Code of the District of Columbia

Subpart 9. Rhode Island Avenue Project.


§ 2–1217.39a. Definitions.

For the purposes of this subpart, the term:

(1) "Authorized Delegate" means the Deputy Mayor for Planning and Economic Development, the Chief Financial Officer, the Treasurer, or any officer or employee of the executive office of the Mayor to whom the Mayor has delegated any of the Mayor's functions under this subpart pursuant to § 1-204.22(6).

(2) "Available Increment" shall have the same meaning as set forth in the Reserve Agreement.

(3) "Available Real Property Tax Revenues" means the revenues resulting from the imposition of the tax provided for in Chapter 8 of Title 47, inclusive of any penalties and interest charges, exclusive of the special tax provided for in § 1-204.81 pledged to payment of general obligation indebtedness of the District.

(4) "Available Sales Tax Revenues" means the revenues resulting from the imposition of the tax under Chapter 20 of Title 47, including penalty and interest charges, exclusive of the portion thereof required to be deposited in the Washington Convention Center Fund established pursuant to § 10-1202.08, and any amounts to be made available to the Washington Metropolitan Transit Authority pursuant to Title VII of the Fiscal Year 2018 Budget Support Act of 2017 (D.C. Law 22-33; 64 DCMR 7652)(the Revised Revenue Contingency List Act of 2017), and § 9-1111.15(b)(2)(A).

(5) "Available Tax Increment" means the sum of the Available Sales Tax Revenues and Available Real Property Tax Revenues generated in the Rhode Island Avenue ("RIA") TIF Area in any fiscal year of the District minus the sum of the base amount of the Available Sales Tax Revenues and the base amount of the Available Real Property Tax Revenues generated in the RIA TIF Area in the base year.

(6) "Bond Counsel" means a firm or firms of attorneys designated as bond counsel from time to time by the Mayor.

(7) "Bonds" means the District of Columbia Class A Bonds, Class B Bonds, and any other revenue bonds, notes, or other obligations, in one or more series, authorized to be issued pursuant to this subpart. Unless otherwise specified, the term "bonds" shall include Refunding Bonds.

(8) "Chairman" means the Chairman of the Council of the District of Columbia.

(9) "Chief Financial Officer" means the Chief Financial Officer established by § 1-204.24a(a).

(10) "Closing Documents" means all documents and agreements, other than Financing Documents, that may be necessary and appropriate to issue, sell, and deliver the bonds, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.

(11) "Council" means Council of the District of Columbia.

(12) "Debt Service" means principal, premium, if any, and interest on the bonds.

(13) "Development Costs" has the same meaning as in § 2-1217.01(13).

(14) "Development Sponsor" means Mid City Financial Corporation, a corporation qualified to do business in the District of Columbia, or any other entity or entities that undertakes the development of the project with the approval of the Mayor.

(15) "District" means the District of Columbia.

(16) "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 bonds, including any offering document, and any required supplements to any such documents.

(17) "Home Rule Act" means Chapter 2 of Title 1.

(18) "Project" means the financing, refinancing, or reimbursing of Development Costs incurred for certain infrastructure and site development within the RIA TIF Area and adjoining parcels.

(18A) "Refunding Bonds" means the District of Columbia bonds, notes, or other obligations, in one or more series, authorized to be issued pursuant to this subpart to refund the bonds.

(19) "Reserve Agreement" means that certain Reserve Agreement, dated as of April 1, 2002, by and among the District, Wells Fargo Bank Minnesota, N.A., and Financial Security Assurance, Inc.

(20) "TIF" means tax increment financing.


(Mar. 22, 2019, D.C. Law 22-263, § 2, 66 DCR 1378; Sept. 11, 2019, D.C. Law 23-16, § 2014(a), 66 DCR 8621.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 2 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39b. Creation of the RIA TIF Fund.

(a) There is established as a nonlapsing fund the RIA TIF Fund. The Chief Financial Officer shall deposit into the RIA TIF Fund the Available Tax Increment and any other taxes or fees specifically designated by law for deposit in the RIA TIF Fund.

(b) The Mayor may pledge and create a security interest in the funds in the RIA TIF Fund, or any sub-account within the RIA TIF Fund, for the payment of debt service on the bonds without further action by the Council as permitted by § 1-204.90(f). The payment of debt service shall be made in accordance with the provisions of the Financing Documents entered into by the District in connection with the issuance of the bonds.

