District Of Columbia § 34-2202.13a - Defeasance of bonds.
Full text of District Of Columbia D.C. Code § 34-2202.13a — Defeasance of bonds., with citation guidance and answers to common questions.
§ 34-2202.13a. Defeasance of bonds.
34-2202.13aThe Authority’s bonds shall no longer be considered outstanding and unpaid and shall be deemed fully met and discharged for the purposes of and the security provided by the pledges of and liens on, revenues, assets, and property, if the Authority:
Deposits with an escrow agent, which shall be a bank, trust company, or national banking association with requisite trust powers, in a separate defeasance escrow account, established and maintained by the escrow agent solely at the expense of the Authority and held in trust for the bond owners, sufficient moneys or direct obligations of the United States, principal of and interest on which, when due and payable, will provide sufficient moneys, together with moneys so deposited, to pay when due the principal and interest of bonds issued by the Authority to be defeased; and
Delivers to the defeasance escrow agent an irrevocable letter of instruction to apply the moneys or investments to the payment of the principal of and interest on the bonds issued by the Authority to be defeased as they become due and payable.
The defeasance escrow agent shall not invest the defeasance escrow account in any investment callable at the option of its issuer if the call could result in less than sufficient moneys being available for the purposes required by this section.
The defeasance escrow account specified in subsection (a) of this section may be established and maintained without regard to any limitations placed on these accounts by any act or resolution of the Authority now existing or adopted after April 9, 1997, except for this chapter.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 34-2202.13a
What does D.C. Code § 34-2202.13a cover?
Section 34-2202.13a ("Defeasance of bonds.") 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 § 34-2202.13a?
A common citation format is "D.C. Code § 34-2202.13a" (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 § 34-2202.13a 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.