Code of the District of Columbia

§ 2–1217.103. Bond authorization.

(a) Pursuant to § 1-204.90, the Council authorizes the issuance of bonds.

(b) One or more series of bonds in multiple separate series may be issued for the purpose of assisting in financing, refinancing, and reimbursing the costs of eligible projects. Refunding bonds may be issued to refund bonds. The aggregate principal amount of bonds, other than refunding bonds, shall not exceed the amount authorized under section 1397E of Internal Revenue Code of 1986, approved August 5, 1997 (111 Stat. 821; 26 U.S.C. § 1397E).

(c) The Mayor is authorized to take any action necessary or appropriate in accordance with this subchapter in connection with the preparation, execution, issuance, sale, delivery, security for, and payment of the bonds pursuant to § 1-204.90, including:

(1) Approving the issuance, sale, and delivery of the bonds;

(2) Making loans, grants or allocating funds, purchasing any mortgage, note, or other security, or purchasing, leasing, or selling of any property for the purpose of financing, refinancing, or reimbursing the costs of an eligible project;

(3) Entering into any agreement concerning the acquisition, use, or disposition of any available revenues, assets, or property;

(4) Entering into such Financing Documents as may be necessary or appropriate for the issuance, security, and administration of the bonds, the investment of proceeds and moneys in the accounts provided for in, or pursuant to this subchapter, the application of the proceeds of the bonds and the moneys and investments in such accounts, and for the purposes provided in this subchapter, including Financing Documents with Qualifying Schools;

(5) Setting forth the requirements for an eligible project to comply with the applicable eligibility requirements pursuant to this subchapter in an agreement between the District and the District of Columbia Board of Education with respect to public schools or each Qualifying School with respect to public charter schools;

(6) Establishing any fund with respect to the bonds as required by the Financing Documents; and

(7) Refunding the bonds through the issuance of refunding bonds.