Section 10-B5016. BOND COUNSEL

 

5016.1An applicant may be required to consult with bond counsel designated by the District with respect to any phase of the bond issuance process, including, but not limited to, the drafting of the bond act and the bond documents.

 

5016.2Bond counsel shall participate with applicant's counsel, the Corporation counsel, and the purchaser's counsel in the scheduling of the work and preparation of all documentation in connection with the bond issue.

 

5016.3Within sixty (60) days after the date of closing of any bonds issued under D.C. Code §47-334 (1981), bond counsel shall file with OBED a written statement setting forth, for informational purposes only the following:

 

(a)The name and address of the issuer and the designated title of the bond;

 

(b)The name and address of the facility applicant;

 

(c)The date of issue, the face amount, total purchase price, and the amount of lendable proceeds of the issue; and the interest rate stated or rate computation (if variable), term, and face amount of each bond which is part of the issue;

 

(d)The date on which the Council approved the bond act and the date on which the bond act became effective pursuant to the provisions of §602(c) of the Act;

 

(e)The name and address of the following:

 

(1)Each initial principal user of the bond financed facility;

 

(2)The common parent of any affiliated group of corporations (within the meaning of §1504(a) of the Internal Revenue Code) of which that initial principal user is a member; and

 

(3)Any person treated as a principal user under §5007.11; and

 

(f)A description of the facility being financed from proceeds of the issue.

 

5016.4Concurrently with the issuance of bonds, bond counsel shall render an opinion with respect to the validity of the issue under §490 of the Act and with respect to the exemption of the interest on the bonds from federal and District taxes.

 

source

Final Rulemaking published at 30 DCR 4905, 4926 (September 23, 1983).