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AN ACT
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IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
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To authorize, on an emergency basis, the issuance of general obligation bonds and general
obligation bond anticipation notes of the District of Columbia for the purposes of
financing certain capital projects and the refunding of certain capital indebtedness of the
District of Columbia during fiscal years 2023 through 2028.
BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act
may be cited as the "General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 2023-
2028 Authorization Emergency Act of 2023".
Sec. 2. Definitions.
For the purposes of this act, the term:
(1) "Additional Bonds" means District general obligation bonds that may be
issued pursuant to section 461 of the Home Rule Act and any act enacted subsequent to this act
on a parity with the bonds.
(2) "Additional Notes" means District general obligation bond anticipation notes
that may be issued pursuant to section 475 of the Home Rule Act and any act enacted subsequent to
this act on a parity with the notes.
(3) "Authorized Delegate"' means 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, including, but not limited to, the Chief Financial Officer, the
City Administrator, and the Treasurer of the District of Columbia.
(4) "Bond Counsel" means a firm or firms of attorneys designated as bond
counsel or co-bond counsel from time to time by the Mayor or an Authorized Delegate.
(5) "Bonds" means District general obligation bonds authorized to be issued
pursuant to this act, including any refunding bonds.
(6) "Capital Projects" means the District capital projects as defined in section
103(8) of the Home Rule Act.
(7) "Deposit and Investment Act" means the Financial Institutions Deposit and
Investment Amendment Act of 1997, effective March 18, 1998 (D.C. Law 12-56; D.C. Official
Code § 47-351.01 et seq.).
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(8) "Escrow Agreement" means any agreement heretofore or hereafter entered into
by the Mayor or an Authorized Delegate to provide for the custody, investment, and disbursement
of revenues and funds pledged to, and in which a security interest is created for, the payment of
the principal of, and interest on, the bonds or notes.
(9) "Hedge Agreement" means any financial arrangement that is a cap, floor, or
collar; forward rate; future rate; swap, which swap may be based on an amount equal to either a
principal amount or a notional principal amount relating to all or a portion of the principal
amount of a series of bonds; asset, index, price, or market-linked transaction or agreement; other
interest rate exchange or rate protection transaction agreement; other similar transactions,
however designated; any combination thereof; any option with respect thereto; or any similar
arrangement, which is executed by the District for purposes of debt management, including
managing interest rate fluctuations on bonds, but not for purposes of speculation.
(10) "Home Rule Act" means the District of Columbia Home Rule Act, approved
December 24, 1973 (87 Stat. 774; D.C. Official Code § 1-201.01 et seq.).
(11) "Notes" means District general obligation bond anticipation notes
authorized to be issued pursuant to this act, including any renewals of such notes.
(12) "Outstanding Debt" means the outstanding indebtedness at any time of the
District for capital project loans from the Treasury of the United States, any Treasury Advances,
any outstanding general obligation bonds issued pursuant to this or any prior act, any outstanding
general obligation bond anticipation notes issued pursuant to this or any prior act, and any
income tax secured revenue bonds issued pursuant to the Income Tax Secured Bond
Authorization Act of 2008, effective October 22, 2008 (D.C. Law 17-254, D.C. Official Code
§ 47-340.26 et seq.).
(13) "Paying Agent" means the District or any bank, trust company, or national
banking association designated to serve in this capacity by the Mayor or an Authorized Delegate
pursuant to section 6.
(14) "Procurement Act" means the District of Columbia Procurement Practices
Reform Act of 2010, effective April 8, 2011 (D.C. Law 18-371; D.C. Official Code § 2-351.01 et
seq.).
(15) "Registrar" means the District or any bank, trust company, or national
banking association designated to serve in this capacity by the Mayor or an Authorized
Delegate pursuant to section 6.
(16) "Secretary" means the Secretary of the District of Columbia.
(17) "Special Tax Fund" means the debt service fund established pursuant to
section 9(a)(1).
(18) “Special Tax Funds” means the debt service funds established pursuant to
section 9(a)(1) and (2).
(19) “Special Tax Fund for Notes” means the debt service fund established
pursuant to section 9(a)(2).
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(20) "Treasury Advances" means amounts advanced to the District from the
United States Treasury pursuant to Chapter 34 of Title 47 of the District of Columbia Official
Code.
Sec. 3. Findings.
The Council finds that:
(1) Section 461 of the Home Rule Act authorizes the District to incur indebtedness
by issuing general obligation bonds to refund Outstanding Debt of the District and to provide for
the payment of the cost of acquiring or undertaking its various capital projects.
(2) Section 475 of the Home Rule Act authorizes the District to incur indebtedness
by issuing general obligation bond anticipation notes, the proceeds of which shall be used for the
purposes for which general obligation bonds may be issued under section 461 of the Home Rule
Act.
(3) The cost of Outstanding Debt may be reduced by refunding a portion of it
through the issuance of the bonds, and the District's cost of borrowing may be reduced by the
issuance from time to time of notes in anticipation of the issuance of bonds.
