Source: https://development.code.dccouncil.us/dc/council/code/titles/47/chapters/3/subchapters/II-B/
Timestamp: 2019-04-23 20:27:39+00:00

Document:
D.C. Law Library - Subchapter II-B. Industrial Revenue Bond Forward Commitment Program.
Subchapter II-C. Industrial Revenue Bond Fees.
§ 47–340.05. Sale of the bonds.
§ 47–340.06. Payment and security.
§ 47–340.07. Financing and closing documents.
§ 47–340.11. Maintenance of documents.
§ 47–340.16. Conflict of laws.
(1) “Applicant” means each person, sole proprietorship, corporation, partnership, limited partnership, joint venture, trust, firm, association, unincorporated organization, or a government or an agency or political subdivision thereof, or other legal entity, applying to receive revenue bond financing pursuant to section 490 of the Home Rule Act [§ 1-204.90].
(2) “Authorized delegate” means the Assistant City Administrator for Economic Development, the Deputy Mayor for Financial Management, or any officer or employee of the Executive Office of the Mayor to whom the Mayor has delegated or to whom the foregoing individuals have subdelegated any of the Mayor’s functions under this subchapter pursuant to section 422(6) of the Home Rule Act [§ 1-204.22(6)].
(4) “Bonds” means one or the several separate series of District revenue bonds, notes, and other obligations authorized to be issued pursuant to this subchapter.
(6) “Closing documents” means all documents and agreements other than financing documents that may be necessary and appropriate to issue, sell, and deliver each applicable series of bonds and to make the loans contemplated thereby, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.
(7) “Council” means the Council of the District of Columbia.
(8) “Development” means the acquisition, purchase, construction, reconstruction, improvement, renovation, rehabilitation, restoration, remodeling, repair, expansion, or extension and the equipping and the furnishing of eligible projects.
(9) “District” means the District of Columbia.
(10) “Eligible project” means the financing, refinancing, or reimbursing of costs of the development of facilities in the areas of housing, health facilities, transit and utility facilities, recreation facilities, college and university facilities, college and university student loan programs, pollution control facilities, and industrial and commercial development authorized pursuant to this subchapter.
(11) “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 contemplated thereby, including any offering documents and any required supplements to those documents.
(12) “Forward authorization program” means District approval of a program to expedite the issuance, sale, and delivery of revenue bonds in one or multiple separate series pursuant to this subchapter.
(13) “Home Rule Act” means the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 774; § 1-201.01 et seq.).
(14) “Issuance costs” means all fees, costs, charges, and expenses paid or incurred in connection with the authorization, preparation, printing, issuance, sale, and delivery of each applicable series of bonds and the making of loans contemplated thereby, including, but not limited to, program fees and administrative fees charged by the District; underwriting, legal, accounting, rating agency, and other financing fees, costs, and expenses; fees paid to financial institutions and insurance companies; initial letter of credit fees, compensation to financial advisors and other persons (other than full-time employees of the District) and entities performing services on behalf of or as agents for the District; and all other fees, costs, charges, and expenses incurred in connection with the development, and implementation of the financing documents, the closing documents, and those other documents necessary or appropriate in connection with the authorization, preparation, printing, issuance, sale, marketing, and delivery of each applicable series of bonds and the making of loans contemplated thereby.
(15) “Loan” means the District’s lending of proceeds from the sale of each applicable series of bonds, including by the purchase of any mortgage, note, or other security or by the purchase, lease, or sale of any property.
(16) “Mayor” means the Mayor of the District of Columbia.
(17) “Rules of the Council” means the guidelines and standards governing Council conduct adopted by the Council.
Medlantic Healthcare Group, Inc., Revenue Bond Project Approval Resolution of 1995: Pursuant to Resolution 11-163, effective November 7, 1995, the Council approved the loan of proceeds from the issuance and sale of District of Columbia Revenue bonds to Medlantic Healthcare Group, Inc., d/b/a/ Washington Hospital Center and National Rehabilitation Hospital.
(b) The bonds shall contain a legend, which shall provide that the bonds shall be special obligations of the District, shall be without recourse to the District, shall not be a pledge of, and shall not involve, the faith and credit or the taxing power of the District, shall not constitute a debt of the District, and shall not constitute lending of the public credit for private undertakings as prohibited in section 602(a)(2) of the Home Rule Act [§ 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. 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.
(e) The bonds may be issued in accordance with the terms of the trust instruments entered into by the District and one or more trustees 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 section 490(a)(4) of the Home Rule Act [§ 1-204.90(a)(4)].
