Code of the District of Columbia

Subchapter IV. Financial Affairs of the Green Finance Authority.

§ 8–173.41. Receipt of funds; disposition thereof.

The Board shall establish guidelines to govern the acceptance, administration, and expenditure by the Authority of gifts, grants, appropriations, loans, bond proceeds, property or assets, or any other type of financial assistance from public or private sources. Board approval shall be required for the acceptance of any such financial assistance, except District or federal appropriations and grants.

(Aug. 22, 2018, D.C. Law 22-155, § 401, 65 DCR 7159.)

§ 8–173.42. Repayment of funds.

The Authority shall not be required to repay moneys provided to it by the District government, including accrued interest thereon.

(Aug. 22, 2018, D.C. Law 22-155, § 402, 65 DCR 7159.)

§ 8–173.43. Issuance of bonds; renewals and refunds; deemed obligations of Authority; negotiable instruments; director, employer, or agent not personally liable.

(a) The Authority, pursuant to § 1-204.90(a)(6), may, to carry out the authorized purposes of the Authority:

(1) Incur debt by the issuance of revenue bonds; and

(2) Borrow or lend money to finance or assist in the financing of undertakings authorized by this chapter.

(b) The Authority may not use the proceeds of bonds issued by the Authority unless the Board:

(1) Determines that the use of the proceeds meets the requirements of this chapter and § 1-204.90; and

(2) Approves a resolution, describing the determination required by paragraph (1) of this subsection.

(c) Regardless of their form or character, bonds and other debt instruments of the Authority are negotiable instruments for all purposes of Subtitle I of Title 28, subject only to the provisions of the bonds for registration.

(d) No director, employee, or agent of the Authority shall be personally liable for any payment required to be made under any bond issued by the Authority.

(e) No notice, proceeding, consent, or approval shall be required for the issuance or performance of any bond of the Authority or the execution of any instrument relating thereto or to the security therefor, except as provided in this chapter or in guidelines issued by the Authority.

(f) The Authority may stipulate by resolution the terms for sale of its bonds in accordance with this chapter, including the following:

(1) The date a bond bears;

(2) The date a bond matures;

(3) Whether bonds are issued as serial bonds, as term bonds, or as a combination thereof;

(4) The denomination;

(5) The interest rate or rates, or variable rate or rates changing from time to time in accordance with a base or formula;

(6) The registration privileges;

(7) The medium and method for payment; and

(8) The terms of redemption.

(g) The Authority may sell its bonds at public or private sale and may determine the price for sale.

(h) A pledge of the Authority is binding from the time it is made. Any funds or property pledged are subject to the lien of a pledge without physical delivery. The lien of a pledge is binding as against parties having any tort, contract or other claim against the Authority regardless of notice. Neither a resolution nor any other instrument creating a pledge need be recorded.

(i) The signature of any officer of the Authority that appears on a bond remains valid if that person ceases to hold that office.

(Aug. 22, 2018, D.C. Law 22-155, § 403, 65 DCR 7159.)

§ 8–173.44. Trust indenture to secure bonds; provisions protecting holders.

(a) The Authority may secure bonds by a trust indenture between the Authority and a corporate trustee that has the authority to exercise corporate trust powers within the District.

(b) A trust indenture of the Authority may contain provisions for protecting and enforcing the rights and remedies of holders of bonds in accordance with the provisions of the resolution authorizing the sale of bonds.

(Aug. 22, 2018, D.C. Law 22-155, § 404, 65 DCR 7159.)

§ 8–173.45. No limitation, alteration, or impairment of rights and remedies of bondholders.

The District pledges to the holders of any bonds issued under this chapter that the District will not limit or alter rights vested in the Authority to fulfill agreements made with holders of the bonds, or in any way impair the rights and remedies of the holders of the bonds until the bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of such holders are fully met and discharged. The Authority may include this pledge of the District in any agreement with the holders of bonds.

(Aug. 22, 2018, D.C. Law 22-155, § 405, 65 DCR 7159.)

§ 8–173.46. Faith and credit and taxing power of District not pledged on obligation; statement thereto.

Bonds issued under the provisions of this chapter do not constitute an obligation of the District and are payable solely from the revenues or assets of the Authority. Each bond issued under this chapter must contain on its face a statement that the Authority is not obligated to pay principal or interest except from the revenues or assets pledged and that neither the faith and credit nor the taxing power of the District is pledged to the payment of the principal or interest on a bond.

(Aug. 22, 2018, D.C. Law 22-155, § 406, 65 DCR 7159.)

§ 8–173.47. Bonds as legal investments and securities.

The bonds of the Authority are legal investments in which public officers and public bodies of the District, insurance companies and associations and other persons carrying on an insurance business, banks, bankers, banking institutions including savings and loan associations, building and loan associations, trust companies, savings banks and savings associations, investment companies and other persons carrying on a banking business, administrators, guardians, executors, trustees, and other fiduciaries and other persons authorized to invest in bonds or in other obligations of the District, may legally invest funds, including capital, in their control. The bonds are also securities that legally may be deposited with and received by public officers and public bodies of the District or any agency of the District for any purpose for which the deposit of bonds or other obligations of the District is authorized by law.

(Aug. 22, 2018, D.C. Law 22-155, § 407, 65 DCR 7159.)

§ 8–173.48. District tax exemptions.

(a) The assets and income of the Authority shall be exempt from taxation by the District government.

(b) Bonds issued by the Authority and the interest thereon are exempt from District taxation except estate, inheritance, and gift taxes.

(Aug. 22, 2018, D.C. Law 22-155, § 408, 65 DCR 7159.)

§ 8–173.49. Deposits.

All monies of the Authority shall be deposited as soon as practicable in financial institutions regulated or insured by a federal or District agency.

(Aug. 22, 2018, D.C. Law 22-155, § 409, 65 DCR 7159.)