(c) If, at the end of any fiscal year of the District, the balance of cash and investments in the RIA TIF Fund exceeds the amount of debt service (including prepayment of principal and interest), reserves on any bonds, and any approved bond-related administrative expenses during the upcoming fiscal year, 50% of shall be used to prepay the principal of the bonds and the remaining 50% of the excess shall be transferred to the unrestricted balance of the General Fund of the District of Columbia.


(Mar. 22, 2019, D.C. Law 22-263, § 3, 66 DCR 1378.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 3 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39c. Creation of the RIA TIF Area.

(a) There is created a TIF area designated as the RIA TIF Area. The RIA TIF Area is defined as the real property bounded by Brentwood Road, N.E. from Rhode Island Avenue, N.E. to the alley between and parallel to Bryant Street, N.E. and Saratoga Avenue, N.E.; Rhode Island Avenue, N.E. from Brentwood Road, N.E. to Montana Avenue, N.E.; Montana Avenue, N.E. from Rhode Island Avenue, N.E. to Downing Street, N.E.; Downing Street, N.E. from Montana Avenue, N.E. to 14th Street, N.E.; 14th Street, N.E. from Downing Street, N.E. to the line extending eastward from the alley between and parallel to Saratoga Avenue, N.E. and Bryant Street, N.E.; and a line extending from 14th Street, N.E. to the alley between and parallel to Saratoga Avenue, N.E. and Bryant Street, N.E. continuing through the alley's intersection with Brentwood Road, N.E.

(b) As provided under § 2-1217.39b, the Available Tax Increment from the RIA TIF Area shall be deposited in the RIA TIF Fund and may be used for the purposes set forth in § 2-1217.39b.

(c)(1)(A) The base amount for determination of Available Sales Tax Revenues shall be $0.

(2)(A) The base amount for determination of Available Real Property Tax Revenues shall be:

(i) $613,621 in base year 2018;

(ii) $618,864 in base year 2019;

(iii) $672,705 in base year 2020;

(iv) $731,230 in base year 2021; and

(v) $753,167 in base year 2022.

(B) For base years 2023 through 2051, the base amount for determination of Available Real Property Tax Revenues shall reflect an increase in the amount of 3.1% from each previous base year's amount.

(d) The RIA TIF Area shall terminate on the earlier of:

(1) Twenty-five years after the issuance of the last bonds issued pursuant to this subpart;

(2) The date on which the bonds are paid in full or are defeased and are no longer outstanding, or

(3) September 30, 2025 if no bonds are issued.


(Mar. 22, 2019, D.C. Law 22-263, § 4, 66 DCR 1378.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 4 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39d. Class A Bond authorization.

(a) The Council approves and authorizes the issuance of one or more series of Class A Bonds in an aggregate principal amount not to exceed $32 million to fund the project. The Class A 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 § 2-1217.39f(a).

(b) The proceeds of the Class A Bonds shall be used as follows:

(1) An amount not to exceed $23 million shall be used to pay Development Costs of the project; and

(2) The balance of the proceeds may be used to pay the financing costs incurred by the District and to fund capitalized interest and required reserves.

(c) The Mayor may pay from the proceeds of the Class A Bonds the financing costs and expenses of issuing and delivering the Class A Bonds, including, but not limited to, underwriting, legal, accounting, financial advisory, credit enhancement, marketing, sale, and printing costs and expenses.


(Mar. 22, 2019, D.C. Law 22-263, § 5, 66 DCR 1378.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 5 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39e. Class B Bond authorization.

(a) The Council approves and authorizes the issuance of one or more series of Class B Bonds in an aggregate principal amount not to exceed $24 million to reimburse Development Costs of the project and financing costs incurred by the District and to fund capitalized interest and required reserves. The Class B 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 § 2-1217.39f(b).

(b) The Mayor may pay from the proceeds of the Class B Bonds the financing costs and expenses of issuing and delivering the Class B Bonds, including, but not limited to, underwriting, legal, accounting, financial advisory, credit enhancement, marketing, sale, and printing costs and expenses.

