reglab/housing_qa huggingface dataset:
DC Code § 47-340.06 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-B - Industrial Revenue Bond Forward Commitment Program|§ 47-340.06. Payment and security

(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. (c) The trustee is authorized to deposit, invest, and disburse the proceeds received from the sale of the bonds pursuant to the financing documents.  (Sept. 20, 1995, D.C. Law 11-46, § 7, 42 DCR 3603; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)  Prior Codifications 1981 Ed., § 47-340.6. Section References This section is referenced in § 47-340.09.
DC Code § 47-340.07 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-B - Industrial Revenue Bond Forward Commitment Program|§ 47-340.07. Financing and closing documents

(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.  (Sept. 20, 1995, D.C. Law 11-46, § 8, 42 DCR 3603; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)  Prior Codifications 1981 Ed., § 47-340.7.
DC Code § 47-340.08 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-B - Industrial Revenue Bond Forward Commitment Program|§ 47-340.08. Authorized delegation of authority

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.  (Sept. 20, 1995, D.C. Law 11-46, § 9, 42 DCR 3603; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)  Prior Codifications 1981 Ed., § 47-340.8.
DC Code § 47-340.09 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-B - Industrial Revenue Bond Forward Commitment Program|§ 47-340.09. Limited liability

(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, 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)]. (b) The bonds shall not give rise to any pecuniary liability of the District and the District shall have no obligation with respect to the purchase of the bonds. (c) Nothing contained in the bonds, in the financing documents, or in the closing documents shall create any obligation on the part of the District to make payments with respect to the bonds from sources other than those listed for that purpose in § 47-340.06. (d) The District shall not have liability for the payment of any issuance costs or for any transaction or event to be effected by the financing documents. (e) All covenants, obligations, and agreements of the District contained in this subchapter, the bonds, and the executed, sealed, and delivered financing and closing documents to which the District is a party, shall be considered to be the covenants, obligations, and agreements of the District to the fullest extent authorized by law, and each of those covenants, obligations, and agreements shall be binding upon the District, subject to the limitations set forth in this subchapter. (f) No person, including any applicant and any bond owner, 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, nor 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.  (Sept. 20, 1995, D.C. Law 11-46, § 10, 42 DCR 3603; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)  Prior Codifications 1981 Ed., § 47-340.9.
DC Code § 47-340.10 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-B - Industrial Revenue Bond Forward Commitment Program|§ 47-340.10. District officials

(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.  (Sept. 20, 1995, D.C. Law 11-46, § 11, 42 DCR 3603; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)  Prior Codifications 1981 Ed., § 47-340.10.
DC Code § 47-340.11 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-B - Industrial Revenue Bond Forward Commitment Program|§ 47-340.11. Maintenance of 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.  (Sept. 20, 1995, D.C. Law 11-46, § 12, 42 DCR 3603; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)  Prior Codifications 1981 Ed., § 47-340.11.
DC Code § 47-340.12 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-B - Industrial Revenue Bond Forward Commitment Program|§ 47-340.12. Information reporting

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.  (Sept. 20, 1995, D.C. Law 11-46, § 13, 42 DCR 3603; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)  Prior Codifications 1981 Ed., § 47-340.12.
DC Code § 47-340.13 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-B - Industrial Revenue Bond Forward Commitment Program|§ 47-340.13. Disclaimer

(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.  (Sept. 20, 1995, D.C. Law 11-46, § 14, 42 DCR 3603; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)  Prior Codifications 1981 Ed., § 47-340.13.
DC Code § 47-340.14 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-B - Industrial Revenue Bond Forward Commitment Program|§ 47-340.14. Expiration

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.  (Sept. 20, 1995, D.C. Law 11-46, § 15, 42 DCR 3603; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)  Prior Codifications 1981 Ed., § 47-340.14.
DC Code § 47-340.15 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-B - Industrial Revenue Bond Forward Commitment Program|§ 47-340.15. Severability

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.  (Sept. 20, 1995, D.C. Law 11-46, § 16, 42 DCR 3603; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)  Prior Codifications 1981 Ed., § 47-340.15.
DC Code § 47-340.16 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-B - Industrial Revenue Bond Forward Commitment Program|§ 47-340.16. Conflict of laws

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.  (Sept. 20, 1995, D.C. Law 11-46, § 17, 42 DCR 3603; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)  Prior Codifications 1981 Ed., § 47-340.16.
DC Code § 47-340.20 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-C - Industrial Revenue Bond Fees|§ 47-340.20. Program fee

The Mayor may assess fees in connection with the provision to any for-profit or not for profit entity of loans, grants, credit support, revenue bonds, notes or other obligations authorized pursuant to federal law or regulations or any act or resolution of the Council of the District of Columbia. Such fees shall be in amounts reasonably calculated to defray costs associated with developing, implementing, administering, monitoring, evaluating or otherwise supporting such financial assistance for economic development purposes.  (Mar. 20, 1998, D.C. Law 12-60, § 502(b), 44 DCR 7378; Oct. 19, 2000, D.C. Law 13-172, § 2002, 47 DCR 6308.)  Prior Codifications 1981 Ed., § 47-340.20. Section References This section is referenced in § 47-340.21 and § 47-340.23. Effect of Amendments D.C. Law 13-172 rewrote this section which formerly provided: “The Mayor may charge a program fee to each entity on whose behalf the District of Columbia issues industrial revenue bonds authorized pursuant to § 47-334 in an amount sufficient to cover costs and expenses incurred by the District, including those incurred in connection with the issuance, sale, and delivery of bonds, the District’s participation in monitoring the use of bond proceeds and compliance with contracts and public benefit requirements, the maintenance of official records of transactions, the assistance in the redemption, repurchase, and remarketing of the bonds, and other activities related to the loan and disposition of revenue bond proceeds.” Short Title Industrial Revenue Bond Fees Act of 1997: Section 501 of D.C. Law 12-60 provided that § 502 of the act may be cited as the “Industrial Revenue Bond Fees Act of 1997.”
DC Code § 47-340.21 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-C - Industrial Revenue Bond Fees|§ 47-340.21. Deposit of fees and other monies

