The Council approves and authorizes the issuance of one or more series of Bonds in a total principal amount not to exceed $375 million. The Bonds, which may be issued at any time and from time to time during the 10-year period immediately following May 3, 2014, in one or more series, shall be tax-exempt or taxable as the Mayor shall determine and shall be payable and secured as provided in § 34-1312.03 . The proceeds of the Bonds shall be used: To pay the upfront financing costs relating to issuing and delivering the Bonds, including, but not limited to, the Commission’s costs of retaining a financial advisor; and To pay or reimburse DDOT Underground Electric Company Infrastructure Improvement Costs; provided, that no bond proceeds shall be provided to DDOT pursuant to this chapter until the Commission shall have first approved the Underground Infrastructure Improvement Projects Plan. The aggregate principal amount of the Bonds issued in connection with financing DDOT Underground Electric Company Infrastructure Improvement Activity shall not, at any time, exceed the total planned cost of the portion of the DDOT Underground Electric Company Infrastructure Improvement Activity and the upfront financing costs approved in the pertinent financing order. By December 31 of each year during which the Bonds authorized by this chapter have been issued and continuing until the net proceeds of the Bonds have been fully disbursed, DDOT shall file with the Commission an accounting report depicting DDOT’s cumulative receipt of the Bond proceeds during the previous fiscal year and DDOT’s cumulative expenditures of those proceeds.
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