Section 10-B5014. ISSUANCE AND REALLOCATION: VOLUME CAP

 

5014.1Industrial development bonds to which any portion of the District's 1986 Volume Cap has been allocated pursuant to §5013.1, shall be issued prior to October 1, 1986.

 

5014.2In the event that the bonds described by §5014.1 are not issued by October 1, 1986, the allocation assigned to those bonds may, in the Mayor's discretion, be rescinded and the Mayor may seek to reallocate the rescinded allocation to other bond financings which meet the requirements of §5014.3, but which have not received an allocation of the District's 1986 Volume Cap.

 

5014.3All facility applicants shall provide OBED evidence of receipt of the following:

 

(a)Commitments from purchasers, underwriters or other parties involved in the bond financing necessary, on the advice of the Corporation Counsel, to implement the bond financing; and

 

(b)All governmental approvals necessary, on the advice of the Corporation Counsel, to implement the bond financing.

 

5014.4Governmental approvals shall include the following:

 

(a)Fully-executed Affirmative Action Plan; and

 

(b)Executed Certification and Co-Certification of Non-discrimination.

 

5014.5If applicable, all facility applicants shall furnish satisfactory evidence to the District, at or before closing, as to the availability of the following:

 

(a)Zoning approvals;

 

(b)Certificates of Need;

 

(c)Historic Preservation clearance; and

 

(d)Other similar governmental approvals, except for those specified in §5014.4.

 

5014.6The deadline for submission of the approvals required by §5014.4 shall be the earlier of the expiration of the Congressional layover period required by §602 of the Act, D.C. Code, § 1-233(c)(1), (1985 Supp.) or the date the bond act becomes law, in the event the layover period is waived by Congress.

 

5014.7If a facility applicant meets the requirements of §5014.3, bonds requested by that facility applicant shall be issued within thirty (30) days after the earlier of the expiration of the Congressional layover period required by §602 of the Act, D.C. Code, §1-233(c)(1), (1985 Supp.) or the date the bond act becomes law, in the event the layover period is waived by Congress.

 

5014.8In the event that the bonds described in §5014.1 are not issued within the period specified in §5014.7, the allocation assigned to those bonds may, in the Mayor's discretion, be rescinded and the Mayor may seek to reallocate the rescinded allocation to other bond financings which meet the requirements of this chapter, but which have not received an allocation of the District's 1986 Volume Cap.

 

5014.9If any portion of the District's 1986 volume Cap becomes available for reallocation for any other reason, that portion may, in the Mayor's discretion, be rescinded and the Mayor may seek to reallocate the rescinded allocation to other bond financings which meet the requirements of this chapter, but which have not received an allocation of the District's 1986 Volume Cap.

 

source

Final Rulemaking published at 33 DCR 4438, 4445 (July 25, 1986).