Pursuant to § 1-204.90 , the Council authorizes the issuance of TIF bonds. The portions of property tax increment revenues and the portions of the sales tax increment revenues that are declared to be dedicated pursuant to this subchapter, to the payment of debt service on TIF bonds, the provision and maintenance of reserves, and the payment of development costs, shall constitute tax increments as defined in § 1-204.90(m)(6) . TIF bonds may be issued to finance development costs of eligible projects approved pursuant to this subchapter. Refunding bonds may be issued to refund bonds issued pursuant to this subchapter. The aggregate principal amount of TIF bonds, other than refunding bonds shall not exceed $500 million; provided, that the aggregate amount of TIF bonds for projects in the Central Business District, as defined in Title 11 of the District of Columbia Municipal Regulations, shall not exceed $300 million. All TIF bonds issued pursuant to this subchapter shall be issued before January 1, 2014. The CFO is authorized to enter into such financing documents as may be necessary or appropriate for the issuance, security, and administration of the TIF bonds, investment of proceeds and moneys in the accounts provided for in, or pursuant to this subchapter, and the application of the proceeds of the TIF bonds and the moneys and investments in such accounts, and for the purposes provided in § 2-1217.07 , including financing documents with development sponsors. The CFO is authorized to execute and deliver in the name of the District, and on its behalf, any financing documents and any closing documents to which the District is a party, including each trust agreement, trust indenture, secured loan agreement or other instrument entered into by the District pursuant to this subchapter. The requirements for a project to comply with the applicable eligibility requirements pursuant to § 2-1217.03 shall be set forth in an agreement between the District and the development sponsor. The agreement shall obligate the development sponsor to develop the specified eligible project. TIF bonds may qualify as tax-exempt enterprise zone facility bonds if the bonds satisfy the applicable requirements of the Internal Revenue Code of 1986, as amended, and applicable laws of the District.
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