Source: https://development.code.dccouncil.us/dc/council/code/sections/2-1217.137.html
Timestamp: 2019-04-24 06:22:35+00:00

Document:
D.C. Law Library - § 2–1217.137. Bond details.
↪ Subchapter IX-C. Southwest Waterfront Redevelopment.
↪ Part A. Bond Financing.
↪ § 2–1217.137. Bond details.
§ 2–1217.136. Payment and security.
§ 2–1217.138. Sale of the bonds.
(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 taxes and revenues allocated to the Southwest Waterfront Fund or the Available Increment), 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).
(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 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).
(g) The bonds are declared to be issued for essential public and governmental purposes. The bonds and the interest thereon and 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.
(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 bonds or the basis on which the revenues pledged to secure the bonds 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 D.C. Law 17-252, 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 subchapter, subchapter VII of Chapter 8 of Title 47 [§ 47-895.01 et seq.], D.C. Law 17-252, D.C. Law 17-252 shall be controlling.

References: § 2
 § 2

§ 2

§ 2
 § 1
 § 1