provides that the act shall expire after 225 days of its having taken effect.
Emergency Act Amendments
For temporary (90 day) addition, see § 106 of Energy Efficiency Emergency Act of 2009 (D.C. Act 18-324, March 1, 2010, 57 DCR 1851).
Legislative History of Laws
For Law 18-183, see notes following § 8-1778.01.
For history of Law 19-171, see notes under § 8-105.02.
