Source: https://code.dccouncil.us/dc/council/code/titles/2/chapters/12/subchapters/IX-C/parts/A/
Timestamp: 2019-01-16 21:23:55
Document Index: 282945698

Matched Legal Cases: ['§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 1', '§\u200947', '§\u200910', '§ 1', '§\u20021', '§ 2', '§ 47', '§ 47', '§ 47', '§ 101', '§ 7192', '§ 7202', '§ 7192', '§ 7192', '§ 1', '§ 47', '§ 103', '§ 2', '§ 2', '§ 47', '§ 2', '§ 104', '§ 2', '§ 105', '§ 1', '§ 110', '§ 2', '§ 2', '§ 111', '§ 112', '§ 113']

D.C. Law Library - Part A. Bond Financing.
§ 2–1217.134. Creation of the Southwest Waterfront PILOT/TIF Area.
§ 2–1217.139. Financing and Closing Documents.
§ 2–1217.140. Limited liability.
§ 2–1217.141. District officials.
§ 2–1217.142. Information reporting.
§ 2–1217.143. Payment In Lieu of Taxes Act not to apply.
(1) “Authorized Delegate” means the City Administrator, the Chief Financial Officer, the District of Columbia Treasurer, the Deputy Mayor for Planning and Economic Development, or any officer, employee, or agency of the executive office of the Mayor to whom the Mayor has delegated any of the Mayor’s functions under D.C. Law 17-252 pursuant to § 1-204.22(6) and has been designated as an authorized delegate for purposes of D.C. Law 17-252.
(2) “Available Increment” shall have the same meaning as provided in the Reserve Agreement.
(3) “Available Sales Tax Revenues” means the revenues in excess of $208,549 generated in the Southwest Waterfront PILOT/TIF Area in any fiscal year of the District commencing on the Commencement Date resulting from the imposition of the sales tax under Chapter 20 of Title 47 [§ 47-2001 et seq.], including penalty and interest charges, exclusive of the portion required to be deposited in the Washington Convention Center Fund established pursuant to § 10-1202.08. The term “Available Sales Tax Revenues” includes sales tax revenues from any business existing in the Southwest Waterfront PILOT/TIF Area on October 22, 2008, only after the business has re-opened as a result of the development of any portion of the project.
(4) “Bond Counsel” means a firm or firms of attorneys designated as bond counsel from time to time by the Mayor.
(5) “Bonds” means the 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 this subchapter.
(6) “Chief Financial Officer” means the Chief Financial Officer of the District of Columbia established by § 1-204.25(a).
(8) “Commencement Date” means the date upon which the 1st parcel of real estate within the Southwest Waterfront PILOT/TIF Area is transferred to the Master Developer.
(9) “Consumer Price Index” means the index number of retail commodities prices designated “Consumer Price Index-all items CPIU (1996=100) Washington-Baltimore DC-MD-VA-WA” as published by the United States Department of Labor, Bureau of Labor Statistics (or any successor agency thereto), appropriately adjusted.
(10) “Debt Service” means payment of principal, premium, if any, and interest on the bonds.
(11) “Development Costs” means all costs and expenses incurred in connection with the development, redevelopment, purchase, acquisition, protection, financing, construction, expansion, reconstruction, rehabilitation, renovation and repair, and the furnishing and equipping of the project, including:
(A) The costs of demolishing or removing roads, utilities, sidewalks, underground facilities, buildings or structures, and other improvements located on, and site preparation of, including environmental remediation, the land acquired or used for, or in connection with, the project, including costs incurred to resolve existing leaseholder interests in portions of the project site that will be re-conveyed to the District as public infrastructure;
(B) Costs of relocation, construction, and redevelopment of the project, including entitlement, development, and construction management fees;
(C) Costs incurred for publicly-owned utility lines, structures, public roads, public parks, or equipment located within or necessary to serve the project;
(D) Interest on the bonds prior to, and during, the construction of the project;
(E) Provisions for reserves for extraordinary repairs and replacements;
(I) Expenses necessary or incident to issuing the bonds and determining the feasibility and the fiscal impact of financing the acquisition, construction, or redevelopment of the project; and
(J) The provision of an allowance for contingencies and initial working capital.