(c) The Class B Bonds also may be issued as a TIF note to the Development Sponsor and may be held and used as security for debt incurred or to be incurred by the Development Sponsor, an agent of the Development Sponsor, or another party selected by the Development Sponsor and approved by the District.


(Mar. 22, 2019, D.C. Law 22-263, § 6, 66 DCR 1378.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 6 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39f. Payment and security.

(a) For the Class A Bonds.

(1) Except as may be otherwise provided in this subpart, the principal of, premium, if any, and interest on, the Class A Bonds, and the payment of ongoing administrative expenses related to the bond financing shall be payable solely from proceeds received from the sale of the Class A Bonds, income realized from the temporary investment of those proceeds, the Available Tax Increment and any other taxes or fees deposited in the RIA TIF Fund, income realized from the temporary investment of the monies in the RIA TIF Fund prior to payment to the Class A Bondholders, and other funds that, as provided in the Financing Documents, may be made available to the District for payment of the Class A Bonds from sources other than the District, all as provided for in the Financing Documents

(2) There is further allocated to the payment of debt service on the Class A Bonds the Available Increment, subordinate to the allocation of Available Increment to the Budgeted Reserve, as defined in the Reserve Agreement, all as more fully described in the Reserve Agreement and to the extent that the Reserve Agreement continues to apply to the Available Increment, to be used for the payment of debt service on the Class A Bonds to the extent that the revenues allocated in paragraph (1) of this subsection are inadequate to pay debt service on the Class A Bonds. The allocation of Available Increment authorized by this subsection shall be made in compliance with all existing contractual obligations of the District with respect to the Available Increment and shall terminate on the date on which all of the Class A Bonds are paid or provided for and are no longer outstanding pursuant to their terms.

(3) Payment of the Class A Bonds shall be secured as provided in the Financing Documents and by an assignment by the District for the benefit of the Class A Bondholders of certain of its rights under the Financing Documents and Closing Documents to the trustee for the Class A Bonds pursuant to the Financing Documents.

(4) The trustee or paying agent is authorized to deposit, invest, and disburse the proceeds received from the sale of the Class A Bonds pursuant to the Financing Documents.

(b) For the Class B Bonds:

(1) Except as may be otherwise provided in this subpart, the principal of, premium, if any, and interest on, the Class B Bonds, and the payment of ongoing administrative expenses related to the Class B Bond financing shall be payable solely from proceeds received from the sale of the Class B Bonds and income realized from the temporary investment of those proceeds, the Available Tax Increment and any other taxes of fees deposited in the RIA TIF Fund, income realized from the temporary investment of the monies in the RIA TIF Fund prior to payment to the Class B Bondholders, and other funds that, as provided in the Financing Documents, may be made available to the District for payment of the Class B Bonds from sources other than the District, all as provided for in the Financing Documents.

(2) Payment of debt service on the Class B Bonds from monies deposited in the RIA TIF Fund or income realized from the temporary investment of those monies shall be subordinate to (i) the payment of debt service on the Class A Bonds from monies deposited in the RIA TIF Fund or income realized from the temporary investment of those monies and (ii) any reasonable reserves required by the District.

(3) Payment of the Class B Bonds shall be secured as provided in the Financing Documents and by an assignment by the District for the benefit of the Class B Bondholders of certain of its rights under the Financing Documents and Closing Documents to the trustee for the Class B Bonds pursuant to the Financing Documents.

(4) The trustee or paying agent is authorized to deposit, invest, and disburse the proceeds received from the sale of the Class B Bonds pursuant to the Financing Documents.


(Mar. 22, 2019, D.C. Law 22-263, § 7, 66 DCR 1378.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 7 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39g. Bond details.

