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District of Columbia Code Division I. Government of District. § 2-1217.33d. Bond authorization.

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(a) The Council approves and authorizes the issuance of one or more series of bonds in an aggregate principal amount not to exceed $46.5 million to fund the project.  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 § 2-1217.33e.

(b) The proceeds of the bonds shall be used as follows:

(A) An amount not to exceed $35 million may be used for payment of Development Costs of the project, other than costs described in subparagraph (B) of this paragraph.

(B) An amount not to exceed $11.5 million may be used to pay the financing costs incurred by the District or the Development Sponsor and to fund capitalized interest and required reserves.

Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 2-1217.33d. Bond authorization. - last updated January 01, 2020 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-2-1217-33d.html


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