{"data":{"id":"us-dc/d.c.-code-10-1605.11","jurisdiction":"us-dc","citation":"D.C. Code § 10-1605.11","heading":"RFK infrastructure and parking facilities bond authorizations.","body":"(a)\n(1)\nThe Mayor, or any District government instrumentality or authority designated by the Mayor, may issue, no earlier than October 1, 2025, one or more series of Bonds in a total principal amount not to exceed $759 million or such lesser amount as necessary in order to generate net proceeds of $500 million for payment of the costs of the RFK Campus Infrastructure Project. The District hereby declares its intent to issue Bonds in the amount authorized in this subsection and to use the proceeds to pay or reimburse expenditures for the costs of the purposes or improvements described in the Robert F. Kennedy Campus Redevelopment Amendment Act of 2025. This subsection is a declaration of intent within the meaning of, and for purposes described in, Treasury Regulation 1.150-2 (26 C.F.R. § 1.150-2).\n(2)\nThe Mayor, or any District government authority or instrumentality designated by the Mayor, may allocate to the Bonds authorized by paragraph (1) of this subsection the funds in the RFK Campus Infrastructure Fund.\n\n(b)\n(1)\nThe Mayor, or any District government instrumentality or authority designated by the Mayor, may issue, no earlier than October 1, 2031, one or more series of Bonds in a total principal amount not to exceed $210 million or such lesser amount as necessary in order to generate net proceeds of $175 million for payment of the costs of the RFK Campus Parking Facilities Project. The District hereby declares its intent to issue Bonds in the amount authorized in this subsection and use the proceeds to pay or reimburse expenditures for the costs of the purposes or improvements described in the Robert F. Kennedy Campus Redevelopment Amendment Act of 2025. This subsection is a declaration of intent within the meaning of, and for purposes described in, Treasury Regulation 1.150-2 (26 C.F.R. § 1.150-2).\n(2)\nThe Mayor, or any District government authority or instrumentality designated by the Mayor, may allocate to the Bonds authorized by paragraph (1) of this subsection the funds in the RFK Campus Parking Facilities Fund.\n\n(c)\nThe Mayor and each Authorized Delegate may take any action necessary or appropriate in accordance with the Robert F. Kennedy Campus Redevelopment Amendment Act of 2025 in connection with the preparation, execution, issuance, sale, delivery, security for, and payment of the Bonds of each series, including determinations of:\n(1)\nThe final form, content, designation, and terms of the Bonds, including a determination that the Bonds may be issued in certificated or book entry form;\n(2)\nThe principal amount of the Bonds to be issued and the denominations of the Bonds;\n(3)\nThe rate or rates of interest on, and the method or methods of determining the rate or rates of interest on, the Bonds;\n(4)\nThe date or dates of issuance, sale, and delivery of the payment of interest on, and the maturity date or dates of, the Bonds;\n(5)\nWhether the Bonds are to be sold at a competitive or negotiated sale and the terms and conditions of the sale;\n(6)\nThe terms under which the Bonds may be paid, optionally or mandatorily redeemed, accelerated, tendered, called or put for redemption, repurchase, or remarketing before their respective stated maturities;\n(7)\nProvisions for the registration, transfer, and exchange of each series of the Bonds and the replacement of mutilated, lost, stolen, or destroyed Bonds;\n(8)\nThe creation of any reserve fund, sinking fund, or other fund with respect to the Bonds and the determination of the priority thereof;\n(9)\nThe time and place of payment of the Bonds;\n(10)\nWhether the Bonds will be taxable, tax-exempt, or a combination thereof;\n(11)\nProcedures for monitoring the use of the proceeds received from the sale of the Bonds to ensure that they are properly applied to the RFK Campus Infrastructure Project or RFK Campus Parking Facilities Project and used to accomplish the purposes of the Robert F. Kennedy Campus Redevelopment Amendment Act of 2025;\n(12)\nActions necessary to qualify the Bonds under the blue sky laws of any jurisdiction where the Bonds are marketed;\n(13)\nThe terms and types of credit enhancement under which the Bonds may be secured; and\n(14)\nThe selection of the underwriter for the Bonds.\n\n(d)\nThe Bonds shall contain a legend, which shall provide that the Bonds are special obligations of the District, are without recourse to the District, are not a pledge of, and do not involve, the faith and credit or the taxing power of the District (other than the payments from the RFK Campus Infrastructure Fund or RFK Campus Parking Facilities Fund or any other security authorized by the Robert F. Kennedy Campus Redevelopment Amendment Act of 2025), do not constitute a debt of the District, and do not constitute lending of the public credit for private undertakings as prohibited by § 1-206.02(a)(2).\n\n(e)\nThe Bonds shall be executed in the name of the District and on its behalf by the manual or facsimile signature of the Mayor. The Mayor's execution and delivery of the Bonds and any necessary ancillary documents shall constitute conclusive evidence of the Mayor's approval on behalf of the District of the final form and content of the Bonds and any necessary ancillary documents.\n\n(f)\nIf required, the official seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the Bonds.