Program fee.
The Mayor may assess fees in connection with the provision to any for-profit or not for profit entity of loans, grants, credit support, revenue bonds, notes or other obligations authorized pursuant to federal law or regulations or any act or resolution of the Council of the District of Columbia. Such fees shall be in amounts reasonably calculated to defray costs associated with developing, implementing, administering, monitoring, evaluating or otherwise supporting such financial assistance for economic development purposes.
Annotations
Mar. 20, 1998, D.C. Law 12-60, § 502(b), 44 DCR 7378 Oct. 19, 2000, D.C. Law 13-172, § 2002, 47 DCR 6308 Industrial Revenue Bond Fees Act of 1997: Section 501 of D.C. Law 12-60 provided that § 502 of the act may be cited as the “Industrial Revenue Bond Fees Act of 1997.” D.C. Law 13-172 rewrote this section which formerly provided: “The Mayor may charge a program fee to each entity on whose behalf the District of Columbia issues industrial revenue bonds authorized pursuant to § 47-334 in an amount sufficient to cover costs and expenses incurred by the District, including those incurred in connection with the issuance, sale, and delivery of bonds, the District’s participation in monitoring the use of bond proceeds and compliance with contracts and public benefit requirements, the maintenance of official records of transactions, the assistance in the redemption, repurchase, and remarketing of the bonds, and other activities related to the loan and disposition of revenue bond proceeds.” 1981 Ed., § 47-340.20. This section is referenced in § 47-340.21 and § 47-340.23.
Sourced from the DC Council Open Law Library (public domain).
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