Code of the District of Columbia

§ 2–1217.06. TIF bond issuance.

The CFO shall issue the District’s TIF bonds for the purposes authorized by this subchapter. The CFO shall exercise such power to authorize and provide for the issuance of TIF bonds by signing financing documents, including those referred to in § 2-1217.07, which shall describe in brief and general terms sufficient for reasonable identification the development costs to be financed or the TIF bonds that are to be funded or refunded and the property tax increment revenues, the sales tax increment revenues and the other revenues, assets and funds that are to be pledged to secure the repayment of such TIF bonds. The TIF bonds may be issued in more than one series, may be executed in such manner, and may bear such date or dates, mature at such time or times (provided, however, that the final maturity date of any TIF bonds payable from property tax increment revenues or sales tax increment revenues derived from a TIF area may not be later than the termination date of that TIF area), bear interest at any fixed or variable rate, be subject to redemption upon such terms and have such other terms and provisions as the financing documents, including any supplemental thereto, a trust agreement or a trust indenture may provide. The CFO may charge a reasonable fee to cover administrative costs.