(12) “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 of the bonds, including any offering document, and any required supplements to any such documents.
(13) “Fish Market” means the property known for assessment and taxation purposes as Lots 850, 846, and 847, Square 473, and the adjacent riparian area.
(14) “Home Rule Act” means Chapter 2 of Title 1 [§ 1-201.01 et seq.].
(15) “Master Developer” means the development entity to which the District transfers the leasehold interest in the Southwest Waterfront PILOT/TIF Area and which is responsible for the planned development of the entire Southwest Waterfront PILOT/TIF Area, including the project.
(16) “Project” means the publicly owned infrastructure located within the Southwest Waterfront PILOT/TIF Area, including streets, parking facilities, sidewalks, walkways, streetscapes, parks, bulkheads, piers, curbs, gutters, and gas, electric, and water utility lines, and the acquisition, equipping, relocation, construction, and redevelopment of certain public facilities, including parks.
(17) “Reserve Agreement” means that certain Reserve Agreement, dated as of April 1, 2002, by and among the District, Wells Fargo Bank Minnesota, N.A. and Financial Security Assurance, Inc.
(18) “Southwest Waterfront Fund” means the fund created by § 2-1217.133.
(19) “Southwest Waterfront Improvement Benefit District” means the special assessment district established by § 47-895.02.
(20) “Southwest Waterfront PILOT” or “PILOT” means the payment in lieu of taxes from the Southwest Waterfront PILOT/TIF Area required by § 47-4615.
(21) “Southwest Waterfront PILOT Base Amount” means $945,000.
(22) “Southwest Waterfront PILOT Increment” means the amount of the Southwest Waterfront PILOT that exceeds the Southwest Waterfront PILOT Base Amount.
(23) “Southwest Waterfront PILOT/TIF Area” means the following geographic area:
(24) “Southwest Waterfront Special Assessment” means the special assessment relating to the Southwest Waterfront Improvement Benefit District established by § 47-895.02.
(Oct. 22, 2008, D.C. Law 17-252, § 101, 55 DCR 9251; Feb. 26, 2015, D.C. Law 20-155, § 7192, 61 DCR 9990.)
For temporary (90 days) amendment of this section, see § 7202 of the Fiscal Year 2015 Budget Support Emergency Act of 2014 (D.C. Act 20-377, July 14, 2014, 61 DCR 7598, 20 STAT 3696).
For temporary (90 days) amendment of this section, see § 7192 of the Fiscal Year 2015 Budget Support Congressional Review Emergency Act of 2014 (D.C. Act 20-449, October 10, 2014, 61 DCR 10915, 20 STAT 4188).
For temporary (90 days) amendment of this section, see § 7192 of the Fiscal Year 2015 Budget Support Second Congressional Review Emergency Act of 2014 (D.C. Act 20-566, January 9, 2015, 62 DCR 884, 21 STAT 541).
(a) There is established as a nonlapsing fund the Southwest Waterfront Fund. The Available Sales Tax Revenues, the Southwest Waterfront Special Assessment (if any), and the Southwest Waterfront PILOT Increment shall be deposited into the Southwest Waterfront Fund. The Chief Financial Officer shall pay from the Southwest Waterfront Fund the Southwest Waterfront PILOT Base Amount into the General Fund of the District of Columbia. The Mayor may pledge and create a security interest in the funds in the Southwest Waterfront Fund to finance, refinance, or reimburse Development Costs of the project, to pay the Debt Service, or to secure bonds without further action by the Council as permitted by § 1-204.90(f). The Chief Financial Officer shall pay from the Southwest Waterfront Fund the annual costs of administering the Southwest Waterfront Improvement Benefit District established by § 47-895.02. If bonds are issued, the payment shall be made in accordance with the provisions of the Financing Documents entered into by the District in connection with the issuance of the bonds.
