Code of the District of Columbia

§ 9–107.54. Payment and security.

(a) Except as may be otherwise provided in this part, the Debt Service on the GARVEE Bonds, and the payment of ongoing administrative expenses related to the GARVEE Bond financing, shall be payable solely from proceeds received from the sale of the GARVEE Bonds, income realized from the temporary investment of those proceeds, the GARVEE Revenues and any other receipts and revenues realized by the District and deposited into the Transportation Infrastructure Improvement Fund, and income realized from the temporary investment of the GARVEE Revenues and those other receipts and revenues prior to payment to the GARVEE Bond owners.

(b) Payment of the GARVEE Bonds shall be secured as provided in the Financing Documents and by an assignment by the District for the benefit of the GARVEE Bond owners of certain of its rights under the Financing Documents and Closing Documents to the trustee for the GARVEE Bonds pursuant to the Financing Documents.

(c) The trustee or paying agent is authorized to deposit, invest, and disburse the proceeds received from the sale of the GARVEE Bonds pursuant to the Financing Documents.


(Sept. 23, 2009, D.C. Law 18-54, § 5, 56 DCR 5694.)

Section References

This section is referenced in § 9-107.52.