\n\n(g)\nThe Bonds may be issued at any time or from time to time in one or more issues and one or more series and may be sold at public or private sale. A series of Bonds may be secured by a trust agreement or trust indenture between the District and a corporate trustee having trust powers or other instrument or instruments by means of which the District may:\n(1)\nMake and enter into any and all covenants and agreements with the trustee or the holders of the Bonds that the District may determine to be necessary or desirable relating to:\n(A)\nThe application, investment, deposit, use, and disposition of the proceeds of the Bonds and the other funds, securities, and property of the District;\n(B)\nThe assignment by the District of its rights in any agreement;\n(C)\nThe terms and conditions upon which additional Bonds of the District may be issued;\n(D)\nThe appointment of a trustee to act on behalf of bondholders and abrogating or limiting the rights of the bondholders to appoint a trustee; and\n(E)\nThe vesting in a trustee for the benefit of the holders of the Bonds, or in the bondholders directly, such rights and remedies as the District shall determine to be necessary or desirable;\n(2)\nPledge, mortgage or assign monies, agreements, property or other assets of the District, either in hand or to be received in the future, or both;\n(3)\nProvide for bond insurance, letters of credit, interest rate swaps, or other financial derivative products or otherwise enhance the credit of and security for the payment of the Bonds or reduce or otherwise manage the interest costs of the bonds and provide security therefore; and\n(4)\nProvide for any other matters of like or different character that in any way affect the security for or payment on the Bonds.\n\n(h)\nThe Bonds are declared to be issued for essential public and governmental purposes. The Bonds, the interest thereon, the income therefrom, and all monies pledged or available to pay or secure the payment of the Bonds shall at all times be exempt from taxation by the District, except for estate, inheritance, and gift taxes.\n\n(i)\nThe District hereby pledges and covenants and agrees with the holders of the Bonds that, subject to the provisions of the financing documents, the District will not limit or alter the revenues pledged to secure the Bonds or the basis on which the revenues are collected or allocated, will not impair the contractual obligations of the District to fulfill the terms of any agreement made with the holders of the Bonds, will not in any way impair the rights or remedies of the holders of the Bonds, and will not modify in any way, with respect to the Bonds, the exemptions from taxation provided for in the Robert F. Kennedy Campus Redevelopment Amendment Act of 2025, until the Bonds, together with interest thereon, with interest on any unpaid installment of interest and all costs and expenses in connection with any suit, action, or proceeding by or on behalf of the holders of the Bonds, are fully met and discharged. This pledge and agreement for the District may be included as part of the contract with the holders of the Bonds.\n\n(j)\nConsistent with § 1-204.90(a)(4)(B), and notwithstanding article 9 of Subtitle I of Title 28:\n(1)\nA pledge made and security interest created in respect of the Bonds or pursuant to any related financing document shall be valid, binding, and perfected from the time the security interest is created, with or without physical delivery of any funds or any property and with or without any further action;\n(2)\nThe lien of the pledge shall be valid, binding, and perfected as against all parties having any claim of any kind in tort, contract, or otherwise against the District, whether or not the party has notice; and\n(3)\nThe security interest shall be valid, binding, and perfected whether or not any statement, document, or instrument relating to the security interest is recorded or filed.\n\n(k)\nIf there shall be a default in the payment of the principal of, or interest on, any Bonds of a series after the principal or interest shall become due and payable, whether at maturity or upon call for redemption, or if the District shall fail or refuse to carry out and perform the terms of any agreement with the holders of any of the Bonds, the holders of the Bonds, or the trustee appointed to act on behalf of the holder of the Bonds, may, subject to the provisions of the Financing Documents, do the following:\n(1)\nBy action, writ, or other proceeding, enforce all rights of the holders of the Bonds, including the right to require the District to carry out and perform the terms of any agreement with the holders of the Bonds or its duties under the Robert F. Kennedy Campus Redevelopment Amendment Act of 2025;\n(2)\nBy action, require the District to account as if it were the trustee of an express trust;\n(3)\nBy action, petition to enjoin any acts or things that may be unlawful or in violation of the rights of the holders of the Bonds; and\n(4)\nDeclare all the Bonds to be due and payable, whether or not in advance of or at maturity and, if all defaults be made good, annul the declaration and its consequences.\n\n(l)\n(1)\nThe elected or appointed officials, officers, employees, or agents of the District shall not be personally liable on the Bonds by reason of their issuance.\n(2)\nNotwithstanding any other provision of the Robert F. Kennedy Campus Redevelopment Amendment Act of 2025, the Bonds shall not be general obligations of the District and shall not be a debt or liability of the District within the meaning of any debt or other limit prescribed by law. The faith and credit or the general taxing power of the District (other than funds in the RFK Campus Infrastructure Fund or RFK Campus Parking Facilities Fund) shall not be pledged to secure the payment of the Bonds.","path":["Title 10. Parks, Public Buildings, Grounds, and Space.","Chapter 16. Sports Facilities.","Subchapter V. Robert F. Kennedy Campus Redevelopment.","Part A. General."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/10-1605.11","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"61309b565864f6eb158df30675e406afd86faed42464e1febc46cc18ae26643a","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-10-1605.10","next":"us-dc/d.c.-code-10-1605.12"},"notice":"GroundRules: Original legal text. Not legal advice."}