Section 10-B5018. GENERAL ADMINISTRATION

 

5018.1Any bond considered under this chapter shall comply with applicable registration requirements as provided in §103(j) of the Internal Revenue Code.

 

5018.2Each bond act proposed by the Executive Branch shall provide that bonds shall not constitute general obligations of the District, but shall, pursuant to D.C. Code §47-334(a)(2), constitute special obligations of the District, the principal of, premium, if any, and interest on which shall be payable from the receipts and revenues to be realized from the facility whose financing is undertaken by the issuance of the bonds and from any other moneys made available to the District for that purpose.

 

5018.3Each bond act proposed by the Executive Branch shall provide that the bonds shall not be general obligations of the District and shall not be a pledge of or involve the faith and credit or the taxing power of the District, shall not constitute a debt of the District, and shall not constitute a lending of the public credit for private undertakings as contained in §602(a) (2) of the Act.

 

5018.4Each bond act proposed by the Executive Branch with respect to a qualified industrial development bond shall provide that certification shall be submitted not less than annually by the facility applicant or its successor to OBED and the bondholder(s), or, if appropriate, the trustee for the bondholder(s), as to whether a substantial user or a related person holds a bond.

 

5018.5Unless otherwise approved by the Executive Branch, any financial institution proposed to serve as the trustee with respect to a bond issue, shall be a financial institution whose principal office is located in the District.

 

5018.6The public benefit agreements shall clearly indicate that violations shall not affect the validity of the bond act or an issue of bonds.

 

5018.7In interpreting the provisions of this chapter, the Executive Branch shall rely, where specifically indicated in this chapter, on the Internal Revenue Code, the Internal Revenue Regulations, and Internal Revenue Rulings; Provided, that where the provisions of this chapter do not indicate specific reliance on the Internal Revenue Code, the Internal Revenue Regulations, and Internal Revenue Rulings, the Executive Branch shall be guided by those authorities unless the following apply:

 

(a)The precise application of those authorities to the District would be impractical; or

 

(b)The best interests of the District would be served by relying solely on the authority contained in §490 of the Act.

 

source

Final Rulemaking published at 30 DCR 4905, 4928 (September 23, 1983).