Statutes > District of Columbia Statutes > Division VIII - General Laws (TITLE 43 to TITLE 51) > TITLE 47 - TAXATION, LICENSING, PERMITS, ASSESSMENTS, AND FEES (Chapter 1 to Chapter 47) > Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds (Subchapter I to Subchapter VIII) > Subchapter VII - Financial Responsibility and Management Assistance (Part A to Part F) > Part C - Issuance of Bonds (Section 47-392.11 to Section 47-392.20) > Section 47-392.12 - Pledge of security interest in revenues of District government

Section 47-392.12 - Pledge of security interest in revenues of District government

Pledge of security interest in revenues of District government

(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.

CREDIT(S)

(Apr. 17, 1995, 109 Stat. 137, Pub. L. 104-8, § 212; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications
1981 Ed., § 47-392.12.

Current through September 13, 2012