The Council finds that:
(1) The Southwest Waterfront is a section of the District that requires financial assistance for its redevelopment because the scale of the project includes rebuilding the majority of the neighborhood and replacing existing infrastructure. The project will aid in the redevelopment by providing financial assistance to support the portions of the Southwest Waterfront that will revert to the District as publicly owned infrastructure and parks.
(2) Section 1-204.90 provides that the Council may, by act, authorize the issuance of District bonds to borrow money to finance, refinance, or reimburse, and to assist in the financing, refinancing, or reimbursing of, undertakings in certain areas designated in § 1-204.90 where the ultimate obligation to repay the bonds is that of one or more governmental persons or entities.
(3) Section 1-204.90 provides that bonds may be issued to assist in undertakings for the economic development of the District.
(4) The authorization, issuance, sale, and delivery of bonds for the payment of costs of the project are desirable, are in the public interest, and will accomplish the purposes and intent of § 1-204.90.
(Oct. 22, 2008, D.C. Law 17-252, § 102, 55 DCR 9251.)
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