D.C. Act 22-529. New Communities Bond Authorization Emergency Amendment Act of 2018.

AN ACT

To amend, on an emergency basis, the Housing Production Trust Fund Act of 2005 to allow the Mayor to issue certain bonds as a separate series of bonds for capital projects to alleviate market problems related to issuing a single independent series of taxable bonds.

BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "New Communities Bond Authorization Emergency Amendment Act of 2018".

Sec. 2. Section 203(e)(2) of the Housing Production Trust Fund Act of 2005, effective October 20, 2005 (D.C. Law 16-33; D.C. Official Code § 42-2812.03(e)(2)), is amended as follows.

(a) Strike the phrase "separate and independent" and insert the phrase "a separate series of" in its place.

(b) Strike the phrase "not as a part of an income tax" and insert the phrase "not combined into a single series with income tax" in its place.

Sec. 3. Fiscal impact statement.

The Council adopts the fiscal impact statement of the Chief Financial Officer as the fiscal impact statement required by section 4a of the General Legislative Procedures Act of 1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).

Sec. 4. Effective date.

This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), and shall remain in effect for no longer than 90 days, as provide for emergency acts of the Council of the District of Columbia in section 412(a) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 788; D.C. Official Code § 1-204.12(a)).