Home
Bibliography
Calendar
Columns
Dorothy Brizill
Bonnie Cain
Jim Dougherty
Gary Imhoff
Phil Mendelson
Mark David Richards
Sandra Seegars
DCPSWatch
DCWatch
Archives
Council Period 12
Council Period 13
Council Period 14
Election 1998
Election 2000
Election 2002
Elections
Election
2004
Election 2006
Government and People
ANC's
Anacostia Waterfront Corporation
Auditor
Boards and Com
BusRegRefCom
Campaign Finance
Chief Financial Officer
Chief Management Officer
City Council
Congress
Control Board
Corporation Counsel
Courts
DC2000
DC Agenda
Elections and Ethics
Fire Department
FOI Officers
Inspector General
Health
Housing and Community Dev.
Human Services
Legislation
Mayor's Office
Mental Health
Motor Vehicles
Neighborhood Action
National
Capital Revitalization Corp.
Planning and Econ. Dev.
Planning, Office of
Police Department
Property Management
Public Advocate
Public Libraries
Public Schools
Public Service Commission
Public Works
Regional Mobility Panel
Sports and Entertainment Com.
Taxi Commission
Telephone Directory
University of DC
Water and Sewer Administration
Youth Rehabilitation Services
Zoning Commission
Issues in DC Politics
Budget issues
DC Flag
DC General, PBC
Gun issues
Health issues
Housing initiatives
Mayor’s mansion
Public Benefit Corporation
Regional Mobility
Reservation 13
Tax Rev Comm
Term limits repeal
Voting rights, statehood
Williams’s Fundraising Scandals
Links
Organizations
Appleseed Center
Cardozo Shaw Neigh.Assoc.
Committee of 100
Fed of Citizens Assocs
League of Women Voters
Parents United
Shaw Coalition
Photos
Search
What Is DCWatch?
themail
archives
|
ANTHONY A. WILLIAMS
MAYOR
May 1, 2006
The Honorable Linda W. Cropp
Chairman
Council of the District of Columbia
John A. Wilson Building
1350 Pennsylvania Avenue, NW, Suite 504
Washington, DC
20004
Dear Chairman Cropp:
Enclosed is legislation entitled, "Library
Transformation Act of 2006," which I am submitting for Council's
consideration and approval. This legislation would approve the financing
of a new Martin Luther King Jr. Memorial Library to be built on the site
of the old convention center. This proposal is also included in the
Fiscal Year 2007 Budget Support Act of 2006 that is now before the
Council. However, after working with Councilmember Kathy Patterson,
Chair of the Education, Libraries and Recreation Committee, I have
agreed to introduce stand-alone legislation in order to have more
opportunity to present my vision for the new central library and to
address questions that have arisen from the Council and the general
public. I would like to move forward with the Council to have this
proposal considered and brought to a vote before the Council goes on its
summer recess.
As you know, we have a unique opportunity this year to
transform our entire library system. I have already proposed significant
funding to ensure the renewal of our neighborhood library branches and
the enhancement of library operations and hours throughout the city. In
order to complete this transformation, however, we must make the
necessary investment in our central library. The legislation I am
submitting would support my vision for the new central library as a
centerpiece and anchor of downtown, as an accessible public institution
to residents in all areas of the city, and an architecturally exciting
and multi-functional building whose main purpose is to serve the public.
There is no need for me to go into detail regarding the
plight of our library system overall. Our operational capacity,
facilities, and financial resources have failed to ensure that libraries
act as the literacy, learning, and information resources that they
should be for our residents. In 2004, 1 launched a blue-ribbon Task
Force on the Future of the District of Columbia Public Library System ("Task
Force") to create a vision for a 21st century library system . The
primary purpose of the Task Force was to recommend a plan for improved
operations, technology, programming and facilities for the entire DC
Public Library system. The Task Force analyzed the DC Public Libraries
system, reviewed the practices of the best public libraries in the
United States and prepared recommendations. In November 2005, the Task
Force issued draft recommendations. Since then, DC Public Libraries has
held I0 listening sessions across the city to get community input on the
plan. I expect a final report from the Task Force to be released
shortly.