Fees authorized under § 47-340.20 and the earnings thereon, capital, and other funds appropriated by Council, and such additional monies that may be contributed from any lawful source shall be deposited in an account to be known as the District of Columbia Great Streets Development Account (“Account”), that shall be a sub-account of the special account established under § 47-131(c)(4).  (Mar. 20, 1998, D.C. Law 12-60, § 502(b), 44 DCR 7378; Oct. 19, 2000, D.C. Law 13-172, § 2002, 47 DCR 6308; Oct. 3, 2001, D.C. Law 14-28, § 1102, 48 DCR 6981; Oct. 20, 2005, D.C. Law 16-33, § 2112(b), 52 DCR 7503.)  Prior Codifications 1981 Ed., § 47-340.21. Section References This section is referenced in § 47-340.22. Effect of Amendments D.C. Law 13-172 inserted “, which shall be a sub-account of the special account”. D.C. Law 14-28 rewrote the section which had read as follows: “Program fees and the earnings thereon authorized under § 47-340.20 shall be deposited in the industrial revenue bond program fee account, which shall be a sub-account of the special account established under § 47-131(c)(4).” D.C. Law 16-33 rewrote section, which had read as follows: “Program fees and the earnings thereon authorized under § 47-340.20 shall be deposited in the industrial revenue bond special account established under § 47-131(c)(4).” Emergency Legislation For temporary (90 day) amendment of section, see § 1002 of Fiscal Year 2002 Budget Support Emergency Act of 2001 (D.C. Act 14-124, August 3, 2001, 48 DCR 7861). For temporary (90 day) amendment of section, see § 2112(b) of Fiscal Year 2006 Budget Support Emergency Act of 2005 (D.C. Act 16-168, July 26, 2005, 52 DCR 7667). Editor's Notes Application of Law 12-60: See Historical and Statutory Notes following § 47-340.20. Industrial Revenue Bond Fees Act of 1997: See Historical and Statutory Notes following § 47-340.20.
DC Code § 47-340.31 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-D - Income Tax Secured Bonds|§ 47-340.31. Payment and security

(a) The bonds shall be special obligations of the District payable solely from the Available Tax Revenues pledged therefor under this subchapter and other receipts, revenues, and funds in the Income Tax Secured Bond Fund and payable to the Income Tax Secured Bond Fund pursuant to this subchapter and the Financing Documents. The Available Tax Revenues shall constitute dedicated taxes and fees and available revenues within the meaning of § 1-204.90(n). As such, the holders of the bonds shall have a first lien on and pledge of the Available Tax Revenues superior to that of any other person, including holders of general obligation bonds or notes secured by the full faith and credit of the District pursuant to § 1-204.82. (b) The bonds shall be 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 Available Tax Revenues and any other taxes and fees allocated to the Income Tax Secured Bond Fund), 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). The bonds shall contain a legend expressly setting forth the limitations set forth in the preceding sentence. (c) 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 to the Collection Agent and trustee pursuant to the Financing Documents. (d) The Collection Agent and trustee, respectively, may deposit, invest, and disburse the Available Tax Revenues received pursuant to the Financing Documents. (e) The trustee may disburse the proceeds of the bonds to the District.  (Oct. 22, 2008, D.C. Law 17-254, § 2(b), 55 DCR 9275.)  Section References This section is referenced in § 47-340.28.
DC Code § 47-340.32 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-D - Income Tax Secured Bonds|§ 47-340.32. Financing and closing documents

(a) The Chief Financial Officer may 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 the bonds. (b) The Chief Financial Officer may, through a trust agreement or other instrument, make additional covenants of the District and agree to other provisions to better secure, administer funds for, and protect the bonds and the owners thereof. (c) The Chief Financial Officer may execute, in the name of the District and on its behalf, the Financing Documents and any Closing Documents to which the District is a party. The Mayor or an Authorized Delegate may execute the bonds, in the name of the District, by the Mayor’s or Authorized Delegate’s manual or facsimile signature. (d) If required, the official seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the bonds, the other Financing Documents, and the Closing Documents to which the District is a party. (e) The Chief Financial Officer’s execution and delivery of the Financing Documents and Closing Documents to which the District is a party, and the Mayor’s execution of the bonds, shall constitute conclusive evidence of the Chief Financial Officer’s and 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 Chief Financial Officer may 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.  (Oct. 22, 2008, D.C. Law 17-254, § 2(b), 55 DCR 9275.)
DC Code § 47-340.33 (2021)
2021 District of Columbia Code|Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]|Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds|Subchapter II-D - Income Tax Secured Bonds|§ 47-340.33. Limited liability

No person, including any bond owner, 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 17-254, § 2(b), 55 DCR 9275.)  Section References This section is referenced in § 47-340.34.