Source: https://development.code.dccouncil.us/dc/council/code/sections/10-1601.03.html
Timestamp: 2019-04-24 18:17:27+00:00

Document:
D.C. Law Library - § 10–1601.03. Bond issuance.
↪ § 10–1601.03. Bond issuance.
(1) “Ballpark Revenue Fund” means the Ballpark Revenue Fund established by § 10-1601.02.
(2) “Bonds” means 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 § 1-204.90 and this subchapter.
(E) For which the aggregate expenditure of funds constituting the principal amount of bonds for the purposes set forth in subparagraphs (A) through (C) of this paragraph does not exceed $534,800,000.
(b)(1) The Council authorizes the issuance by the Mayor of one or more series of bonds in a total amount not to exceed $534,800,000 for payment of the costs of the project and to execute one or more declarations of intent pursuant to Treas. Reg. § 1.150-2 to reimburse the District for expenditures made prior to the issuance of the bonds.
(2) There is hereby allocated to the bonds the funds in the Ballpark Revenue Fund, or such portion of the funds as shall be determined in accordance with the terms of the bonds, for the payment of debt service on the bonds and the payment of such other costs as are permitted to be paid with funds from the Ballpark Revenue Fund.
(M) The terms and types of credit enhancement under which the bonds may be secured.
(2) 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 payments from the Ballpark Revenue Fund or any other security authorized by this subchapter), do not constitute a debt of the District, and do not constitute lending of the public credit for private undertakings as prohibited by § 1-206.02(a)(2).
(3) The bonds shall be executed in the name of the District and on its behalf by the manual or facsimile signature of the Mayor. The Mayor’s execution and delivery of the bonds shall constitute conclusive evidence of the Mayor’s approval on behalf of the District of the final form and content of the bonds.
(4) The official seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the bonds.
(D) Provide for any other matters of like or different character that in any way affects the security for or payment on the bonds.
(d) The bonds are declared to be issued for essential public and governmental purposes. The bonds, the interest thereon, the income therefrom, and all monies 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.
(e) The District hereby pledges and 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 the 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, with respect to the bonds, the exemptions from taxation provided for in this subchapter, until the bonds, together with interest thereon, with interest on any unpaid installment of interest 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 shall constitute 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 subchapter, this subchapter shall be controlling.
(4) Declare all the bonds to be due and payable, whether or not in advance of or at maturity and, if all defaults be made good, annul the declaration and its consequences.
(h)(1) The members of the Council, the Mayor, or any person executing any of the bonds shall not be personally liable on the bonds by reason of their issuance.
(2) Notwithstanding any other provision of this subchapter, the bonds shall not be general obligations of the District and shall not be a debt or liability of the District within the meaning of any debt or other limit prescribed by law. The faith and credit or the general taxing power of the District (other than funds in the Ballpark Revenue Fund or any other security authorized by this subchapter) shall not be pledged to secure the payment of the bonds.
(i) The Mayor shall select the underwriter for the bonds through a request for proposals and recommend to the underwriter a counsel that shall serve as counsel to the underwriter regarding the issuance of bonds. The bonds shall be sold to the underwriter through a negotiated process.
This section is referenced in § 10-1601.06, § 10-1601.31, and § 47-2761.
D.C. Law 16-91, in subpar. (a)(4)(E), substituted “of funds constituting the principal amount of bonds” for “of bonds”.
For temporary (90 day) amendment of section, see §§ 3 and 6 of Ballpark Hard and Soft Costs Cap and Ballpark Lease Conditional Approval Emergency Act of 2006 (D.C. Act 16-277, February 14, 2006, 53 DCR 1341).
For temporary (90 day) amendment of section, see § 6 of Ballpark Hard and Soft Costs Cap and Ballpark Lease Conditional Approval Congressional Review Emergency Act of 2006 (D.C. Act 16-378, May 19, 2006, 53 DCR 4399).
For temporary (90 day) amendment of section, see § 7 of Ballpark Hard and Soft Costs Cap Emergency Act of 2007 (D.C. Act 17-11, January 26, 2007, 54 DCR 1514).
For temporary (225 day) amendment of section, see § 6 of Ballpark Hard and Soft Costs Cap and Ballpark Lease Conditional Approval Temporary Act of 2006 (D.C. Law 16-115, June 9, 2006, law notification 53 DCR 5353).
For temporary (225 day) amendment of section, see § 7 of Ballpark Hard and Soft Costs Cap Temporary Act of 2007 (D.C. Law 17-1, April 18, 2007, law notification 54 DCR 6580).

References: § 10
 § 10
 § 10
 § 1
 § 1
 § 1
 § 10
 § 10
 § 47
 § 6
 § 7
 § 6
 § 7