Based on what I have learned from the Task Force's work,
I made my proposal to provide significant resources for the library
system in my Fiscal Year 2007 budget, including an additional $8 million
to enhance key library services including updated collections, expanded
operating hours, new computers, and improved programming for children,
youth and adults. On the capital side, I proposed a $94.5 million
increase in this capital budget to invest in our public library system.
I am glad to see these proposals moving forward with the rest of the
budget.
We cannot have a truly functional library system, even
with all of this investment, if we do not have a strong central library.
In other cities, we have learned that the central library is the engine
that powers the neighborhood branches and ensures that patrons of these
branches have access to the central library system's resources and to
other branches as well. Fixing the branches without investing in the
central library is akin to fixing the wheels of a car while allowing the
engine to deteriorate.
Over the next month or two, I look forward to making the
case why a new central library on the site of the old convention center
is a worthwhile and exciting opportunity for the city. I believe that it
is important as we develop a world-class new downtown neighborhood that
we make space for an important public institution that provides access
for all residents to this thriving and revitalized environment that will
showcase new office, retail and housing. Part of this must be reserved
for civic uses and public open space, and a new central library can be
this important anchor. A new Martin Luther King Jr. central library will
be a hub for all residents to enjoy and not just downtown employees,
shoppers, and visitors. This new library would house cutting-edge
technology and house valuable collections including Black Studies and
Washingtoniana for residents and academics to enjoy.
I also look forward to discussing why I do not believe
that it is simply enough to try to renovate the 900 G Street, NW,
location for the central library. In short, I think it will be just as
expensive to do a renovation of the central library but without the
added benefits of creating unique public space in the center of
downtown, attracting residents as new patrons, and enticing visitors and
scholars alike. We must send a signal that we want this most democratic
of institutions to be a key part of the excitement and renewal taking
place on the site of the old convention center. Therefore, I am
proposing the new site for the central library, and I will be happy to
work with the Council to clarify the challenges and costs of renovating
the existing building.
In order to fully implement my vision, I am asking the
Council to approve the city's use of D.C. Public Libraries' existing
real estate assets to finance the new central library. This means that
the Council would authorize the District to enter into a long-term lease
on the 900 G Street NW property and approve a payment-in-lieu-of-taxes
(PILOT) on this same site. A long-term lease is expected to generate at
least $60 million in up-front payment from a future developer, and the
final amount would be determined based on responses to a competitive
solicitation (see attached). The PILOT would raise $50 million and would
be calculated based on the real estate taxes that a developer would have
paid on the 900 G Street NW site when it went on to the tax rolls. The
PILOT mechanism would simply direct these funds to go to the new central
library. An additional $70 million is needed to meet the total funding
need, and of this $70 million, $I4 million is already committed by the
federal government. The remainder would be met by an aggressive private
fundraising campaign by the D.C. Public Library Foundation and
additional support from the federal government.
I look forward to working with you, Councilmember
Patterson, and the rest of the Council over the next two months to share
my vision for the new central library and answer any questions you may
continue to have.
Sincerely,
Anthony A. Williams
Chairman Linda W. Cropp the request of the Mayor
A BILL
IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
To authorize the construction of a new central library on
the site of the Old Convention Center, to authorize lease of the real
property known as 901 G Street, N.W. and an agreement with the lessee
for a payment in lieu of taxes on the leased real property, to authorize
the issuance of revenue bonds for the payment of costs of capital
projects with respect to District libraries, and to delegate contracting
authority under the Procurement Practices Act to D.C. Public Libraries.
BE IT ENACTED BY THE COUNCIL OF THE
DISTRICT OF COLUMBIA,
That this bill may be cited as the
"Library Transformation Act of 2006".
Sec. 2. Sense of the Council
regarding construction of new central library.
It is the sense of Council that the
Mayor be authorized to construct a new central library for the District of Columbia on a portion of
the site of the Old Convention Center not exceeding
50,000 square feet in size. The Old Convention Center site is defined as
the land bounded by 9th, H and 11th Streets and New York Avenue,
N.W. (other than Reservation 174) and identified for tax purposes
as Square 374, Lot 848.
