Sec. 212. PLEDGE OF SECURITY INTEREST IN REVENUES OF DISTRICT GOVERNMENT

132 words·~1 min read·/statute-compilations/comps-708/sec-212

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## SEC. 212 PLEDGE OF SECURITY INTEREST IN REVENUES OF DISTRICT GOVERNMENT ###

(a)In General The Authority may pledge or grant a security interest in revenues to individuals or entities purchasing bonds, notes, or other obligations issued pursuant to this subtitle. ###

(b)Dedication of Revenue Stream From District Government The Authority shall require the Mayor— ####

(1)to pledge or direct taxes or other revenues otherwise payable to the District government (which are not otherwise pledged or committed), including payments from the Federal Government, to the Authority for purposes of securing repayment of bonds, notes, or other obligations issued pursuant to this subtitle; and ####

(2)to transfer the proceeds of any tax levied for purposes of securing such bonds, notes, or other obligations to the Authority immediately upon collection.