Liability.
Neither the members of the Council nor any person executing TIF bonds issued pursuant to this subchapter shall be liable personally on the TIF bonds by reason of the issuance thereof. Notwithstanding any other provision of this subchapter, TIF bonds issued pursuant to this subchapter are not general obligations of the District and shall not be in any way a debt or liability of the District within the meaning of any debt or other limit prescribed by law. Neither the full faith and credit nor the taxing power of the District (other than property tax increment revenues and sales tax increment revenues) may be pledged to secure the payment of any TIF bonds issued pursuant to this subchapter.
Annotations
Sept. 11, 1998, D.C. Law 12-143, § 11, 45 DCR 3724 For temporary addition of §§ 1-2293.1 to 1-2293.11 1981 Ed. see note to § 2-1217.01. 1981 Ed., § 1-2293.10.
Sourced from the DC Council Open Law Library (public domain).
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