Statutes, codes, and regulations
District of Columbia Official Code
Division I - GOVERNMENT OF DISTRICTTitle 2 - GOVERNMENT ADMINISTRATIONChapter 12 - BUSINESS AND ECONOMIC DEVELOPMENTSubchapter IX - TAX INCREMENT FINANCING
Part B - IDENTIFIED PROJECTS
Section 2-1217.39a - Definitions

D.C. Code § 2-1217.39a

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Current through codified legislation effective June 1, 2024
Section 2-1217.39a - Definitions

For the purposes of this act, the term:

(1) "Authorized Delegate" means the Deputy Mayor for Planning and Economic Development, the Chief Financial Officer, the Treasurer, or any officer or employee of the executive office of the Mayor to whom the Mayor has delegated any of the Mayor's functions under this act pursuant to section 422(6) of the Home Rule Act.
(2) "Available Increment" shall have the same meaning as set forth in the Reserve Agreement.
(3) "Available Real Property Tax Revenues" means the revenues resulting from the imposition of the tax provided for in Chapter 8 of Title 47 of the District of Columbia Official Code, inclusive of any penalties and interest charges, exclusive of the special tax provided for in section 481 of the Home Rule Act pledged to payment of general obligation indebtedness of the District.
(4) "Available Sales Tax Revenues" means the revenues resulting from the imposition of the tax under Chapter 20 of Title 47 of the District of Columbia Official Code, including penalty and interest charges, exclusive of the portion thereof required to be deposited in the Washington Convention Center Fund established pursuant to section 208 of the Washington Convention Center Authority Act of 1994, effective September 28, 1994 (D.C. Law 10-188; D.C. Official Code § 10-1202.08 ), and any amounts to be made available to the Washington Metropolitan Transit Authority pursuant to Title VII of the Fiscal Year 2018 Budget Support Act of 2017 (D.C. Law 22-33; 64 DCMR 7652)(the Revised Revenue Contingency List Act of 2017), and section 2(b)(2)(A) of the Stable and Reliable Source of Revenues for WMATA Act of 1982, effective April 30, 1982 (D.C. Law 4-103; D.C. Official Code § 9-1111.15(b)(2)(A) ).
(5) "Available Tax Increment" means the sum of the Available Sales Tax Revenues and Available Real Property Tax Revenues generated in the Rhode Island Avenue ("RIA") TIF Area in any fiscal year of the District minus the sum of the base amount of the Available Sales Tax Revenues and the base amount of the Available Real Property Tax Revenues generated in the RIA TIF Area in the base year.
(6) "Bond Counsel" means a firm or firms of attorneys designated as bond counsel from time to time by the Mayor.
(7) "Bonds" means the District of Columbia Class A Bonds, Class B Bonds, and any other revenue bonds, notes, or other obligations, in one or more series, authorized to be issued pursuant to this act. Unless otherwise specified, the term "bonds" shall include Refunding Bonds.
(8) "Chairman" means the Chairman of the Council of the District of Columbia.
(9) "Chief Financial Officer" means the Chief Financial Officer established by section 424(a)(1) of the Home Rule Act.
(10) "Closing Documents" means all documents and agreements, other than Financing Documents, that may be necessary and appropriate to issue, sell, and deliver the bonds, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.
(11) "Council" means Council of the District of Columbia.
(12) "Debt Service" means principal, premium, if any, and interest on the bonds.
(13) "Development Costs" has the same meaning as in section 2(13) of the Tax Increment Financing Authorization Act of 1998, effective September 11, 1998 (D.C. Law 12-143; D.C. Official Code § 2-1217.01(13) ).
(14) "Development Sponsor" means Mid City Financial Corporation, a corporation qualified to do business in the District of Columbia, or any other entity or entities that undertakes the development of the project with the approval of the Mayor.
(15) "District" means the District of Columbia.
(16) "Financing Documents" means the documents, other than Closing Documents, that relate to the financing or refinancing of transactions to be effected through the issuance, sale, and delivery of the bonds, including any offering document, and any required supplements to any such documents.
(17) "Home Rule Act" means the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 774; D.C. Official Code § 1-201.01et seq.).
(18) "Project" means the financing, refinancing, or reimbursing of Development Costs incurred for certain infrastructure and site development within the RIA TIF Area and adjoining parcels.
(18A) "Refunding Bonds" means the District of Columbia bonds, notes, or other obligations, in one or more series, authorized to be issued pursuant to this act to refund the bonds.
(19) "Reserve Agreement" means that certain Reserve Agreement, dated as of April 1, 2002, by and among the District, Wells Fargo Bank Minnesota, N.A., and Financial Security Assurance, Inc.
(20) "TIF" means tax increment financing.

D.C. Code § 2-1217.39a

Mar. 22, 2019, D.C. Law 22-263, § 2, 66 DCR 1378; Sept. 11, 2019, D.C. Law 23-16, § 2014(a), 66 DCR 8621.

Applicability

Applicability of D.C. Law 22-263: § 7165 of D.C. Law 23-16 repealed § 16 of D.C. Law 22-263. Therefore the creation of this section by D.C. Law 22-263 has been implemented.

Applicability of D.C. Law 22-263: § 16 of D.C. Law 22-263 provided that the creation of this section by § 2 of D.C. Law 22-263 is subject to the inclusion of the law's fiscal effect in an approved budget and financial plan. Therefore that amendment has not been implemented.