Sec. 3. Authorization of lease.
(a) The Mayor is authorized to lease
the real property known as 90I G Street, NW 33 and designated as Square
375, Lot 825, in the manner and on the terms described in this section. The lease will be offered for
bid by a competitive Solicitation of Offers containing the following
requirements:
(1) the bidder must demonstrate that
it has the financial capability of making 4 the lease payments in the
manner and at the times described in the solicitation documents;
(2) the bidder must commit and
demonstrate that it has the ability and experience to develop the real property in a manner
that preserves the historic character of the building in accordance
with all applicable historic preservation laws;
(3)
the bidder must agree that local, small and disadvantaged business enterprises will receive at least 35% of all contracts involved in the
renovation, reconstruction or other development of the building;
and
(4) the bidder must commit to sign a
First Source Hiring Agreement with the District's Department of
Employment Services.
The Mayor may include such additional conditions as he
shall determine to be necessary or appropriate.
(b) The lease shall be awarded to the bidder who
satisfies all the bid conditions and who makes the best financial
offer. The lease shall be for a term of 99 years and shall be on an
"as is" basis, that is, without warranty of any kind by the
District. The lease may contain such other terms as the Mayor shall
determine to be in the best interest of the District. All lease
payments shall be deposited into the Library Development Trust Fund.
Sec. 4. Authorization of PILOT
agreement.
The Mayor is authorized to enter into
a payment in lieu of taxes ("PILOT") agreement with the lessee of 90I G Street, NW. The
PILOT agreement shall have a term of 30 years and shall provide for
annual payments by the lessee in such amount as would be paid in real property taxes under
chapter 8 of title 47 of the District of Columbia Official Code if the leased property
were subject to real property tax under that chapter. The annual
payments under the PILOT agreement shall be deposited into the Library Development Trust Fund.
Sec. 5. Definitions.
For the purpose of this act, the term:
(1) "Authorized Delegate" means the City
Administrator, the Chief Financial Officer, the Treasurer, or 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.
(2) "Available Real Property Tax
Revenues" means the revenues resulting from the imposition of
the tax provided for in Chapter 8 of Title 47, including penalty and interest charges,
exclusive of the special tax provided for in § I-204.81, pledged to
payment of general obligation indebtedness of the District.
(3) "Available Sales Tax Revenues" means the
revenues resulting from the imposition of the tax under Chapter 20 of
Title 47, including penalty and interest charges, exclusive of the
portion thereof required to be deposited in the Washington Convention Center Fund established
pursuant to §10-1202.08.
(4) "Available Tax Increment" means the sum
of the Available Sales Tax Revenues and Available Real Property Tax
Revenues generated in the Old Convention Center TIF Area in any
fiscal year of the District minus the sum of Available Sales Tax Revenues and Available Real Property Tax Revenues generated in the Old
Convention Center TIF Area in the base year.
(5) "Bond Counsel" means a
firm or firms of attorneys designated as bond counsel from time to
time by the Mayor.
(6) "Bonds" means the District of Columbia
revenue bonds, notes, or other obligations (including refunding bonds,
notes, and other obligations), in one or more series, authorized
to be issued pursuant to this act.
(7) "Chief Financial
Officer" means the Chief Financial Officer established pursuant to section 424(a)(1) of the Home
Rule Act.
(8) "City Administrator"
means the City Administrator established pursuant to section 422(7) of
the Home Rule Act.
(9) "Chairman" means the
Chairman of the Council of the District of Columbia.
(10) "Closing Documents" means all documents
and agreements other than Financing Documents that may be necessary
and appropriate to issue, sell, and deliver the Bonds contemplated
thereby, and includes agreements, certificates, letters, opinions,
forms, receipts, and other similar instruments.
(11) "District" means the
District of Columbia.
(12) "Financing Documents"
means the documents other than Closing Documents that relate to the
financing or refinancing of transactions to be effected through the
issuance, sale, and delivery of the Bonds, including any offering
document, and any required supplements to any such documents.
(13) "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.).
