Code of the District of Columbia

§ 2–1217.36l. Financing and Closing Documents.

(a)(1) The Mayor shall execute all Financing Documents and all Closing Documents to which the District is a party that may be necessary or appropriate to issue, sell, and deliver the bonds.

(2) The Closing Documents for the infrastructure component of the Project, which may include one or more development and funding agreements, shall be executed by the Mayor and Development Sponsor. The Closing Documents for the Retail Parking components of the Project, which may include one or more development and funding agreements, shall be executed by the Mayor and the owner of the Retail Parking. No other person or entity, regardless of whether the person or entity shall own an interest in the airspace or improvements located above, below, or adjoining a Retail Parking component of the Project, shall be required to execute a development and funding agreement or any Closing Document.

(b) The Mayor is authorized to execute, in the name of the District and on its behalf, the Financing Documents and any Closing Documents to which the District is a party by the Mayor's manual or facsimile signature.

(c) If required, the official seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the bonds, the other Financing Documents, and the Closing Documents to which the District is a party.

(d) The Mayor's execution and delivery of the Financing Documents and the Closing Documents to which the District is a party shall constitute conclusive evidence of the Mayor's approval, on behalf of the District, of the final form and content of the executed Financing Documents and the executed Closing Documents.

(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, and delivery of the bonds, and to ensure the due performance of the obligations of the District contained in the executed, sealed, and delivered Financing Documents and Closing Documents.


(Feb. 15, 2018, D.C. Law 22-58, § 9, 64 DCR 13442; Sept. 11, 2019, D.C. Law 23-16, § 2012(b), 66 DCR 8621.)

Applicability

Section 7020 of D.C. Law 22-168 repealed section 16 of D.C. Law 22-58 removing the applicability restriction impacting this section. Therefore the creation of this section by D.C. Law 22-58 has been implemented.

Applicability of D.C. Law 22-58: § 16 of D.C. Law 22-58 provided that the creation of this section by § 9 of D.C. Law 22-58 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.

Emergency Legislation

For temporary (90 days) amendment of this section, see § 2012(b)(3) of Fiscal Year 2020 Budget Support Congressional Review Emergency Act of 2019 (D.C. Act 23-112, Sept. 4, 2019, 66 DCR 11964).

For temporary (90 days) amendment of this section, see § 2012(b)(3) of Fiscal Year 2020 Budget Support Emergency Act of 2019 (D.C. Act 23-91, July 22, 2019, 66 DCR 8497).