(a) The Mayor is authorized to take any action reasonably necessary or appropriate in accordance with this subpart in connection with the preparation, execution, issuance, sale, delivery, security for, and payment of the bonds of each class and series, including, but not limited to, determinations of:

(1) The final form, content, designation, and terms of the bonds, including a determination that the bonds may be issued in certificated or book entry form;

(2) The principal amount of the bonds to be issued and denominations of the bonds;

(3) The rate or rates of interest or the method for determining the rate or rates of interest on the bonds;

(4) The date or dates of issuance, sale, and delivery of, and the payment of interest on, the bonds, and the maturity date or dates of the bonds;

(5) The terms under which the bonds may be paid, optionally or mandatorily redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before their respective stated maturities;

(6) Provisions for the registration, transfer, and exchange of the bonds and the replacement of mutilated, lost, stolen, or destroyed bonds;

(7) The creation of any reserve fund, sinking fund, or other fund with respect to the bonds;

(8) The time and place of payment of the bonds;

(9) Procedures for monitoring the use of the proceeds received from the sale of the bonds to ensure that the proceeds are properly applied and used to accomplish the purposes of the Home Rule Act and this subpart;

(10) Actions necessary to qualify the bonds under blue sky laws of any jurisdiction where the bonds are marketed; and

(11) The terms and types of any credit enhancement under which the bonds may be secured.

(b) The bonds shall contain a legend which shall provide that the bonds are special obligations of the District, are without recourse to the District, are not a pledge of, and do not involve, the faith and credit or the taxing power of the District (other than the Available Tax Increment, the Available Increment, and any other taxes and fees deposited in the RIA TIF Fund), do not constitute a debt of the District, and do not constitute lending of the public credit for private undertakings as prohibited in § 1-206.02(a)(2).

(c) The bonds shall be executed in the name of the District and on its behalf by the manual or facsimile signature of the Mayor, and attested by the Secretary of the District of Columbia by the Secretary's manual or facsimile signature.

(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the bonds.

(e) The bonds of any series may be issued in accordance with the terms of a trust instrument to be entered into by the District and a trustee or paying agent to be selected by the Mayor, and may be subject to the terms of one or more agreements entered into by the Mayor pursuant to § 1-204.90(a)(4).

(f) The bonds may be issued at any time or from time to time in one or more issues and in one or more series.

(g) The bonds are declared to be issued for essential public and governmental purposes. The bonds, the interest thereon, and the income therefrom, and all funds pledged or available to pay or secure the payment of the bonds, shall at all times be exempt from taxation by the District, except for estate, inheritance, and gift taxes.

(h) The District pledges, covenants, and agrees with the holders of the bonds that, subject to the provisions of the Financing Documents, the District will not limit or alter the revenues pledged to secure the bonds or the basis on which such revenues are collected or allocated, will not impair the contractual obligations of the District to fulfill the terms of any agreement made with the holders of the bonds, will not in any way impair the rights or remedies of the holders of the bonds, and will not modify, in any way, the exemptions from taxation provided for in this subpart, until the bonds, together with interest thereon, and all costs and expenses in connection with any suit, action, or proceeding by or on behalf of the holders of the bonds, are fully met and discharged. This pledge and agreement for the District may be included as part of the contract with the holders of the bonds. This subsection constitutes a contract between the District and the holders of the bonds. To the extent that any acts or resolutions of the Council may be in conflict with this subpart, this subpart shall be controlling.

(i) Consistent with § 1-204.90(a)(4)(B) and notwithstanding Article 9 of Chapter [Title] 28 of the District of Columbia Official Code:

(1) A pledge made and security interest created in respect of the bonds or pursuant to any related Financing Document shall be valid, binding, and perfected from the time the security interest is created, with or without physical delivery of any funds or any property and with or without any further action;

(2) The lien of the pledge shall be valid, binding, and perfected as against all parties having any claim of any kind in tort, contract, or otherwise against the District, whether or not such party has notice; and

(3) The security interest shall be valid, binding, and perfected whether or not any statement, document, or instrument relating to the security interest is recorded or filed.


(Mar. 22, 2019, D.C. Law 22-263, § 8, 66 DCR 1378.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 8 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39h. Issuance 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 bonds.

(c) The Mayor is authorized to deliver 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) Article 9 of Subtitle I of Title 28 and subchapter III-A of Chapter 3 of Title 47 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 the purposes of this subpart.


(Mar. 22, 2019, D.C. Law 22-263, § 9, 66 DCR 1378.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 9 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39i. Financing and Closing Documents.

(a) The Mayor is authorized to prescribe the final form and content of all Financing Documents and all Closing Documents to which the District is a party that may be necessary or appropriate to issue, sell, and deliver the bonds.

(b) The Mayor is authorized to execute, in the name of the District and on its behalf, the Financing Documents and any Closing Documents to which the District is a party by the Mayor's manual or facsimile signature.