(4) The issuance of the bonds and the notes in anticipation of the bonds is an
economical method of financing the costs of acquiring or undertaking the capital projects
described in section 5 and of refunding all or a portion of certain Outstanding Debt as is in the
public interest.
(5) To fund the capital needs of the District for fiscal years 2023 through 2028, it
will be necessary to issue bonds from time to time in one or more series in an aggregate principal
amount not to exceed $6,400,000,000 and to issue notes from time to time in one or more series
in anticipation of all or a portion of the bonds.
Sec. 4. Bond and note authorization.
(a) The District is authorized to incur indebtedness by issuing the bonds pursuant to
sections 461 through 467 of the Home Rule Act to provide for any of the following:
(1) The payment of the cost of acquiring, undertaking, or refinancing capital
projects described in section 5 for general governmental and enterprise purposes;
(2) The reimbursing of amounts temporarily advanced for the purposes authorized
by this act from the General Fund of the District of Columbia, any enterprise fund, or other fund or
account of the District;
(3) The refunding of Outstanding Debt; and
(4) The payment of the costs and expenses of preparation, execution, issuance, sale
or delivery of, or security for, the bonds and notes, including the payments of contracts or
agreements the Mayor or an Authorized Delegate may determine to be necessary and appropriate
as described in section 7(f), and the payment of other debt program related costs as provided in
the contracts or agreements related thereto.
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(b) The Mayor or an Authorized Delegate is authorized to pay from the proceeds of the
bonds and other District funds, the costs and expenses referred to in subsection (a)(4) of this
section and to the extent necessary to establish or continue the tax exempt status of any of the
bonds issued on a tax exempt basis.
(c) The District is authorized pursuant to section 475 of the Home Rule Act to issue the
notes in anticipation of the issuance of general obligation bonds and to expend the proceeds of
the notes for any of the purposes for which bonds may be issued.
Sec. 5. Capital projects.
(a)(1) Bonds and notes may be issued from time to time to provide for the payment of
the cost of acquiring, undertaking, or refinancing capital projects of the District and
reimbursement of amounts advanced for such purposes, including, but not limited to, capital
projects for the following categories of facilities and equipment by project and project
description:
(A) Physical plant;
(B) Technology;
(C) Mass transportation;
(D) Roads and bridges;
(E) Housing and economic development;
(F) Environmental protection;
(G) Major equipment; and
(H) Recreation.
(2) The Council shall specify and determine from time to time, by resolution, the
capital projects for which the issuance of bonds shall be authorized.
(b) The maximum principal amount of indebtedness that may be incurred through the
issuance of bonds or notes for the capital projects, exclusive of the costs and expenses of issuing
and delivering the bonds or notes and any other costs referred to in section 4(a)(4), which may
be funded with proceeds of the bonds or notes, shall not exceed $6,400,000,000;
provided, that the principal amount of any notes or bonds issued to refund prior notes or bonds
issued for any capital project shall not be included in the determination of the principal amount of
indebtedness issued for such project, and provided that the aggregate amount of any refunded notes
or additional notes refinanced with bonds or additional bonds shall be returned to the maximum
principal amount of indebtedness for use in future issuances.
(c) The maximum total principal amount to be financed through the bonds and notes
provided for the capital projects listed in subsection (a)(1) of this section shall include amounts
requested by the District government and approved by Congress in the District's Fiscal Year
2023-2028 Capital Improvements Plan or other capital projects approved by the Council, as it
may be modified from time to time by appropriations legislation, or by the Council.
(d) The costs of the capital projects approved for financing pursuant to this act and prior
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bond acts that have become law, which are paid originally from the General Fund of the District of
Columbia or General Capital Improvements Fund of the District of Columbia, are reasonably
expected to be reimbursed in whole or in part with the proceeds of the bonds or notes in the
maximum amount set forth in subsection (b) of this section. The adoption of this act by the
Council declares the intent of the District under Treas. Reg. § 1.150-2, issued under the Internal
Revenue Code of 1986, approved October 22, 1986 (100 Stat. 2085; 26 U.S.C. § 1 et seq.), to
reimburse the General Fund of the District of Columbia and General Capital Improvement Fund of
the District of Columbia or to refinance Treasury Advances or loans from the Treasury of the
United States for capital projects, in either case, with the proceeds of the bonds and notes.
(e) Funds pursuant to this act shall not be used to pay for personnel of the District,
except in positions working on authorized capital projects that create assets or extend the useful
life of the assets.
Sec. 6. Bond and note details.
