§ 47–340.30. Issuance of the bonds.

(a) The bonds of any series may be sold as Parity Bonds or Subordinated Bonds at negotiated or competitive sale at, above, or below par, to one or more persons or entities, and upon terms that the Chief Financial Officer considers to be in the best interests of the District.

(b) The Chief Financial Officer may prepare or cause to be prepared and execute, in connection with each sale of the bonds, offering documents on behalf of the District, may deem final any such offering document on behalf of the District for purposes of compliance with federal laws and regulations governing such matters, and may authorize the distribution of the documents in connection with the bonds.

(c) The Chief Financial Officer may deliver executed bonds, on behalf of the District, for authentication, and, after the bonds have been authenticated, to deliver the bonds to the original purchasers of the bonds upon payment of the purchase price.

(d) The bonds shall not be issued until the Chief Financial Officer receives an approving opinion from Bond Counsel as to the validity of the bonds of such series and, if the interest on the bonds is expected to be exempt from federal income taxation, the treatment of the interest on the bonds for purposes of federal income taxation.

(e) No series of the bonds shall be issued unless the Chief Financial Officer provides certification that the issue of that series of the bonds shall not create a violation of § 1-206.03(b), treating the bonds as general obligation bonds solely for the purpose of determining whether § 1-206.03(b) would be violated with this treatment of the bonds, and, for purposes of the certification, pursuant to § 1-204.75:

(A) The Chief Financial Officer shall include in any calculation, while any bond anticipation notes are outstanding, the estimated maximum annual debt service amount for the bonds anticipated by such bond anticipation notes;

(B) The Chief Financial Officer shall not include in any such calculation the debt service on the bond anticipation notes; and

(C) The estimated maximum annual debt service on the bonds anticipated by the bond anticipation notes shall be as estimated at the time the bond anticipation notes are issued.

(f) Chapter 3 of Title 2 and subchapter III-A of this chapter shall not apply to any contract the Mayor or Chief Financial Officer may from time to time enter into, or the Mayor or Chief Financial Officer may determine to be necessary or appropriate, for purposes of this subchapter, including the selection of Bond Counsel, underwriters, financial advisors, or other professionals for a particular bond issue.

(Oct. 22, 2008, D.C. Law 17-254, § 2(b), 55 DCR 9275; Nov. 16, 2011, D.C. Law 19-39, § 2(c), 58 DCR 8471.)

Section References

This section is referenced in § 47-340.28.

Effect of Amendments

D.C. Law 19-39, in subsec. (f), substituted “subchapter III-A” for “subchapter III”.

Emergency Legislation

For temporary (90 day) amendment of section, see § 2(c) of Income Tax Secured Bond Authorization Emergency Act of 2011 (D.C. Act 19-145, August 9, 2011, 58 DCR 6823).

For temporary (90 day) amendment of section, see § 2(c) of Income Tax Secured Bond Authorization Congressional Review Emergency Act of 2011 (D.C. Act 19-216, October 31, 2011, 58 DCR 9348).