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 that portion of the real property tax levy required by District of Columbia general obligation bonds acts to be deposited in the debt service fund so that, when added to the funds already on deposit in the fund, the fund will be sufficient to pay the principal and interest on all outstanding general obligation bonds and additional general obligation bonds coming due in any year.
CREDIT(S)
(May 24, 1994, D.C. Law 10-126, § 2, 41 DCR 1814; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-336.
Legislative History of Laws
Law 10-126, the “Capital Review and Debt Affordability,” was introduced in Council and assigned Bill No. 10-470, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on February 1, 1994, and March 1, 1994, respectively. Signed by the Mayor on March 24, 1994, it was assigned Act No. 10-219 and transmitted to both Houses of Congress for its review. D.C. Law 10-126 became effective on May 24, 1994.