(f) The bonds may be issued at any time or from time to time in 1 or more issues and in 1 or more series.
(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 interest of the District.
(b) The Mayor or an authorized delegate may execute, in relation to each sale of the bonds, offering documents on behalf of the District and may authorize the distribution of the documents in relation to the bonds being sold.
(d) The bonds shall not be issued until the Mayor receives an approving opinion from bond counsel as to the validity of the bonds and, if the interest on the bonds is expected to be exempt from federal income taxes, the treatment of the interest on the bonds for purposes of federal income taxation.
(a) The principal of, premium, if any, and interest on the bonds shall be payable solely from proceeds received from the sale of the bonds, income realized from the temporary investment of those proceeds, receipts and revenues realized by the District from the loan, income realized from the temporary investment of those receipts and revenues prior to payment to the bond owners, other moneys that, as provided in the financing documents, may be made available to the District for the payment of the bonds, and other sources, other than the District, of payment, all as provided for in the financing documents.
(b) Payment of the bonds shall be secured as provided in the financing documents and by an assignment by the District for the benefit of the bond owners of certain of its rights under the financing documents and closing documents, including a security interest in certain collateral, to the trustee for the bonds pursuant to the financing documents.
This section is referenced in § 47-340.09.
(a) The Council approves the financing documents to which the District is a party in substantially the form in which these documents are filed by the Council with the Office of the Secretary to the Council, and authorizes the Mayor to make modifications to these documents that are within the limitations of the Home Rule Act, and that the Mayor considers appropriate to carry out the purposes of this subchapter.
(b) 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 bonds and to make loans to applicants. Each of the financing documents and each of the closing documents to which the District is not a party shall be approved, as to form and content, by the Mayor.
(c) The Mayor is authorized to execute in the name of the District, and on its behalf, any financing documents and any closing documents to which the District is a party by the Mayor’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 financing documents and the closing documents to which the District is a party.
(e) 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.
(f) 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.
To the extent permitted by District and federal law, the Mayor may delegate to any authorized delegate the performance of any function authorized to be performed by the Mayor under this subchapter.
(a) 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 subchapter, 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 official ceases to be that official before delivery of the bonds, the financing documents, or the closing 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.
Within 3 days after the Mayor’s receipt of the transcript of proceedings relating to the issuance of any series of bonds, the Mayor shall transmit a copy of this transcript to the Secretary to the Council.
(a) The issuance of bonds is in the discretion of the District. Nothing contained in this subchapter, including, but not limited to, the bonds, the financing documents, the closing documents or the Council resolution, shall be construed as obligating the District to issue any bonds for the benefit of any applicant or to participate in or assist any applicant in any way with financing, refinancing, or reimbursing the costs of the development of any project. The applicant shall have no claims for damages or for any other legal or equitable relief against the District, its elected or appointed officials, officers, employees, or agents as a consequence of any failure to issue any bonds for the benefit of any applicant.
(b) The District reserves the right to issue its bonds in the order or priority it determines in its sole and absolute discretion. The District gives no assurance and makes no representations that any portion of any limited amount of bonds, the interest on which is excludable from gross income for federal income tax purposes, will be reserved or will be available at the time of the proposed issuance of any bonds authorized by this subchapter.
(c) The District, by enacting this subchapter or by taking any other action in connection with financing, refinancing, or reimbursing any project, does not provide any assurance that the project is viable or sound, that the applicant is financially sound, or that amounts owing on any bonds or under any loan will be paid. Neither the applicant, any purchaser of the bonds, nor any other person shall rely upon the District with respect to these matters.
If any series of bonds is not issued, sold, and delivered to the original purchaser within 3 years of the date of Council approval of a project pursuant to § 47-340.03, the authorization provided in this subchapter with respect to the issuance, sale, and delivery of such series of bonds shall expire.
If any particular provision of this subchapter, or the application thereof to any person or circumstance, is held invalid, the remainder of this subchapter and the application of such provision to other persons or circumstances shall not be affected thereby. If any action or inaction contemplated under this subchapter is determined to be contrary to the requirements of applicable law, such action or inaction shall not be necessary for the purpose of issuing of the bonds authorized by this subchapter, and the validity of the bonds shall not be adversely affected.
The procedures set forth in this subchapter shall prevail over any other subchapter of the Council or provision of District law that might be deemed to be inconsistent with this subchapter.

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