(a) The GARVEE Bonds shall be special obligations of the District. The GARVEE Bonds shall be without recourse to the District. The GARVEE Bonds shall not be general obligations of the District, shall not be a pledge of, or involve, the faith and credit or the taxing power of the District, shall not constitute a debt of the District, and shall not constitute lending of the public credit for private undertakings as prohibited in § 1-206.02(a)(2).
(b) The GARVEE Bonds shall not give rise to any pecuniary liability of the District and the District shall have no obligation with respect to the purchase of the GARVEE Bonds.
(c) No person, including, but not limited to any GARVEE Bond owner, shall have any claims against the District or any of its elected or appointed officials, officers, employees, or agents for monetary damages suffered as a result of the failure of the District to perform any covenant, undertaking, or obligation under this part, the GARVEE Bonds, the Financing Documents, or the Closing Documents, or as a result of the incorrectness of any representation in or omission from the Financing Documents or the Closing Documents, unless the District or its elected or appointed officials, officers, employees, or agents have acted in a willful and fraudulent manner.
(Sept. 23, 2009, D.C. Law 18-54, § 9, 56 DCR 5694.)
This section is referenced in § 9-107.59.
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