*NOTE: This section includes amendments by temporary legislation that will expire on February 4, 2022. To view the text of this section after the expiration of all emergency and temporary legislation affecting this section, click this link: Permanent Version.*
(a) The Council approves and authorizes the issuance to the Authority of bonds in an aggregate amount sufficient to provide net proceeds as follows:
(1) An amount not to exceed $159 million for the costs of the project; and
(2) The amount of $2 million for the D.C. Citizens’ Job Program; provided, that:
(A) The program shall begin no later than 2 years before the completion of the construction of the New Convention Center Hotel.
(B) The program shall train and hire citizens of the District for permanent employment positions in the New Convention Center Hotel.
(C) The development, administration, and oversight of the program shall be the responsibility of the Authority.
(D) The Authority shall ensure that Marriott International, Inc.; representatives of organized labor; ONE DC (formerly known as Manna CDC), a community development corporation organized in the District; and other community organizations which have demonstrated experience in providing effective job training and placement in hospitality industry jobs participate in the development of the program.
(E) The program shall be designed to provide job-specific training which meets the specifications of positions to be filled at the New Convention Center Hotel and shall provide that District citizens who successfully complete the training be given first consideration for the jobs for which they have been trained.
(b) The bonds shall be tax-exempt or taxable as the Mayor shall determine and shall be payable from and secured by funds in the New Convention Center Hotel Fund (or the portion of such funds as shall be determined in accordance with the terms of the bonds for the payment of debt service on the bonds).
(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.
(d)(1) The Council approves and authorizes the issuance of a replacement bond to the Authority as security for any refunding bonds issued by the Authority for purposes of refunding a series of bonds of the Authority that are secured by a bond issued pursuant to this subchapter.
(2) The issuance of the replacement bond shall comply with the requirements of this subchapter; except, that the principal amount of any replacement bond issued pursuant to this subsection shall be in an amount equal to the principal amount of the refunding bonds issued by the Authority.
(Sept. 19, 2006, D.C. Law 16-163, § 105, 53 DCR 5430; Oct. 22, 2009, D.C. Law 18-78, § 3(d), 56 DCR 6959; June 24, 2021, D.C. Law 24-8, § 2, 68 DCR 004955.)
Section ReferencesThis section is referenced in § 10-1221.01.
Effect of AmendmentsD.C. Law 18-78, in the lead-in text of subsec. (a), substituted “sufficient to provide net proceeds” for “not to exceed $187 million. The net proceeds shall be used”; and rewrote subsec. (a)(1), which had read as follows: “(1) The amount of $134 million for the costs of the project; and”.
Emergency LegislationFor temporary (90 days) amendment of this section, see § 2 of New Convention Center Hotel Omnibus Financing and Development Congressional Review Emergency Amendment Act of 2021 (D.C. Act 24-103, June 17, 2021, 68 DCR 006456).
For temporary (90 days) amendment of this section, see § 2 of New Convention Center Hotel Omnibus Financing and Development Emergency Amendment Act of 2021 (D.C. Act 24-46, Mar. 24, 2021, 68 DCR 003456).
For temporary (90 day) addition, see § 105 of New Convention Center Hotel Omnibus Financing and Development Emergency Act of 2006 (D.C. Act 16-404, June 26, 2006, 53 DCR 5404).
For temporary (90 day) amendment of section, see § 3(d) of New Convention Center Hotel Emergency Amendment Act of 2009 (D.C. Act 18-186, August 12, 2009, 56 DCR 6967).
Temporary LegislationFor temporary (225 days) amendment of this section, see § 2 of New Convention Center Hotel Omnibus Financing and Development Temporary Amendment Act of 2021 (D.C. Law 24-8, June 24, 2021, 68 DCR 004955).