- Except as provided in subsection (h) of this section, the Authority may at any time, and from time to time, issue revenue bonds (including refunding bonds, notes, or other obligations), by resolution, in one or more series to finance or refinance any cost. The resolution shall name the Chairperson of the Board or his or her designee as the authorized delegate to execute all documents related to the revenue bond financings or refinancings.
- Revenue bonds of the Authority are obligations payable from revenues of the Authority from whatever source derived, including certain dedicated revenues, earnings on the Fund, and any other revenue available to the Authority which may lawfully be used for these purposes.
- Regardless of their form or character, revenue bonds of the Authority are negotiable instruments for all purposes of the Uniform Commercial Code of the District of Columbia, approved December 30, 1963 (77 Stat. 631; § 28:1-101 et seq.), subject only to the provisions of the bonds for registration.
- No official, employee, or agent of the Authority shall be held personally liable solely because a revenue bond is issued.
- The issuance and performance of bonds by the Authority as contemplated in this chapter and the adoption of resolutions authorizing such bonds, notes, and other obligations shall be done in compliance with the requirements of this chapter, but shall not be subject to subchapter I of Chapter 5 of Title 2.
- The Authority shall have the power to borrow money and to issue revenue bonds regardless of whether or not the interest payable by the Authority incident to such loans or revenue bonds or the income derived by the holders of the evidence of such indebtedness or revenue bonds notes is, for the purposes of federal taxation, includable in the taxable income of the recipients of these payments or is otherwise not exempt from the imposition of taxation on the recipients.
- The Authority shall have the power to contract with the holders of its revenue bonds, as to the custody, collection, securing, investment, and payment of any monies of the Authority and of any monies held in trust or otherwise for the payment of revenue bonds.
- During each fiscal year in which debt service on the proposed bonds and outstanding revenue bonds issued by the Authority, and the transfer provided in § 34-2202.07(f) becomes due and payable, the Authority may not issue bonds, notes, or other obligations or borrow money unless the Authority first certifies, to the reasonable satisfaction of the District of Columbia Auditor, that the revenues of the Authority are sufficient to pay its costs, the principal of and interest on and other requirements pertaining to the proposed bonds and outstanding revenue bonds issued by the Authority, and amounts equal to the debt service payments on District general obligation bonds issued by the District prior to October 1, 1996, which financed Department of Public Works, Water and Sewer Utility Administration capital projects, as such bonds and transfers become due and payable. The Authority's certification shall be supported by expert study and analysis.
- The Authority shall set rates, fees, levies, and other charges which will result in the collection of amounts which, together with other Authority revenues available and applicable, will be at least sufficient to pay its costs, the principal of and interest on and other requirements pertaining to its bonds, and to make transfers to the District of amounts equal to the debt service payments on District general obligation bonds issued by the District prior to October 1, 1996, which financed Department of Public Works, Water and Sewer Utility Administration capital projects, as such bonds and transfers become due and payable.
- All bonds issued by the Authority shall be callable not more than 11 years after the date of the issuance of the respective bond.
Historical and Statutory
1981 Ed., § 43-1679.
Emergency Act Amendments
For temporary amendment of section, see § 2(h) of the District of Columbia Water and Sewer Authority Emergency Amendment Act of 1996 (D.C. Act 11-293, July 9, 1996, 43 DCR 4160), § 2(h) of the Water and Sewer Authority Congressional Review Emergency Amendment Act of 1996 (D.C. Act 11-397, October 9, 1996, 43 DCR 5686), § 2(h) of the Water and Sewer Authority Second Congressional Review Emergency Amendment Act of 1996 (D.C. Act 11-466, December 30, 1996, 44 DCR 165), and § 2(h) of the Water and Sewer Authority Congressional Review Emergency Amendment Act of 1997 (D.C. Act 12-48, March 31, 1997, 44 DCR 2105).
Legislative History of Laws
For legislative history of D.C. Law 11-111, see Historical and Statutory Notes following § 34-2201.01.
For legislative history of D.C. Law 11-184, see Historical and Statutory Notes following § 34-2201.01.
Law 12-81, the "Technical Amendments Act of 1998," was introduced in Council and assigned Bill No. 12-408, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on November 4, 1997, and December 4, 1997, respectively. Signed by the Mayor on December 22, 1997, it was assigned Act No. 12-246 and transmitted to both Houses of Congress for its review. D.C. Law 12-81 became effective on March 24, 1998.
Section 701 of D.C. Law 11-111 provided that the act, with the exception of sections 208 through 211, shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), approval by the Financial Responsibility and Management Assistance Authority as provided in section 203(a) of the District of Columbia Financial Responsibility and Management Assistance Authority Act of 1995, approved April 17, 1995 (109 Stat. 116; D.C. Code § 47-392.03(c)), and a 30-day period of Congressional review as provided in section 602 (c)(1) of the District of Columbia Self-Government and Governmental Reorganization Act, approved December 24, 1973 (87 Stat. 813; D.C. Code § 1-206.02(c)(1)), and publication in the District of Columbia Register. Sections 208 through 211 of the act shall take effect upon the enactment by Congress of the legislation proposed in title IV of the act, or of substantially similar legislation.
DC CODE § 34-2202.09
Current through December 11, 2012
(Apr. 18, 1996, D.C. Law 11-111, § 209, 43 DCR 548; Apr. 9, 1997, D.C. Law 11-184, § 202(h), 43 DCR 4265; Mar. 24, 1998, D.C. Law 12-81, § 53, 45 DCR 745.)