(a) The Mayor or an Authorized Delegate is authorized to take any action necessary or
appropriate in accordance with this act in connection with the preparation, execution, issuance,
sale, delivery, security for, and payment of the bonds and notes, including, but not limited to,
determinations of:
(1) Whether the bonds or notes are to be issued in one or more series and the
principal amount of each series;
(2) For each series of the bonds or notes, the date of issuance, sale, and delivery of
the bonds or notes, the maturity date or dates of the bonds (provided that the maximum maturity of
any bond shall not exceed 30 years from the date of issuance) or notes (provided that the maximum
maturity date of any note, including any renewal note issued to refund such note, shall not be later
than the last day of the 3rd fiscal year following the fiscal year during which such note was
originally issued), the dates for payment of principal and interest on the bonds or notes, and the
amount of each installment or sinking fund payment of principal (provided that the principal
installments on each series of the bonds shall begin no later than 3 years from the date of issuance
of the series);
(3) The rate or rates of interest or the method for determining the rate or rates of
interest on each series of the bonds and notes; provided, that the interest rate or rates borne by
the bonds of any series with fixed interest rates shall not exceed 15% per year (calculated on the
basis of a 360-day year consisting of twelve 30-day months) in any event and that the interest rate
or rates borne by the bonds of any series with non-fixed interest rates shall not exceed 15% per
year (calculated on the basis of the actual number of days elapsed over a year of 365 or 366 days
and based on the total amount of interest paid in any fiscal year), and the interest rate or rates borne
by the notes of any series shall not exceed in the aggregate 10% per year (calculated on the basis of
a 360-day year consisting of twelve 30-day months or on the basis of the actual number of days
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elapsed over a year of 365 or 366 days), as determined by the Mayor or the Authorized Delegate;
provided further, that if the notes are not paid at maturity, the notes may provide for an interest rate
or rates after maturity not to exceed in the aggregate 15% per year (calculated on the basis of a 360-
day year consisting of twelve 30-day months or on the basis of the actual number of days elapsed
over a year of 365 or 366 days), as determined by the Mayor or the Authorized Delegate;
(4) For each series of the bonds or notes, the maximum debt service payable in
any fiscal year in accordance with the amount permitted under section 11(a)(3);
(5) The designation of any series of the bonds or notes and their denominations,
lettering, and numbering or the manner of determining the designations and denominations,
lettering, and numbering;
(6) The price and terms under which any series of the bonds or notes may be
paid, optionally or mandatorily redeemed, accelerated, tendered, called, or put for redemption,
repurchase, or remarketing before their stated maturities;
(7) The final form, content, and terms of each series of the bonds and notes,
including a determination that any series of the bonds or notes may be issued in book-entry
form;
(8) The designation of a registrar, if other than the District, for any series of the
bonds or notes and the execution and delivery of any necessary agreements relating to the
appointment;
(9) The designation of a Paying Agent for any series of the bonds or notes and the
execution and delivery of any necessary agreements relating to the appointment;
(10) Provisions for the registration, transfer, and exchange of the bonds or notes and
the replacement of mutilated, lost, stolen, or destroyed bonds or notes; and
(11) Provisions for the security of holders of the bonds or notes, including, but not
limited to, bond insurance or other credit enhancement.
(b) The bonds and notes shall be executed in the name of the District and on its behalf by
the manual signature of the Mayor or an Authorized Delegate. To the extent required by the
Home Rule Act, the official seal of the District or a facsimile of it shall be impressed, printed, or
otherwise reproduced on the bonds and notes.
(c) The registrar shall manually authenticate each bond or note and maintain the books of
registration for the payment of the principal of, and interest on, the bonds or notes and perform
other ministerial responsibilities as specifically provided in its appointment as registrar, and the
securities depository, if the bonds or notes are issued in book-entry form, shall maintain or cause to
be maintained books of registration of owners of beneficial interests in the bonds or notes.
Sec. 7. Sale of the bonds and notes.
(a) The bonds of any series may be sold by the Mayor or an Authorized Delegate at a
public sale upon receipt of sealed proposals (including electronic bids), or at a private sale on a
negotiated basis in a manner as the Mayor or an Authorized Delegate may determine to be in the
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public interest, all pursuant to and in accordance with section 466 of the Home Rule Act. The
notes of any series may be sold by the Mayor or an Authorized Delegate by competitive bid or
negotiated sale as may be determined by the Mayor or an Authorized Delegate to be in the best
interest of the District.
(b) The Mayor or an Authorized Delegate may prepare, or cause to be prepared, and may
execute, for each sale of the bonds or notes, offering documents on behalf of the District and may
authorize the distribution of the offering documents for the bonds or notes.
(c) The Mayor or an Authorized Delegate shall take actions and execute and deliver
agreements, documents, and instruments (including any amendment of or supplement to any
such agreement, document, or instrument) as required by or incidental to:
(1) The issuance of the bonds or notes;
(2) If and to the extent the bonds or notes are issued on a tax-exempt basis, the
'
exclusion from gross income for federal income tax purposes of interest on the bonds or notes, the
treatment of interest on the bonds or notes as not an item of tax preference for purposes of the
federal alternative minimum tax, and the exemption from District taxation of interest on the
bonds or notes;
(3) The performance of any covenants contained in this act or any purchase
contract for the bonds or notes; and