(a) Pursuant to 1-204.90, the Council approves and authorizes the issuance of one or more series of GARVEE Bonds to fund the Qualified Transportation Project Costs of the Qualified Transportation Project; provided that:
(1) The aggregate principal amount of GARVEE Bonds that may be issued is the amount that can be supported by Debt Service equal to the annual GARVEE Revenues received by the District, but shall not exceed $430 million;
(2) The GARVEE Bonds may be issued from time to time in one or more series;
(3) The GARVEE Bonds shall be tax-exempt or taxable as the Chief Financial Officer shall determine and shall be payable and secured as provided in s 9-107.54.
(b) The Mayor is authorized to pay from the proceeds of the GARVEE Bonds the costs and expenses of issuing and delivering the GARVEE Bonds, including, but not limited to, underwriting discount or fees, rating agency fees, legal fees, accounting fees, financial advisory fees, trustee and paying agent fees, collection agent fees, bond insurance, letters of credit and other credit enhancements, liquidity enhancements, and printing costs and expenses.
Effect of Amendments
The 2014 amendment by D.C. Law 20-124 substituted “shall not exceed $430 million” for “shall not exceed $200 million” in (a)(1).
For temporary (90 days) amendment of this section, see § 2(b) of the Transportation Infrastructure Improvements GARVEE Bond Financing Emergency Amendment Act of 2013 (D.C. Act 20-218, November 26, 2013, 60 DCR 16528, 20 STAT 2610).
For temporary (225 days) amendment of this section, see § 2(b) of the Transportation Infrastructure Improvements GARVEE Bond Financing Temporary Amendment Act of 2013 (D.C. Law 20-69, February 22, 2014, 61 DCR 22.
Section 301 of D.C. Law 20-110 provided: “Findings.
“(a) The Property is located at the intersection of Naylor Road, S.E., Good Hope Road, S.E., and Alabama Avenue, S.E., and consists of approximately 18.7 acres of land and is further defined in section 101(22).
“(b) The Property was acquired with the intention of eliminating blight by redeveloping the underused site into retail and residential space to benefit the surrounding community and the District. Therefore, the Property is not required for public purposes and the Property needs to be declared surplus in order to dispose of the Property for redevelopment purposes.
“(c) A public hearing was held on June 26, 2013, at the Francis A. Gregory Neighborhood Library located at 3660 Alabama Ave. S.E., regarding the finding that the Property is no longer required for public purposes.”
Section 302 of D.C. Law 20-110 provided that the Council determined that the Property is no longer required for public purposes.
Section 401 of D.C. Law 20-110 provided:
“(a) The Property is located at the intersection of Naylor Road, S.E., Good Hope Road, S.E., and Alabama Avenue, S.E., consists of approximately 18.7 acres of land, and is further defined in section 101(22).
“(b) The Project shall include affordable housing, such that 20% of the residential units shall be reserved for households with incomes at or below 80% AMI. An additional 10% of the residential units shall be reserved for households with incomes at or below 120% of AMI.
“(c) The Developer shall enter into an agreement with the District requiring the Developer to, at a minimum, contract with Certified Business Enterprises for at least 35% of the contract dollar volume of the Project, and requiring at least 20% equity and 20% development participation of Certified Business Enterprises.
“(d) The Developer shall enter into a First Source Agreement with the District that shall govern certain obligations of the Developer pursuant to section 4 of the First Source Employment Agreement Act of 1984, effective June 29, 1984 (D.C. Law 5-93; D.C. Official Code Section 2-219.03) and Mayor's Order 83-265, dated November 9, 1983, regarding job creation and employment as a result of the construction on the Property.
“(e) The Developer shall comply with the terms set forth in Zoning Commission Order No. 09-03, July 12, 2010, pertaining to the following properties: Square 5640, Lot 33; Square 5640, Lot 35; Square 5640, Lot 816; and Par 0213, Lot 64.
“(f) The Land Disposition Agreement to be executed between the District and the Developer shall:
“(1) Incorporate the District's right to reacquire the Property at the price originally conveyed consistent with section 1(e) of An Act Authorizing the sale of certain real estate in the District of Columbia no longer required for public purposes, approved August 5, 1939 (53 Stat. 1211; D.C. Official Code Section 10-801(e)); and
“(2) Except as provided in paragraph (1) of this subsection, be consistent with the terms in the documents submitted by the Mayor to the Council in conjunction with the Skyland Town Center Omnibus Act of 2014. Any substantive change shall be submitted to the Council consistent with section 1(b-1)(6) of An Act Authorizing the sale of certain real estate in the District of Columbia no longer required for public purposes, approved August 5, 1939 (53 Stat. 1211; D.C. Official Code Section 10-801(b-1)(6)).”