{"data":{"id":"us-dc/d.c.-code-10-1604.08","jurisdiction":"us-dc","citation":"D.C. Code § 10-1604.08","heading":"Financing and closing documents.","body":"(a)\nThe Mayor is authorized to prescribe the final form and content of all Financing Documents and all Closing Documents to which the District is a party that may be necessary or appropriate to issue, sell, and deliver the bonds.\n\n(b)\nThe Mayor is authorized to execute, in the name of the District and on its behalf, the Financing Documents and any Closing Documents to which the District is a party by the Mayor's manual or facsimile signature.\n\n(c)\nIf required, the official seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the Financing Documents and the Closing Documents to which the District is a party.\n\n(d)\nThe Mayor's execution and delivery of the Financing Documents and the Closing Documents to which the District is a party shall constitute conclusive evidence of the Mayor's approval, on behalf of the District, of the final form and content of the executed Financing Documents and the executed Closing Documents.\n\n(e)\nThe Mayor is authorized to deliver the executed and sealed Financing Documents and Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, and delivery of the bonds, and to ensure the due performance of the obligations of the District contained in the executed, sealed, and delivered Financing Documents and Closing Documents.\n\n(f)\nThe Financing and Closing Documents shall include an agreement by the DC Arena, LP, the owner of the Verizon Center, which agreement shall include the following provisions:\n(1)\nDC Arena, LP shall annually report to the Chief Financial Officer on the expenditure of the net proceeds realized from the bonds (which proceeds shall include the proceeds from any loan secured by the bonds or the proceeds from the sale of the bonds to a third party by DC Arena, LP) on project costs;\n(2)\nDC Arena, LP shall apply any unexpended net proceeds (which proceeds shall include the proceeds from any loan secured by the bonds or the proceeds from the sale of the bonds to a third party by DC Arena, LP) to the funding of any required reserves under the terms of the Financing and Closing Documents;\n(3)\nThe earnings on any unexpended net proceeds (which proceeds shall include the proceeds from any loan secured by the bonds or the proceeds from the sale of the bonds to a third party by DC Arena, LP) shall be credited to the debt service of the District on the bonds;\n(4)\nDC Arena, LP shall exercise its right to extend the Land Disposition Agreement – Ground Lease dated December 29, 1995 for an additional 20 years as provided for under section 5.2 thereof; and\n(5)\nDC Arena, LP shall waive section 6.3 of the Land Disposition Agreement –Ground Lease dated December 29, 1995, to insure the rent paid by DC Arena, LP to the District is not offset or decreased by the tax imposed by § 47-2002.06","path":["Title 10. Parks, Public Buildings, Grounds, and Space.","Chapter 16. Sports Facilities.","Subchapter IV. Verizon Center."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/10-1604.08","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"dafa72609572e10a3a6ce8c24e94f931bbbe37245e4216c45d97e565a82cdf41","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-10-1604.07","next":"us-dc/d.c.-code-10-1604.09"},"notice":"GroundRules: Original legal text. Not legal advice."}