Section 10-B5000. GENERAL PROVISIONS

 

5000.1The provisions of §490(a)(1) of the D.C. Self-Government and Governmental Reorganization Act of 1973, (D.C. Code §47-334(a)(1)), (the "Act") provide that the Council may by act authorize the issuance of revenue bonds, notes, or other obligations (including refunding bonds, notes, or other obligations) to borrow money to finance, to refinance, or to assist in the financing or refinancing of, undertakings in the following areas:

 

(a)Housing;

 

(b)Health facilities;

 

(c)Transit and utility facilities;

 

(d)Recreational facilities;

 

(e)College and university facilities;

 

(f)College and university programs that provide loans for the payment of educational expenses for or on behalf of students;

 

(g)Pollution control facilities; and

 

(h)Industrial and commercial development.

 

5000.2The Act also provides that a financing or refinancing may be effected by loans made directly or indirectly to any individual or legal entity, by the purchase of any mortgage, note, or other security or by the purchase, lease, or sale of any property.

 

5000.3The provisions of §485 of the Act (D.C. Code, §47-332) provide that bonds and notes issued by the Council and the interest on those bonds and notes shall be exempt from all federal and District taxation, except estate, inheritance, and gift taxes.

 

5000.4The provisions of this chapter shall be liberally construed to give full effect to the purposes and objectives set forth in this section.

 

5000.5The procedures set forth in this chapter shall be followed by the Executive Branch of the District government with respect to the submission and evaluation of, and recommendations with respect to requests for the issuance by the Council of revenue bonds, notes, or other obligations, the proceeds from the sale of which will be used to finance undertakings, for both profit and non-profit applicants, in the areas specified in the Act.

 

5000.6The Executive Branch shall consider applications with respect to facilities the acquisition of which accomplish one (1) or more of the following objectives:

 

(a)Relieve conditions of unemployment by maintaining or increasing employment of citizens and residents of the District;

 

(b)Encourage the increase of industry, trade, commerce, and a balanced economy in the District by assisting in the retention of existing industry, trade, or commerce or in the attraction of new industry, trade, or commerce to the District;

 

(c)Promote economic development within the District;

 

(d)Maintain or increase the tax base of the District;

 

(e)Promote and protect the health, happiness, safety, convenience, prosperity, and general welfare of the citizens and residents of the District; or

 

(f)Protect the resources of the District.

 

authority

Unless otherwise noted, the authority for this chapter is §422 of the Self-Government and Governmental Reorganization Act, as amended, P.L. 93-198, D.C. Code §1-422 (1981), and Mayor's Order 83-145, 30 DCR 3171 (June 24, 1983).

source

Final Rulemaking published at 30 DCR 4905 (September 23, 1983).