District Of Columbia § 47-340.31 - Payment and security.
Full text of District Of Columbia D.C. Code § 47-340.31 — Payment and security., with citation guidance and answers to common questions.
§ 47-340.31. Payment and security.
47-340.31The bonds shall be special obligations of the District payable solely from the Available Tax Revenues pledged therefor under this subchapter and other receipts, revenues, and funds in the Income Tax Secured Bond Fund and payable to the Income Tax Secured Bond Fund pursuant to this subchapter and the Financing Documents. The Available Tax Revenues shall constitute dedicated taxes and fees and available revenues within the meaning of . As such, the holders of the bonds shall have a first lien on and pledge of the Available Tax Revenues superior to that of any other person, including holders of general obligation bonds or notes secured by the full faith and credit of the District pursuant to .
The bonds shall be without recourse to the District, are not a pledge of, and do not involve, the faith and credit or the taxing power of the District (other than the Available Tax Revenues and any other taxes and fees allocated to the Income Tax Secured Bond Fund), do not constitute a debt of the District, and do not constitute lending of the public credit for private undertakings as prohibited in . The bonds shall contain a legend expressly setting forth the limitations set forth in the preceding sentence.
Payment of the bonds shall be secured as provided in the Financing Documents and by an assignment by the District for the benefit of the bond owners of certain of its rights under the Financing Documents and Closing Documents to the Collection Agent and trustee pursuant to the Financing Documents.
The Collection Agent and trustee, respectively, may deposit, invest, and disburse the Available Tax Revenues received pursuant to the Financing Documents.
The trustee may disburse the proceeds of the bonds to the District.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 47-340.31
What does D.C. Code § 47-340.31 cover?
Section 47-340.31 ("Payment and security.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 47-340.31?
A common citation format is "D.C. Code § 47-340.31" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 47-340.31 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.