(b) If, at the end of any fiscal year of the District following the issuance of the bonds, the value of cash and investments in the Southwest Waterfront Fund exceeds the amount of all payments authorized by this subchapter and the Financing Documents during the upcoming fiscal year, the excess shall be transferred to the General Fund of the District of Columbia unless the District elects to use the excess to redeem the bonds prior to maturity.
(Oct. 22, 2008, D.C. Law 17-252, § 103, 55 DCR 9251.)
This section is referenced in § 2-1217.131, § 2-1217.134, and § 47-895.01.
(a) There is created the Southwest Waterfront PILOT/TIF Area, the Available Sales Tax Revenues from which shall be allocated as provided in this subchapter.
(b) Beginning on the Commencement Date, the Available Sales Tax Revenues from the Southwest Waterfront PILOT/TIF Area shall be allocated and paid into the Southwest Waterfront Fund and used for any of the purposes described in § 2-1217.133. The termination date for the allocation of Available Sales Tax Revenues shall be the earlier of:
(2) The day after all of the bonds are paid or provided for and are no longer outstanding pursuant to their terms.
(Oct. 22, 2008, D.C. Law 17-252, § 104, 55 DCR 9251.)
(a) The Council approves and authorizes the issuance of one or more series of bonds in an aggregate principal amount not to exceed $198 million. The bonds, which may be issued from time to time, in one or more series, shall be tax-exempt or taxable as the Mayor shall determine and shall be payable and secured as provided in § 2-1217.136; provided, that within 60 days prior to the issuance of any bonds, the Chief Financial Officer shall submit to the Mayor and the Council a report to determine the subsidy level needed from the District for the project.
(b) The proceeds of the bonds shall be used as follows:
(1) An amount not to exceed $148 million in 2008 dollars (adjusted for inflation by the Consumer Price Index) may be used for payment of Development Costs; and
(c) The Mayor may pay from the proceeds of the bonds the financing costs and expenses of issuing and delivering the bonds, including, but not limited to, underwriting, legal, accounting, financial advisory, bond insurance or other credit enhancement, marketing and selling the bonds, and printing costs and expenses.
(Oct. 22, 2008, D.C. Law 17-252, § 105, 55 DCR 9251.)
(a) The bonds shall be special obligations of the District. The bonds shall be without recourse to the District. The bonds shall not be general obligations of the District, shall not be a pledge of, or involve, the faith and credit or the taxing power of the District (other than the taxes and revenues allocated to the Southwest Waterfront Fund and the Available Increment), shall not constitute a debt of the District, and shall not constitute lending of the public credit for private undertakings as prohibited in § 1-206.02(a)(2).
(c) No person, including, but not limited to, any bond holder, shall have any claims against the District or any of its elected or appointed officials, officers, employees, or agents for monetary damages suffered as a result of the failure of the District to perform any covenant, undertaking, or obligation under this subchapter, the bonds, the Financing Documents, or the Closing Documents, or as a result of the incorrectness of any representation in or omission from the Financing Documents or the Closing Documents, unless the District or its elected or appointed officials, officers, employees, or agents have acted in a willful and fraudulent manner.
(Oct. 22, 2008, D.C. Law 17-252, § 110, 55 DCR 9251.)
This section is referenced in § 2-1217.141.
(a) Except as otherwise provided in § 2-1217.140(c), the elected or appointed officials, officers, employees, or agents of the District shall not be liable personally for the payment of the bonds, be subject to any personal liability by reason of the issuance of the bonds, or be personally liable for any representations, warranties, covenants, obligations, or agreements of the District contained in this subchapter, the bonds, the Financing Documents, or the Closing Documents.
(Oct. 22, 2008, D.C. Law 17-252, § 111, 55 DCR 9251.)
(Oct. 22, 2008, D.C. Law 17-252, § 112, 55 DCR 9251.)
D.C. Law 17-252 shall apply notwithstanding the provisions of Part E of subchapter IV of Chapter 3 of Title 1.
(Oct. 22, 2008, D.C. Law 17-252, § 113, 55 DCR 9251.)