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Current as of January 01, 2024 | Updated by Findlaw Staff
For the purposes of this subchapter, the term:
(1) “Capital lease financings” means a lease in which the District is the lessee and which meets 1 or more of the following criteria:
(A) The lease transfers ownership of the property to the lessee by the end of the lease term;
(B) The lease allows the lessee to purchase the real property at a bargain price;
(C) The term of the lease is 75% or more of the estimated useful economic life of the real property; or
(D) The present value of the lease payments is 90% or more of the fair market value of the real property.
(2) “Committee” means the Capital Review and Debt Affordability Committee.
(3) “Multiyear capital improvements plan” means the multiyear capital improvements plan required by § 1-204.44.
(4) “Special real property tax levy” means those portions of the real property tax levy required by District of Columbia general obligation bonds or general obligation notes acts to be deposited in the debt service funds so that, when added to the funds already on deposit in the funds, the funds will be sufficient to pay the principal and interest on all outstanding general obligation bonds and additional bonds or general obligation notes and additional notes coming due in any year.
Cite this article: FindLaw.com - District of Columbia Code Division VIII. General Laws. § 47-336. Definitions. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-viii-general-laws/dc-code-sect-47-336/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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