(c) If required, the official seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the bonds, the other Financing Documents, and the Closing Documents to which the District is a party.

(d) The Mayor's execution and delivery of the Financing Documents and the Closing Documents to which the District is a party shall constitute conclusive evidence of the Mayor's approval, on behalf of the District, of the final form and content of the executed Financing Documents and the executed Closing Documents.

(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, and delivery of the bonds, and to ensure the due performance of the obligations of the District contained in the executed, sealed, and delivered Financing Documents and Closing Documents.


(Mar. 22, 2019, D.C. Law 22-263, § 10, 66 DCR 1378.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 10 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39j. Limited liability.

(a) The bonds shall be special obligations of the District. The bonds shall be without recourse to the District. The bonds shall not be general obligations of the District, shall not be a pledge of, or involve, the faith and credit or the taxing power of the District (other than the Available Tax Increment, the Available Increment, and any other taxes or fees deposited in the RIA TIF Fund), shall not constitute a debt of the District, and shall not constitute lending of the public credit for private undertakings as prohibited in § 1-206.02(a)(2).

(b) The bonds shall not give rise to any pecuniary liability of the District and the District shall have no obligation with respect to the purchase of the bonds

(c) No person, including, but not limited to, any bond owner, shall have any claims against the District or any of its elected or appointed officials, officers, employees, or agents for monetary damages suffered as a result of the failure of the District to perform any covenant, undertaking, or obligation under this subpart, the bonds, the Financing Documents, or the Closing Documents, or as a result of the incorrectness of any representation in or omission from the Financing Documents or the Closing Documents, unless the District or its elected or appointed officials, officers, employees, or agents have acted in a willful and fraudulent manner.


(Mar. 22, 2019, D.C. Law 22-263, § 11, 66 DCR 1378.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 11 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39k. District officials.

(a) Except as otherwise provided in § 2-1217.39j(c), the elected or appointed officials, officers, employees, or agents of the District shall not be liable personally for the payment of the bonds or be subject to any personal liability by reason of the issuance of the bonds, or for any representations, warranties, covenants, obligations, or agreements of the District contained in this subpart, the bonds, the Financing Documents, or the Closing Documents.

(b) The signature, countersignature, facsimile signature, or facsimile countersignature of any official appearing on the bonds, the Financing Documents, or the Closing Documents shall be valid and sufficient for all purposes notwithstanding the fact that the individual signatory ceases to hold that office before delivery of the bonds, the Financing Documents, or the Closing Documents.


(Mar. 22, 2019, D.C. Law 22-263, § 12, 66 DCR 1378.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 12 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39l. Maintenance of documents.

Copies of the specimen bonds and of the final Financing Documents and Closing Documents shall be filed in the Office of the Secretary of the District of Columbia.


(Mar. 22, 2019, D.C. Law 22-263, § 13, 66 DCR 1378.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 13 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39m. Information reporting.

Within 3 days after the Mayor's receipt of the transcript of proceedings relating to the issuance of the bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the Council.


(Mar. 22, 2019, D.C. Law 22-263, § 14, 66 DCR 1378.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 14 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39n. Expiration of issuance authority.

(a) The authority to issue the Class A and Class B Bonds, excluding Refunding Bonds, shall expire on September 30, 2025, if no Class A Bonds have been issued; provided, that the expiration of the authority shall have no effect on any bonds issued prior to the expiration date or on the District's ability to issue Refunding Bonds on a future date.

(b) The authority to issue the Class B Bonds shall expire on September 30, 2029, if no Class B Bonds have been issued; provided, that the expiration of the authority shall have no effect on any bonds issued prior to the expiration date or on the District's ability to issue Refunding Bonds on a future date.


(Mar. 22, 2019, D.C. Law 22-263, § 15, 66 DCR 1378; Sept. 11, 2019, D.C. Law 23-16, § 2014(b), 66 DCR 8621.)

Applicability

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 15 of D.C. Law 22-263 is subject to the inclusion of the law’s fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.


§ 2–1217.39o. Applicability. [Repealed]

Repealed.


(Mar. 22, 2019, D.C. Law 22-263, § 16, 66 DCR 1378; Sept. 11, 2019, D.C. Law 23-16, § 7165, 66 DCR 8621.)