Page:United States Statutes at Large Volume 114 Part 4.djvu/420

 114 STAT. 2482 PUBLIC LAW 106-522—NOV. 22, 2000 (2) POSITIVE FUND BALANCE.—Section 202(k) of such Act (sec. 47-392.2(k), D.C. Code) is repealed. (c) EFFECTIVE DATE.— This section and the amendments made by this section shall take effect on October 1, 2000. TREATMENT OF REVENUE BONDS SECURED BY TOBACCO SETTLEMENT PAYMENTS SEC. 160. (a) PERMITTING COUNCIL TO DELEGATE AUTHORITY To ISSUE BONDS. — (1) IN GENERAL.— Section 490 of the District of Columbia Home Rule Act (sec. 47-334, D.C. Code) is amended— (A) by redesignating subsections (i) through (m) as subsections (j) through (n), respectively; and (B) by inserting after subsection (h) the following new subsection: "(i)(l) The Council may delegate to the District of Columbia Tobacco Settlement Financing Corporation (hereafter in this subsection referred to as the "Corporation") established pursuant to the Tobacco Settlement Financing Act of 2000 the authority of the Council under subsection (a) to issue revenue bonds, notes, and other obligations which are used to borrow money to finance or assist in the financing or refinancing of capital projects and other undertakings of the District of Columbia and which are pay- able solely from and secured by payments under the Master Tobacco Settlement Agreement. The Corporation may exercise authority delegated to it by the Council as described in the first sentence of this paragraph (whether such delegation is made before or after the date of the enactment of this subsection) only in accordance with this subsection and the provisions of the Tobacco Settlement Financing Act of 2000. "(2) Revenue bonds, notes, and other obligations issued by the Corporation under a delegation of authority described in paragraph (1) shall be issued by resolution of the Corporation, and any such resolution shall not be considered to be an act of the Council. "(3) The fourth sentence of section 446 shall not apply to— "(A) any amount (including the amount of any accrued interest or premium) obligated or expended from the proceeds of the sale of any revenue bond, note, or other obligation issued pursuant to this subsection; "(B) any amount obligated or expended for the payment of the principal of, interest on, or any premium for any revenue bond, note, or other obligation issued pursuant to this subsection; "(C) any amount obligated or expended to secure any revenue bond, note, or other obligation issued pursuant to this subsection; or "(D) any amount obligated or expended for repair, maintenance, and capital improvements to facilities financed pursuant to this subsection. "(4) In this subsection, the term 'Master Tobacco Settlement Agreement' means the settlement agreement (and related documents), as may be amended from time to time, entered into on November 23, 1998, by the District of Columbia and leading United States tobacco product manufacturers.".

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