(14) "Library Act" means an
Act to establish and provide for the maintenance of a free public library and reading room
in the District of Columbia, approved June 3, I896
(29 Stat. 244; D.C. Official Code §39-101 et seq.).
(15) "TIF" means tax
increment financing.
Sec. 6. Amendment of Library Act.
(a) Section 12(a) of the Library Act
is amended by adding a new subsection (7) to read as follows:
"(7) Any other revenues of the
District of Columbia specifically identified by any provision of District of Columbia law to be paid into
the Trust Fund. Each type of revenue shall be allocated to an account within the
Trust Fund specifically created to receive and hold such type of
revenue."
(b) Section 12(b) of the Library Act
is amended by adding a new subsection (7) to read as follows:
"(7) The Mayor may pledge and
create a security interest in the monies in the Trust Fund or any account within the Trust Fund, for
the payment of the costs of carrying out any of the purposes
described in this section 12(b), or for the payment of debt service on any Bonds issued by the District for any of the purposes described in
this section 12(b), without further action by the Council as
permitted by section 490(f) of the Home Rule Act and notwithstanding
the provisions of section 12(c) of this act. If Bonds are issued,
such payment will be made in accordance with the provisions of the
Financing Documents entered into by the District in connection with
the issuance of any such Bonds."
(c) The Library Act is amended by adding new sections 14-20 to read as follows:
"Sec. 14. Bond
authorization.
"(a) The Council approves and
authorizes the issuance of one or more series of Bonds pursuant to the provisions of section 490 of the
Home Rule Act in a total amount not to exceed Ninety Million Dollars
($90,000,000) for payment of the costs of the purposes described in section
12(b). Of the total
amount of Bonds authorized by this act, Fifty Million Dollars
($50,000,000) shall be for the construction of a new central library and
Forty Million Dollars ($40,000,000) shall be for the construction,
reconstruction, renovation or renewal of branch libraries. There is
hereby allocated to the Bonds the monies in the Trust Fund or such portion of such
monies as shall be determined in accordance with the terms of the Bonds for the payment
of debt service on the Bonds and the payment of such other costs as
are permitted to be paid with monies from the Trust Fund.
"(b) The Bonds, which may be issued from time to
time, in one or more series, which shall be tax-exempt or taxable as
the Mayor shall determine, shall be payable solely from and secured
by monies deposited in the Trust Fund.
"(c) The Mayor is authorized to
pay from the proceeds of the Bonds the costs and expenses of issuing and delivering
the Bonds, including, but not limited to, underwriting, legal, accounting, financial
advisory, bond insurance or other credit enhancement, marketing and
selling the Bonds, and printing costs and expenses.
"Sec.
15. Bond details.
"(a) The Mayor is authorized to
take any action reasonably necessary or appropriate in accordance
with this act in connection with the preparation, execution, issuance,
sale, delivery, security for, and payment of
the Bonds of each series, including, but not limited to, determinations
of:
(1) The final form, content,
designation, and terms of the Bonds, including a determination that
such Bonds may be issued in certificated or book-entry form;
(2) The principal amount of the Bonds
to be issued and denominations of the Bonds;
(3) The rate or rates of interest or
the method for determining the rate or rates of
interest on the Bonds;
(4) The date or dates of issuance,
sale, and delivery of, and the payment of interest on the Bonds, and
the maturity date or dates of such Bonds;
(5) The 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;
(6) Provisions for the registration,
transfer, and exchange of the Bonds and the replacement of mutilated, lost,
stolen, or destroyed Bonds;
(7) The creation of any reserve fund,
sinking fund, or other fund with respect to the
Bonds;
(8) The time and place of payment of
the Bonds;
(9) Procedures for monitoring the use of the proceeds
received from the sale of the Bonds to ensure that the proceeds are
properly applied and used to accomplish the purposes of the Home Rule
Act and this act;
(10) Actions necessary to qualify the
Bonds under blue sky laws of any jurisdiction where the Bonds are
marketed; and
(11) The terms and types of credit
enhancement under which the Bonds may be secured.
"(b) The 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 taxes, fees and
other monies deposited
in the Trust Fund), do not constitute a debt of the District, and do
not constitute lending of the public credit for private undertakings as prohibited in section 602(a)(2) of the
Home Rule Act.
