Code of the District of Columbia

§ 8–173.22. General powers of the Green Finance Authority.

(a) The Authority shall possess the following powers:

(1) To have perpetual succession;

(2) To sue and be sued in its own name;

(3) To have an official seal and power to alter that seal at its pleasure;

(4) To adopt, amend, and repeal bylaws and guidelines governing the manner in which it may conduct its business and how the power vested in it may be exercised;

(5) To acquire (by purchase or otherwise), sell, construct, lease, improve, rehabilitate, repair and otherwise maintain an office or offices at such places within the District;

(6) To procure insurance or to self-insure against any loss in connection with its property and other assets, including loans;

(7) To establish polices for contracting and procurement that are consistent with the principles of competitive procurement and to make and execute contracts, leases, and all other agreements or instruments;

(8) To enter into agreements with other entities, public or private, for goods and services as needed for its purposes;

(9) To employ officers, executives, and management personnel who may:

(A) Formulate or participate in the formulation of the plans, policies, and standards;

(B) Administer, manage, or operate the Authority, fix their qualifications, and prescribe their duties and other terms of employment, compensation, and benefits; and

(C) Employ other personnel as may be necessary;

(10) To retain or employ advisers, consultants, and agents, including financial advisers, appraisers, accountants, auditors, engineers, private consultants, and legal counsel for rendering professional, management, or technical services and advice, and to fix their compensation;

(11) To serve as the administrator of the Energy Efficiency Loan program authorized by Chapter 17R of this title;

(12) To originate and service loans or enter into contracts for the origination and servicing of loans;

(13) To charge reasonable interest, fees, and charges in connection with making and servicing its loans, including bonds, and in connection with providing technical, consultative, and project assistance services;

(14) To issue bonds and to give security pursuant to § 8-173.43; provided, that the Authority's debts shall not be backed by the full faith and credit of the District of Columbia;

(15) To provide for the payment of obligations as may be permitted under the Home Rule Act, and other laws of the District;

(16) Subject to the requirements of § 8-173.41, § 1-329.01, and § 1-204.46b, to apply for, and to receive, contributions, gifts, grants, subsidies, real and personal property, labor, services, or other things of value from any source;

(17) To enter into contracts, memorandums of understanding, and other financing agreements with any department, agency, or instrumentality of the United States or the District and private parties;

(18) To proceed with collection action, to take assignments of assets, and to acquire property in lieu of collection;

(19) To own, lease, clear, reconstruct, rehabilitate, improve, repair, maintain, manage, operate, assign, encumber, or sell or otherwise dispose of any real or personal property if the property was obtained by the Authority due to the default of any obligation held by the Authority, pursuant to guidelines issued by the Authority;

(20) To provide technical assistance in the development or operation of sustainable projects and programs and to gather and distribute data and information concerning the need in the District for sustainable projects and programs;

(21) To the extent permitted under its contracts with bond holders of the Authority, to consent to any modification with respect to rate of interest, time and payment of any installment of principal or interest, security or any other term of any contract, loan, loan commitment, or contract or agreement of any kind to which the Authority is a party;

(22) To sell, at public or private sale, any real or personal property of the Authority pursuant to guidelines issued by the Authority and any applicable debt covenants;

(23) To sell, at public or private sale, any loan or other obligation held by the Authority pursuant to guidelines issued by the Authority and pursuant to any applicable debt covenants;

(24) To make loans, either directly or through lenders, for the purpose of assisting in developing, constructing, rehabilitating, or improving any sustainable project or program under this chapter; provided, that no transaction may create an obligation of the Authority that would become subject to the limitation on the annual aggregate limit on debt of the District under § 1-206.03(b);

(25) To establish funds and reserves to provide additional security for loans provided for sustainable projects and programs; and

(26) To engage in a joint venture or participate in a network, alliance, consortium pool, or other cooperative arrangement with a public or private entity.

(b) The Authority shall not invest in projects located outside of the District if the Authority is the sole long-term credit provider.

(c) Beginning in the third year of operation, administrative costs of the Authority in a given fiscal year shall not exceed 15% of the capital base of the Authority for the fiscal year.