Section 10-B5011. APPLICATION PROCESS

 

5011.1A facility applicant shall complete and submit a formal application requesting an issue of bonds.

 

5011.2The Executive Branch shall establish a schedule of fees, which may be changed from time to time to be paid upon the submission of an application.

 

5011.3The application shall be in the form designated by OBED and shall be submitted to OBED in triplicate.

 

5011.4The form and content of the application may be changed from time to time.

 

5011.5The application shall include information required for evaluation of the proposed financing by the Mayor.

 

5011.6There shall be included with the application a written description of the facility and information with respect to the facility of the type normally required by financial institutions in analyzing the credit worthiness of a facility. An application submitted prior to the availability of this information shall not be sufficient for evaluation.

 

5011.7If at any point an applicant decides to withdraw an application from consideration, OBED shall have the right to require re-application if the applicant later wishes to reactivate consideration of the facility for bond financing.

 

5011.8OBED shall have responsibility for the preliminary review of all applications.

 

5011.9Facility applicants shall respond promptly to requests for clarification or additional information. Failure to respond satisfactorily may result in the immediate disapproval of an application.

 

5011.10Upon receipt and review of an application, OBED shall submit a copy to the Corporation Counsel and to bond counsel. OBED shall promptly transmit copies of any amendments to the application and a copy of its recommendation to the Corporation Counsel and to bond counsel.

 

5011.11Bond counsel shall review the application for legal sufficiency under the Act and this chapter. After review of the completed application, bond counsel shall submit its findings to OBED and to the Corporation Counsel.

 

5011.12After review of the completed application, OBED shall submit the application, with its recommendation of approval or disapproval, to the Deputy Mayor for Economic Development. A copy of the OBED recommendation shall be submitted to the Corporation Counsel and to bond counsel.

 

5011.13The Deputy Mayor for Economic Development shall furnish a copy of the application to the Deputy Mayor for Finance. The Deputy Mayor for Economic Development and the Deputy Mayor for Finance shall, after reviewing the application, submit a joint recommendation or separate recommendations on the application to the Mayor.

 

5011.14The Mayor shall review the application, comments, and recommendations, and may, in his or her discretion, approve the application. At the Mayor's discretion, bond counsel shall draft a proposed bond act and related documents for submission to the Council.

 

5011.15After the proposed bond act and related documents are drafted, they shall be forwarded to the Mayor for submission to the Council.

 

source

Final Rulemaking published at 30 DCR 4905, 4925 (September 23, 1983).