D.C. Law 23-5. Bryant Street Tax Increment Financing Temporary Amendment Act of 2019.

D.C. Law 23-5. Bryant Street Tax Increment Financing Temporary Amendment Act of 2019.

AN ACT

To amend, on a temporary basis, the Bryant Street Tax Increment Financing Act of 2016 to extend the deadline to terminate the Bryant Street TIF Area from March 1, 2019, to March 1, 2020, and to clarify the District's ability to refund bonds.

BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "Bryant Street Tax Increment Financing Temporary Amendment Act of 2019".

Sec. 2. The Bryant Street Tax Increment Financing Act of 2016, effective April 7, 2017 (D.C. Law 21-262; D.C. Official Code § 2-1217.37a et seq.), is amended as follows:

Note § 2-1217.37a

(a) Section 2 (D.C. Official Code § 2-1217.37a) is amended as follows:

(1) Paragraph (7) is amended by striking the phrase "(including refunding Bonds, notes, and other obligations)".

(2) Paragraph (9) is amended by striking the word "Bonds" and inserting the phrase "Bonds and Refunding Bonds" in its place.

(3) Paragraph (11) is amended by striking the word "Bonds" and inserting the phrase "Bonds and Refunding Bonds" in its place.

(4) Paragraph (15) is amended by striking the word "Bonds" and inserting the phrase "Bonds and Refunding Bonds" in its place.

(5) A new paragraph (17A) is added to read as follows:

"(17A) "Refunding Bonds" means the District of Columbia bonds, notes, or other obligations, in one or more series, authorized to be issued pursuant to this act to refund the Bonds.".

Note § 2-1217.37b

(b) Section 3(b) and (c) (D.C. Official Code § 2-1217.37b(b) and (c)) is amended by striking the word "Bonds" wherever it appears and inserting the phrase "Bonds and Refunding Bonds" in its place.

Note § 2-1217.37c

(c) Section 4(d) (D.C. Official Code § 2-1217.37c(d)) is amended as follows:

(1) Paragraph (2) is amended by striking the word "Bonds" and inserting the phrase "Bonds and Refunding Bonds" in its place.

(2) Paragraph (3) is amended by striking the phrase "March 1, 2019, if no Bonds are issued." and inserting the phrase "March 1, 2020, if no Bonds are issued (excluding Refunding Bonds)." in its place.

Note § 2-1217.37d

(d) Section 5(c) and (d) (D.C. Official Code § 2-1217.37d(c) and (d)) is amended by striking the word "Bonds" wherever it appears and inserting the phrase "Bonds and Refunding Bonds" in its place.

Note § 2-1217.37e, § 2-1217.37f, § 2-1217.37g, § 2-1217.37h, § 2-1217.37i, § 2-1217.37j, § 2-1217.37k, § 2-1217.37l, § 2-1217.37m

(e) Sections 6 through 14 ((D.C. Official Code §§ 2-1217.37e, 2-1217.37f, 2-1217.37g, 2-1217.37h, 2-1217.37i, 2-1217.37j, 2-1217.37k, 2-1217.37l, and 2-1217.37m) are amended by striking the word "Bonds" wherever it appears and inserting the phrase "Bonds and Refunding Bonds" in its place.

Note § 2-1217.37n

(f) Section 15 (D.C. Official Code § 2-1217.37n) is amended by striking the phrase "shall expire on March 1, 2019;" and inserting the phrase "(excluding Refunding Bonds) shall expire on March 1, 2020;" in its place.

Sec. 3. Fiscal impact statement.

The Council adopts the fiscal impact statement of the Chief Financial Officer as the fiscal impact statement required by section 4a of the General Legislative Procedures Act of 1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).

Sec. 4. Effective date.

(a) This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), a 30-day period of congressional review as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Official Code § 1-206.02(c)(1)), and publication in the District of Columbia Register.

(b) This act shall expire after 225 days of its having taken effect.