For the purpose of this subchapter, the term:
(1) “Applicant” means each person, sole proprietorship, corporation, partnership, limited partnership, joint venture, trust, firm, association, unincorporated organization, or a government or an agency or political subdivision thereof, or other legal entity, applying to receive revenue bond financing pursuant to section 490 of the Home Rule Act [§ 1-204.90].
(2) “Authorized delegate” means the Assistant City Administrator for Economic Development, the Deputy Mayor for Financial Management, or any officer or employee of the Executive Office of the Mayor to whom the Mayor has delegated or to whom the foregoing individuals have subdelegated any of the Mayor's functions under this subchapter pursuant to section 422(6) of the Home Rule Act [§ 1-204.22(6)].
(3) “Bond counsel” means a firm or firms of attorneys designated as bond counsel from time to time by the Mayor.
(4) “Bonds” means one or the several separate series of District revenue bonds, notes, and other obligations authorized to be issued pursuant to this subchapter.
(5) “Chairman” means the Chairman of the Council of the District of Columbia.
(6) “Closing documents” means all documents and agreements other than financing documents that may be necessary and appropriate to issue, sell, and deliver each applicable series of bonds and to make the loans contemplated thereby, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.
(7) “Council” means the Council of the District of Columbia.
(8) “Development” means the acquisition, purchase, construction, reconstruction, improvement, renovation, rehabilitation, restoration, remodeling, repair, expansion, or extension and the equipping and the furnishing of eligible projects.
(9) “District” means the District of Columbia.
(10) “Eligible project” means the financing, refinancing, or reimbursing of costs of the development of facilities in the areas of housing, health facilities, transit and utility facilities, recreation facilities, college and university facilities, college and university student loan programs, pollution control facilities, and industrial and commercial development authorized pursuant to this subchapter.
(11) “Financing documents” means the documents other than closing documents that relate to the financing or refinancing of transactions to be effected through the issuance, sale, and delivery contemplated thereby, including any offering documents and any required supplements to those documents.
(12) “Forward authorization program” means District approval of a program to expedite the issuance, sale, and delivery of revenue bonds in one or multiple separate series pursuant to this subchapter.
(13) “Home Rule Act” means the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 774; § 1-201.01 et seq.).
(14) “Issuance costs” means all fees, costs, charges, and expenses paid or incurred in connection with the authorization, preparation, printing, issuance, sale, and delivery of each applicable series of bonds and the making of loans contemplated thereby, including, but not limited to, program fees and administrative fees charged by the District; underwriting, legal, accounting, rating agency, and other financing fees, costs, and expenses; fees paid to financial institutions and insurance companies; initial letter of credit fees, compensation to financial advisors and other persons (other than full-time employees of the District) and entities performing services on behalf of or as agents for the District; and all other fees, costs, charges, and expenses incurred in connection with the development, and implementation of the financing documents, the closing documents, and those other documents necessary or appropriate in connection with the authorization, preparation, printing, issuance, sale, marketing, and delivery of each applicable series of bonds and the making of loans contemplated thereby.
(15) “Loan” means the District's lending of proceeds from the sale of each applicable series of bonds, including by the purchase of any mortgage, note, or other security or by the purchase, lease, or sale of any property.
(16) “Mayor” means the Mayor of the District of Columbia.
(17) “Rules of the Council” means the guidelines and standards governing Council conduct adopted by the Council.
CREDIT(S)
(Sept. 20, 1995, D.C. Law 11-46, § 2, 42 DCR 3603; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-340.1.
Temporary Addition of Section
For temporary (225 day) addition of §§ 47-340.01 to 47-340.16, see §§ 2 to 17 of Industrial Revenue Bond Forward Commitment Program Authorization Temporary Act of 1995 (D.C. Law 11-37, September 8, 1995, law notification 42 DCR 5306).
Emergency Act Amendments
For temporary addition of subchapter, see § 2 to 17 of the Industrial Revenue Bond Forward Commitment Program Authorization Emergency Act of 1995 (D.C. Act 11-49, May 15, 1995, 42 DCR 2548) and § 2 to 17 of the Industrial Revenue Bond Forward Commitment Program Authorization Congressional Recess Emergency Act of 1995 (D.C. Act 11-99, July 19, 1995, 42 DCR 3851).
Legislative History of Laws
Law 11-46, the “Industrial Revenue Bond Forward Commitment Program Authorization Act of 1995,” was introduced in Council and assigned Bill No. 11-119, which was referred to the Committee on Economic Development. The Bill was adopted on first and second readings on June 6, 1995, and June 20, 1995, respectively. Signed by the Mayor on June 30, 1995, it was assigned Act No. 11-85 and transmitted to both Houses of Congress for its review. D.C. Law 11-46 became effective on September 20, 1995.
Miscellaneous Notes
Medlantic Healthcare Group, Inc., Revenue Bond Project Approval Resolution of 1995: Pursuant to Resolution 11-163, effective November 7, 1995, the Council approved the loan of proceeds from the issuance and sale of District of Columbia Revenue bonds to Medlantic Healthcare Group, Inc., d/b/a/ Washington Hospital Center and National Rehabilitation Hospital.
American University Revenue Bond Project Approval Resolution of 1996: Pursuant to Resolution 11-416, effective July 3, 1996, the Council approved the loan of proceeds from the issuance and sale of District of Columbia revenue bonds to the American University Revenue Bond Project.
Georgetown University Revenue Bond Project Approval Resolution of 1996: Pursuant to Resolution 11-417, effective July 3, 1996, the Council approved the loan of proceeds from the issuance and sale of District of Columbia revenue bonds to the Georgetwon University Revenue Bond Project.
Howard University Revenue Bond Project Approval Resolution of 1996: Pursuant to Resolution 11-418, effective July 3, 1996, the Council approved the loan of proceeds from the issuance and sale of District of Columbia revenue bonds to the Howard University Revenue Bond Project.
Lucy Webb Hayes National Training School for Deaconesses and Misssionaries, in care of Sibley Memorial Hospital, Hospital Revenue Bond Project Approval Resolution of 1996: Pursuant to Resolution 11-524, effective October 1, 1996, the Council approved the issuance, sale, and delivery of District of Columbia Revenue Bonds and the loan of proceeds thereof to assist in the financing, refinancing, or reimbursing of costs related to the Lucy Webb Hayes National Training School for Deaconesses and Misssionaries, in care of Sibley Memorial Hospital.
Individual Development, InC. (Successor to We Care Projects, Inc.) Revenue Bond Project Emergency Approval Resolution of 1996: Pursuant to Resolution 11-670, effective December 3, 1996, the Council approved, on an emergency basis, the issuance, sale, and delivery of District of Columbia revenue bonds and the loan of proceeds thereof to assist in the financing, refinancing, or reimbursing of costs related to certain intermediate care residential facilities for the mentally retarded owned and operated by Individual Development, InC. (Successor to We Care Projects, Inc.).