"(c) The Bonds shall be executed
in the name of the District and on its behalf by the manual or
facsimile signature of the Mayor, and attested by the Secretary of the
District by the Secretary's manual or facsimile
signature. The Mayor's execution and delivery of the Bonds shall constitute conclusive
evidence of the Mayor's approval, on behalf of the District, of the final form and
content of the Bonds.
"(d) The official seal of the
District, or a facsimile of it, shall be impressed, printed, or
otherwise reproduced on the Bonds.
"(e) The Bonds of any series may be issued in
accordance with the terms of a trust instrument to be entered into by
the District and a trustee to be selected by the Mayor, and may be
subject to the terms of one or more agreements entered into by the Mayor
pursuant to section 490(a) (4) of the Home Rule Act.
"(f) The Bonds may be issued at
any time or from time to time in one or more issues and
in one or more series.
"(g) The Bonds are declared to
be issued for essential public and governmental purposes. The Bonds
and the interest thereon and 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.
"(h) The District does hereby
pledge and covenant and agree 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 such 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 this act, 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. This
subsection constitutes a contract between the District and the holders of the Bonds. To the
extent that any acts or resolutions of the Council may be in conflict with this act, this act
shall be controlling.
"(i) Consistent with section
490(a) (4)(B) of the Home Rule Act and notwithstanding D.C. Official Code §
28:9-10I et seq.:
(1) A 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;
(2) The 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 such party
has notice; and
(3) The 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.
"Sec. 16. Sale of the Bonds.
"(a) The Bonds of any series may be sold at
negotiated or competitive sale at, above, or below par, to one or more
persons or entities, and upon terms that the Mayor considers to be in
the best interest of the District.
"(b) The Mayor or an Authorized
Delegate may execute, in connection with each sale of the Bonds, offering documents on behalf of the
District, may deem final any such offering document on behalf of the
District for purposes of compliance with federal laws and regulations governing such matters and may
authorize the distribution of the documents in
connection with the Bonds being sold.
"(c) The Mayor is authorized to
deliver the executed and sealed Bonds, on behalf of the District, for authentication,
and, after the Bonds have been authenticated, to deliver the Bonds to
the original purchasers of the Bonds upon payment of the purchase price.
"(d) The Bonds shall not be issued until the
Mayor receives an approving opinion from Bond Counsel as to the
validity of the Bonds of such series and, if the interest on the Bonds is expected to be exempt from federal income taxation, the
treatment of the interest on the Bonds for purposes of federal income
taxation.
"(e) The District of Columbia
Procurement Practices Act of I985, effective February 2I, 1986 (D.C. Law 6-85; D.C.
Official Code §2-301.01 et seq.) ("Procurement Act"), and the Financial
Institutions Deposit and Investment Amendment Act of 1998, effective March 18, 1998 (D.C. Law
I2-56; D.C. Official Code §47-35I.0I et seq.) ("Deposit and Investment Act"), shall not
apply to any contract the Mayor may from time to time enter into for
purposes of this act or the Mayor may determine to be necessary or appropriate
for purposes of this act to place, in whole or in part:
(1) An investment or obligation of the
District as represented by the 9Bonds;
(2) An investment or obligation or
program of investment; or
(3) A contract or contracts based on
the interest rate, currency, cash flow, or other basis, including without
limitation interest rate swap agreements; currency swap agreements; insurance agreements;
forward payment conversion agreements; futures contracts providing for payments
based on levels of, or changes in, interest rates, currency exchange rates, or stock or
other indices; contracts to exchange cash flows or a series of payments; and contracts to
hedge payment, currency, rate, spread or similar exposure, including. without
limitation, interest rate floors, or caps, options, puts, and calls. The contracts or other
arrangements may also be entered into by the District in connection with, or incidental to,
entering into or maintaining any agreement that secures the Bonds.
