§ 8–173.21. Establishment of the Green Finance Authority.
(a) There is established, as an instrumentality of the District government, the Green Finance Authority. The Authority shall have a separate legal existence within the District government.
(b) The Authority shall increase the use of private funds for sustainable projects and programs by offering and promoting the use of loans, loan guarantees, credit enhancements, bonds, or other financing mechanisms for sustainable projects and programs.
§ 8–173.22. General powers of the Green Finance Authority.
(a) The Authority shall possess the following powers:
(1) To have perpetual succession;
(2) To sue and be sued in its own name;
(3) To have an official seal and power to alter that seal at its pleasure;
(4) To adopt, amend, and repeal bylaws and guidelines governing the manner in which it may conduct its business and how the power vested in it may be exercised;
(5) To acquire (by purchase or otherwise), sell, construct, lease, improve, rehabilitate, repair and otherwise maintain an office or offices at such places within the District;
(6) To procure insurance or to self-insure against any loss in connection with its property and other assets, including loans;
(7) To establish polices for contracting and procurement that are consistent with the principles of competitive procurement and to make and execute contracts, leases, and all other agreements or instruments;
(8) To enter into agreements with other entities, public or private, for goods and services as needed for its purposes;
(9) To employ officers, executives, and management personnel who may:
(A) Formulate or participate in the formulation of the plans, policies, and standards;
(B) Administer, manage, or operate the Authority, fix their qualifications, and prescribe their duties and other terms of employment, compensation, and benefits; and
(C) Employ other personnel as may be necessary;
(10) To retain or employ advisers, consultants, and agents, including financial advisers, appraisers, accountants, auditors, engineers, private consultants, and legal counsel for rendering professional, management, or technical services and advice, and to fix their compensation;
(11) To serve as the administrator of the Energy Efficiency Loan program authorized by Chapter 17R of this title;
(12) To originate and service loans or enter into contracts for the origination and servicing of loans;
(13) To charge reasonable interest, fees, and charges in connection with making and servicing its loans, including bonds, and in connection with providing technical, consultative, and project assistance services;
(14) To issue bonds and to give security pursuant to § 8-173.43; provided, that the Authority's debts shall not be backed by the full faith and credit of the District of Columbia;
(15) To provide for the payment of obligations as may be permitted under the Home Rule Act, and other laws of the District;
(16) Subject to the requirements of § 8-173.41, § 1-329.01, and § 1-204.46b, to apply for, and to receive, contributions, gifts, grants, subsidies, real and personal property, labor, services, or other things of value from any source;
(17) To enter into contracts, memorandums of understanding, and other financing agreements with any department, agency, or instrumentality of the United States or the District and private parties;
(18) To proceed with collection action, to take assignments of assets, and to acquire property in lieu of collection;
(19) To own, lease, clear, reconstruct, rehabilitate, improve, repair, maintain, manage, operate, assign, encumber, or sell or otherwise dispose of any real or personal property if the property was obtained by the Authority due to the default of any obligation held by the Authority, pursuant to guidelines issued by the Authority;
(20) To provide technical assistance in the development or operation of sustainable projects and programs and to gather and distribute data and information concerning the need in the District for sustainable projects and programs;
(21) To the extent permitted under its contracts with bond holders of the Authority, to consent to any modification with respect to rate of interest, time and payment of any installment of principal or interest, security or any other term of any contract, loan, loan commitment, or contract or agreement of any kind to which the Authority is a party;
(22) To sell, at public or private sale, any real or personal property of the Authority pursuant to guidelines issued by the Authority and any applicable debt covenants;
(23) To sell, at public or private sale, any loan or other obligation held by the Authority pursuant to guidelines issued by the Authority and pursuant to any applicable debt covenants;
(24) To make loans, either directly or through lenders, for the purpose of assisting in developing, constructing, rehabilitating, or improving any sustainable project or program under this chapter; provided, that no transaction may create an obligation of the Authority that would become subject to the limitation on the annual aggregate limit on debt of the District under § 1-206.03(b);
(25) To establish funds and reserves to provide additional security for loans provided for sustainable projects and programs; and
(26) To engage in a joint venture or participate in a network, alliance, consortium pool, or other cooperative arrangement with a public or private entity.
(b) The Authority shall not invest in projects located outside of the District if the Authority is the sole long-term credit provider.
(c) Beginning in the third year of operation, administrative costs of the Authority in a given fiscal year shall not exceed 15% of the capital base of the Authority for the fiscal year.
§ 8–173.23. Green Finance Authority Board.
(a) The Authority shall be governed by the Green Finance Authority Board, which shall consist of 11 members as follows:
(1) Four non-voting members as follows:
(A) The Director of the Department, or the Director's designee, who shall serve as vice chair of the Board;
(B) The Deputy Mayor for Planning and Economic Development, or the Deputy Mayor's designee;
(C) The Executive Director of the Office of Public-Private Partnerships, or the Executive Director's designee; and
(D) The CFO, or the CFO's designee; and
(2) Seven voting members appointed by the Mayor, one of whom shall be appointed by the Mayor as chair of the Board, as follows:
(A) Two members with experience at a financial institution operating within the District;
(B) Three members with financial, project development, or legal expertise in clean energy, clean infrastructure, clean transportation, stormwater management, or green infrastructure; and
(C) Two members with experience in affordable housing or community development.
(b) The voting members shall be appointed with the advice and consent of the Council, in accordance with § 1-523.01(e).
