§ 10-1202.10 — Power of the Authority to issue bonds and notes.

District of Columbia § 10-1202.10

• Jurisdiction: District of Columbia
• Title 10: Parks, Public Buildings, Grounds, and Space.
• Ch. 12: Washington Convention and Sports Authority.
• Subch. I: General Provisions.

Text

(a) Subject to the limitations in § 10-1202.04 , the Authority may at any time, and from time to time, issue bonds and notes or other obligations, by resolution, in 1 or more series to finance the construction of, or capital improvements to, the new convention center or a District sports or entertainment facility, certain costs of the new convention center hotel or a District sports or entertainment facility hotel, or parking facilities approved by the Mayor on the RFK Campus. The resolution shall name the Chief Financial Officer of the District as the authorized delegate to execute all documents related to the bond financings or refinancings. In addition, the Authority may issue notes to renew notes and bonds to pay notes, including the interest thereon. Whenever expedient, the Authority may refund bonds by the issuance of new bonds.

(b) Bonds of the Authority are obligations payable from revenues of the Authority from whatever source derived, including certain designated taxes, operations of the new convention center, lease payments, earnings on certain funds, and any other funds available to the Authority which may lawfully be used for these purposes.

(c) Regardless of their form or character, bonds of the Authority are negotiable instruments for all purposes of Title 28, subject only to the provisions of the bonds and notes for registration.

(d) No official, employee, or agent of the Authority shall be held personally liable solely because a bond or note is issued.

(e) The issuance and performance of bonds, notes, and other obligations by the Authority as contemplated in this chapter and the adoption of resolutions authorizing such bonds, notes, and other obligations shall be done in compliance with the requirements of this chapter, but shall not be subject to Chapter 5 of Title 2 .

(f) The Authority shall have the power to borrow money and to issue revenue bonds regardless of whether or not the interest payable by the Authority incident to such loans or revenue bonds or the income derived by the holders of the evidence of such indebtedness or revenue bonds is, for the purposes of federal taxation, includable in the taxable income of the recipients of these payments or is otherwise not exempt from the imposition of taxation on the recipients.

(g) The Authority shall have the power to contract with the holders of its notes or bonds as to the custody, collection, securing, investment, and payment of any monies of the Authority and of any monies held in trust or otherwise for the payment of notes or bonds.

Legislative History

Sept. 28, 1994, D.C. Law 10-188, § 210, 41 DCR 5333; Oct. 22, 2009, D.C. Law 18-78, § 2(c), 56 DRC 6959; Mar. 3, 2010, D.C. Law 18-111, § 2081(n), 57 DCR 181; Sept. 26, 2012, D.C. Law 19-171, § 72(c), 59 DCR 6190