District of Columbia Community Development Corporation Act

Summary

District of Columbia Community Development Corporation Act - Title I: General Provisions - Defines the terms used in this Act. Creates a body corporate of perpetual succession to be known as the District of Columbia Community Development Corporation, to be managed by a Board of Directors. Specifies the composition of Board membership, including the Mayor of the District of Columbia and not more than three employees of the District of Columbia government. Enumerates the administrative powers of the Board. Sets limitations on the personal liability of officers, directors and employees of the corporation, stating however that any director who willfully misrepresents or fails to disclose a conflict of interest shall be subject to personal liability for any damage to the corporation. Title II: Powers of the Corporation - Enumerates the general powers of the corporation. Details the financing authorities of the corporation. Directs the corporation to prepare an annual program describing the activities it proposes to carry out during the subsequent year. Prescribes the procedures to be followed in the making of such program from approval by the Mayor to public hearings and approval by the Council. Provides for, in the execution of all projects, compliance with local zoning laws, building laws and regulations and with local urban renewal plans. Provides for exemptions from such compliance in specified instances. Sets forth provisions governing: (1) the sale of projects by the corporation; (2) the acquisition of real property; (3) relocation requirements; and (4) the awarding of contracts. Title III: Finances of the Corporation - Empowers the corporation to: (1) meet project costs through the expenditure of funds; (2) issue negotiable bonds; (3) contract with agencies to guarantee bonds; and (4) create special capital reserve funds. Outlines the extent of the exercise of each such enumerated authority to finance the corporation. Specifies the form and sale-of-bond procedures, and the remedies of bondholders in the event of default by the corporation. Provides for the refunding of bonds. Requires the filing of an annual report by the corporation. Provides for public access to corporation records. Authorizes to be appropriated to the credit of the special trust fund established in this Act $5,000,000 to be used by the corporation to commence its operations. States that such sum shall be repaid to the Treasury of the United States within five years.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 13 June 1974

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.