(c) A person appointed to fill a vacancy on the Board shall be appointed only for the unexpired term of the Board member whose vacancy is being filled.
(d) Except as provided in this subsection and subsections (c) and (g) of this section, each voting member shall serve a 3-year term; provided, that of the initial appointments of the 7 voting members of the Board, 2 shall be appointed by the Mayor for a term of 1 year, 3 shall be appointed by the Mayor for a term of 2 years, and 2 shall be appointed by the Mayor for a term of 3 years.
(e) The Mayor may remove a voting member of the Board for good cause.
(f) Any voting member shall be eligible for reappointment.
(g) A voting member whose term has expired may continue to serve for 180 days after the voting member's term expires, or until his or her replacement is appointed, whichever occurs first.
(h) A Board member shall not be entitled to compensation but may be reimbursed for actual and necessary expenses while engaged in official duties of the Authority, including transportation, parking, mileage expenses, and conference admission fees incurred. Reimbursements under this subsection shall not exceed $8,000 per Board member per fiscal year.
(i) Unless prohibited by law, a Board member may engage in private employment, a profession, or a business.
(j) A Board member shall not be held personally liable for an action taken in good faith during the course of his or her official duties.
(k) The Board shall designate a Secretary to the Board from among the members, who shall:
(1) Keep a record of the proceedings of the Board; and
(2) Maintain and be custodian of:
(A) All books, documents, and papers filed with the Board;
(B) The minutes book or journal of the Board; and
(C) The Board's official seal.
(l)(1) The Board shall establish a Special Committee on Sustainable Program Cooperation to include:
(A) At least one voting member of the Board;
(B) The Director of the Department, or the Director's designee; and
(C) The Managing Director of the Sustainable Energy Utility, or the Managing Director's designee.
(2) The Special Committee on Sustainable Program Cooperation shall advise the Board and the Authority on the design and implementation of the Authority's sustainable projects and programs to ensure that they are in alignment with and complementary to the sustainable projects and programs run by the Department, other District agencies, and the Sustainable Energy Utility.
§ 8–173.24. Operations of the Green Finance Authority Board.
(a) The powers of the Authority shall be vested in and exercised by the Board. The Board may take action at a meeting held at a time and place fixed by its bylaws.
(b) Within 60 days after 6 of the voting members of the Board have been appointed, the Board shall adopt bylaws, guidelines, and procedures governing its meetings and decision-making processes. The procedures shall include a formal means for a member of the Board to submit their dissent from any decision of the Board.
(c) The presence of 5 voting Board members shall constitute a quorum of the Board for the transaction of business. A 2/3 vote of the voting members present shall be necessary for the Board to take any official action.
(d) The Board shall meet at least 6 times each year.
(e) The Authority's fiscal year shall coincide with the fiscal year of the District government.
(f) The Authority shall provide staff resources to the Board and coordinate the involvement of staff from the Department and the Office of the CFO, and any other appropriate agency or organization, as necessary.
(g) The Board shall have access to all records of the Authority.
§ 8–173.25. Executive director; powers and duties; personnel authority.
(a) The Board shall appoint an Executive Director who shall be an employee of the Authority, but who shall not be a member of the Board, and who shall serve at the pleasure of the Board and receive such compensation as shall be fixed by the Board. The Executive Director shall administer, manage, and direct the affairs and activities of the Authority in accordance with the policies, control, and direction of the Board.
(b) The Executive Director shall be a District resident within 180 days of his or her appointment.
(c)(1) The Authority shall have independent personnel authority, including the authority to establish its own personnel system.
(2) Chapter 6 of Title 1 shall not apply to employees of the Authority.
(3) Within 6 months after the first meeting of the Board, the Board shall create policies, practices, and procedures for:
(A) Hiring employees, which shall include a preference for hiring District residents, or individuals who become District residents within 180 days of their becoming an employee of the Authority, that is comparable to the degree of preference established in Chapter 6 of Title 1; and
(B) Establishing the terms and conditions of employment for employees of the Authority.
§ 8–173.26. Green Finance Authority Fund.
(a) There is established as a special fund the Green Finance Authority Fund ("Fund"), which shall be administered by the Authority in accordance with subsections (c) and (d) of this section.
(b) Revenue from the following sources shall be deposited into the Fund:
(1) Appropriated funds, which shall include a transfer of $7 million from the Renewable Energy Development Fund, established in § 34-1436, in Fiscal Years 2018, 2019, 2020, 2021, and 2022, if such transfers are included in an approved budget and financial plan:
(2) Federal funds;
(3) Pursuant to § 8-173.41, grants, fees, donations, or gifts from public or private sources, subject to approval by the Board;
(4) Proceeds from any proceeding, settlement, or contract in which the District is a party and the funds have been assigned to the Authority;
(5) Repayments of principal and interest on loans provided from the Fund;
(6) Interest earned from the deposit or investment of monies from the Fund; and
(7) All revenues, receipts, and fees of whatever source derived from the operation of the Fund.
(c) Money in the Fund shall be used for all purposes related to the mission and operation of the Authority; provided, that money transferred from the Renewable Energy Development Fund pursuant to subsection (b)(1) of this section shall be used only to support sustainable projects and programs that include support for the creation of new solar energy sources in the District, and any associated administrative costs.
(d)(1) The money deposited into the Fund shall not revert to the unrestricted fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time.
(2) Subject to authorization in an approved budget and financial plan, any funds appropriated in the Fund shall be continually available for the uses and purposes set forth in this chapter without regard to fiscal year limitation.