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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) In general. -- The Authority may pledge or grant a security interest in revenues to individuals or entities purchasing bonds, notes, or other obligations issued pursuant to this part.
(b) Dedication of revenue stream from District government. -- The Authority shall require the Mayor:
(1) To pledge or direct taxes or other revenues otherwise payable to the District government (which are not otherwise pledged or committed), including payments from the Federal Government, to the Authority for purposes of securing repayment of bonds, notes, or other obligations issued pursuant to this part; and
(2) To transfer the proceeds of any tax levied for purposes of securing such bonds, notes, or other obligations to the Authority immediately upon collection.
Cite this article: FindLaw.com - District of Columbia Code Division VIII. General Laws. § 47-392. Pledge of security interest in revenues of District government. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-viii-general-laws/dc-code-sect-47-392-12/
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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