The contracts or other arrangements shall contain whatever terms and conditions as the Mayor may consider
appropriate and shall be entered into with whatever party or parties the Mayor may select, after
giving due consideration, where applicable, to the
creditworthiness of the counterparty or counterparties, including any rating by a nationally recognized
rating agency or any other criteria as may be appropriate. In connection with, or
incidental to, the issuance or holding of the Bonds, or entering into any contract or other
arrangement referred to in this section, the District may enter into credit enhancement or
liquidity agreements, with payment, interest rate, termination date, currency, security,
default, remedy, any other terms and conditions as the Mayor
determines. Proceeds of the Bonds and any money set aside and pledged to
secure payment of the Bonds or any contract or other
arrangement entered into pursuant to this section may be pledged to
and used to service any contract or other arrangement entered
into pursuant to this section.
"Sec. I7. Payment and security.
"(a) Except as may be otherwise
provided in this act, the principal of, premium, if any, and interest on, the Bonds shall
be payable solely from proceeds received from the sale of the Bonds,
income realized from the temporary investment of those proceeds, receipts and revenues realized by the District from
the Trust Fund, income realized from the temporary investment of
those receipts and revenues prior to payment to the Bond owners,
other moneys that, as provided in the Financing Documents, may be made available to the District for the payment of the
Bonds, and other sources of payment (other than the District), all as
provided for in the Financing Documents.
"(b) Payment of the Bonds shall
be secured as provided in the Financing Documents and by an
assignment by the District for the benefit of the Bond owners of certain
of its rights under the Financing Documents
and Closing Documents, including a security interest in certain collateral, if any, to the
trustee for the Bonds pursuant to the Financing Documents.
"(c) The trustee is authorized to
deposit, invest, and disburse the proceeds received from the sale of
the Bonds pursuant to the Financing Documents.
"Sec. 18. Financing and Closing
Documents.
"(a) The 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. Each of the Financing
Documents and each of the Closing Documents to which the District is
not a party shall be approved, as to form and content, by the Mayor.
"(b) The 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.
"(c) If required, the official
seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the
Bonds, the other Financing Documents, and the Closing Documents to
which the District is a party.
"(d) The 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, including those Financing Documents and Closing
Documents to which the District is not a party.
"(e) The 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 rating by a nationally recognized
rating agency or any other criteria as may be appropriate. In connection with, or
incidental to, the issuance or holding of the Bonds, or entering into any contract or other
arrangement referred to in this section, the District may enter into credit enhancement or
liquidity agreements, with payment, interest rate, termination date, currency, security,
default, remedy, any other terms and conditions as 6 the Mayor
determines. Proceeds of the Bonds and any money set aside and pledged to secure payment of the Bonds or any contract or other
arrangement entered into pursuant to this section may
be pledged to and used to service any contract or other arrangement entered
into pursuant to this section.
"Sec. I7. Payment and security.
"(a) Except as may be otherwise
provided in this act, the principal of, premium, if any, and interest on, the Bonds shall
be payable solely from proceeds received from the sale of the Bonds,
income realized from the temporary investment of those proceeds, receipts and revenues realized by the District from
the Trust Fund, income realized from the temporary investment of
those receipts and revenues prior to payment to the Bond owners,
other moneys that, as provided in the Financing Documents, may be made available to the District for the payment of the
Bonds, and other sources of payment (other than the District), all as
provided for in the Financing Documents.
"(b) Payment of the Bonds shall
be secured as provided in the Financing Documents 20 and by an
assignment by the District for the benefit of the Bond owners of certain
of its rights under the Financing Documents
and Closing Documents, including a security interest in certain collateral, if any, to the
trustee for the Bonds pursuant to the Financing Documents.
"(c) The trustee is authorized to
deposit, invest, and disburse the proceeds received from the sale of
the Bonds pursuant to the Financing Documents.
"Sec. 18. Financing and Closing
Documents.
"(a) The 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. Each
of the Financing Documents and each of the Closing Documents to which
the District is not a party shall be approved, as to form and content,
by the Mayor.
"(b) The 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.
"(c) If required, the official
seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the
Bonds, the other Financing Documents, and the Closing Documents to
which the District is a party.
"(d) The 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, including those Financing Documents and Closing
Documents to which the District is not a party.
"(e) The 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.
