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An unlimited amount of tax-exempt financing is available for capital projects
owned and operated by any 501(c)(3) organization, including non-profit
associations, health care, charitable and community service organizations, and
public and private elementary, secondary, technical and higher education
institutions located within any area of the District.
Similarly, a range of so-called "exempt facilities"
may be financed on a tax-exempt basis without regard to their location within
the District. Permitted projects include, transportation, sewer, water, gas,
electric, solid and hazardous waste, recreation, parking, housing and urban
redevelopment facilities. "Exempt Facility Bonds" are subject to
certain conditions and restrictions that do not apply to either 501(c)(3) Bonds,
Governmental Revenue Bonds and the new Enterprise Zone (EZ) Bonds. Taxable bonds
may be issued and sold separately or in tandem with each of the foregoing types
of tax-exempt securities to finance any type of industrial, commercial and
non-profit projects situated anywhere in the District.
With the exception of "Governmental Revenue Bonds"
(see Table 1), securities issued through the Revenue Bond Program are secured
solely by the pledged revenues, income and other assets of the borrower. The
District's issuance and sale of such bonds does not give rise to any pecuniary
or legal liability of the District which incurs no obligation to repay the
bonds. The securities do not constitute a pledge of or involve the full faith
and credit or the general taxing power of the District or federal governments. |
