(a) The Council approves and authorizes the issuance of one or more series of bonds in an aggregate principal amount not to exceed $46.5 million to fund the project. The bonds, which may be issued from time to time, in one or more series, shall be tax-exempt or taxable as the Mayor shall determine and shall be payable and secured as provided in § 2-1217.33e.
(b) The proceeds of the bonds shall be used as follows:
(A) An amount not to exceed $35 million may be used for payment of Development Costs of the project, other than costs described in subparagraph (B) of this paragraph.
(B) An amount not to exceed $11.5 million may be used to pay the financing costs incurred by the District or the Development Sponsor and to fund capitalized interest and required reserves.
CREDIT(S)
(Nov. 25, 2008, D.C. Law 17-278, § 5, 55 DCR 11050.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For Law 17-278, see notes following § 2-1217.33a.