"Sec. 19. Limited liability.
"(a) The Bonds shall be special
obligations of the District. The Bonds shall be without recourse to the District. The
Bonds shall not be general obligations of the District, shall not be a pledge of or involve
the faith and credit or the taxing power of the District (other than the taxes, fees and other
monies deposited in the Trust Fund), shall not constitute a debt of the District, and shall not
constitute lending of the public credit for private undertakings as prohibited in section 602(a)(2) of the
Home Rule Act.
"(b) The Bonds shall not give
rise to any pecuniary liability of the District and the District shall have no obligation
with respect to the purchase of the Bonds.
"(c) No person, including, but
not limited to any Bond owner, shall have any claims against the District or any of its
elected or appointed officials, officers, employees, or agents for
monetary damages suffered as a result of the failure of the District to
perform any covenant, undertaking, or obligation
under this act, the Bonds, the Financing Documents, or the Closing
Documents, nor as a result of the incorrectness of any representation in
or omission from the Financing Documents or the Closing
Documents, unless the District or its elected or
appointed officials, officers, employees, or agents have acted in a
willful and fraudulent manner.
"Sec. 20. District officials.
"(a) Except as otherwise provided in section 19(c), the elected or appointed officials,
officers, employees, or
agents of the District shall not be liable personally for the payment of
the Bonds or be subject to any personal liability by reason of the
issuance of the Bonds, or for any representations, warranties,
covenants, obligations, or agreements of the District contained in this act, the Bonds, the Financing
Documents, or the Closing Documents.
"(b) The signature,
countersignature, facsimile signature, or facsimile countersignature of any official appearing on the
Bonds, the Financing Documents, or the Closing
Documents shall be valid and sufficient for all purposes notwithstanding
the fact that the individual signatory ceases
to hold that office before delivery of the Bonds, the Financing
Documents, or the Closing Documents."
Sec. 7. Creation of the Old Convention
Center TIF Area.
(a) There is hereby created a TIF area
denominated the "Old Convention Center TIF Area", the
Available Tax Increment from which shall be allocated as provided in
this act. The Old Convention Center TIF
Area is defined as the area of the District identified for
tax purposes as Square 374, Lot 848.
(b) With respect to the Old
Convention Center TIF Area, the base year for determination of Available Sales Tax Revenues from
locations within such Area shall be the tax year
preceding the year in which this act is adopted and base year for determination of Available Real
Property Tax Revenues shall be the fiscal year of the District during which this act is
adopted and the initial assessed value to be used in making such determination shall be
the assessed value of each lot of taxable real property in the Old Convention Center TIF Area
on the date this act is adopted.
(c) Up to Forty Million Dollars ($40,000,000) of the
Available Tax Increment from the Old Convention Center TIF Area shall
be allocated and paid into the Library Development Trust Fund.
Sec. 8. Delegation of procurement
authority.
The authority to enter into all
contracts to be entered into by the District for the new central
library project as authorized by this act under the provisions of the Procurement Practices Act of 1985,
effective February 21, 1986 (D.C. Law 6-85; D.C.Official Code §2-301.01 et seq.) is
delegated to the D.C. Public Libraries. The D.C. Public Libraries will use its best efforts to assure
that 50% of the contracts awarded in connection with the construction of
the new central library are awarded to local, small or disadvantaged
business enterprises in accordance with District law.
Sec.
9. Severability.
As provided in the General Rule of
Severability Adoption Act of I983, effective March 14, 1984 (D.C. Law
5-56; D.C. Official Code §45-201), if any provision of this act or the application of this act to
any person or circumstance is held to be unconstitutional or beyond the statutory authority of
the Council, or otherwise invalid, the invalidity
shall not affect other provisions or applications of the act that can be
given effect without the invalid provision
or application, and to this end the provisions of this act
are declared to be severable.
Sec. 10. Fiscal impact statement.
The Council adopts the fiscal impact statement in the
Committee report as the fiscal impact statement required by section
602(c)(3) of the Home Rule Act, approved December
24, 1973 (87 Stat. 813; D.C. Official Code §1-206.02(c)(3)).
|