 |
District of Columbia Official Code 2001 Edition. |
|
|
Division I. Government of District. |
|
|
Title 9. Transportation Systems. |
|
|
Subtitle I. Highways, Bridges, Streets, and Alleys. |
|
|
Chapter 1. Highway Plans. |
|
|
Subchapter IV. Federal-Aid Highway Projects. |
|
|
Part B. Transportation Infrastructure Improvement Garvee Bonding Financing.
|
-
Current through October 23, 2012
For the purposes of this part, the term:
(1) "Authorized Signatory" means the Chief Financial Officer, the District of Columbia Treasurer, or any deputy mayor of the executive office of the Mayor to whom the Mayor has delegated any of the Mayor's functions under this part pursuant to § 1-204.22(6).
(2) "Bond Counsel" means a firm or firms of attorneys designated as bond counsel from time to time by the Chief Financial Officer.
(3) "Bonds" means the District of Columbia revenue bonds, notes, or other obligations (including refunding bonds, notes, and other obligations), in one or more series, authorized to be issued pursuant to this part and § 1- 204.90.
(4) "Chairman" means the Chairman of the Council of the District of Columbia.
(5) "Chief Financial Officer" means the Chief Financial Officer established pursuant to § 1-204.24(a)(1).
(6) "Closing Documents" means all documents and agreements, other than Financing Documents, that may be necessary and appropriate to issue, sell, and deliver the GARVEE Bonds, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.
(7) "Council" means the Council of the District of Columbia.
(8) "Debt Service" means payment of principal, premium, if any, and interest on the GARVEE Bonds.
(9) "District" means the District of Columbia.
(10) "Financing Documents" means the documents, other than Closing Documents, that relate to the financing or refinancing of transactions to be effected through the issuance, sale, and delivery of the GARVEE Bonds, including any offering document, and any required supplements to any such documents.
(11) "GARVEE" means grant anticipation revenue vehicle debt financing.
(12) "GARVEE Bonds" means bonds secured by GARVEE Revenues and issued to finance the Qualified Transportation Project.
(13) "GARVEE Revenues" means:
(A) Funds derived from the Federal Highway Administration and interest earnings derived from such funds; and
(B) Other investments, gifts, grants, contributions, appropriations, income, and any other amounts approved by Council resolution to be pledged to secure payment of GARVEE Bonds.
(14) "Home Rule Act" means Chapter 2 of Title 1.
(15) "Mayor" means the Mayor of the District of Colombia.
(16) "Qualified Transportation Project" means the project to replace the twin 11th Street Bridges over the Anacostia River and to improve the interchanges at either end, including adding missing movements to and from the north onto the Anacostia Freeway. This project meets the eligibility requirements of the Federal Highway Administration as a permissible transportation expenditure under Title 23 of the Code of Federal Regulations.
(17) "Qualified Transportation Project Costs" means all costs incurred in the construction of the Qualified Transportation Project, including, without limitation:
(A) The purchase price or acquisition of any property or interest in those properties or other rights necessary or convenient for the project;
(B) Costs of the study, permitting, and engineering on the project, including the preparation of plans and specifications, surveys, and estimates of cost;
(C) Costs of construction, reconstruction, paving, repaving, building, alteration, repair, restoration, environmental review or remediation, enlargement, or other improvement, including all labor, materials, machinery, fixtures, and equipment, including rolling stock or vehicles;
(D) Costs of engineering, architectural, legal, and other professional services;
(E) Costs of reserves, insurance, letters of credit, or other financial guarantees for payment of future Debt Service on the GARVEE Bonds; and
(F) All other costs or expenses necessary or convenient to the project, including the financing or refinancing of the project.
(Sept. 23, 2009, D.C. Law 18-54, § 2, 56 DCR 5694.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
Law 18-54, the "Transportation Infrastructure Improvements GARVEE Bond Financing Act of 2009", was introduced in Council and assigned Bill No. 18- 148, which was referred to the Committee on Public Works and Transportation. The bill was adopted on first and second readings on June 2, 2009, and June 16, 2009, respectively. Signed by the Mayor on July 6, 2009, it was assigned Act No. 18-133 and transmitted to both Houses of Congress for its review. D.C. Law 18-54 became effective on September 23, 2009.
