Page:United States Statutes at Large Volume 95.djvu/1526

 95 STAT. 1500

U.S. property.

District of Columbia government expenditures. D.C. Code 47-224.

PUBLIC LAW 97-105—DEC. 23, 1981

agreement may create any security interest in any funds or property, may provide for the custody, collection, security, investment, and payment of any funds (including any funds held in trust) for the payment of such bond, note, or other obligation, may mortgage any property, may provide for the acquisition, construction, maintenance, and disposition of the undertaking financed or refinanced using the proceeds of such bond, note, or other obligation, and may provide for the doing of any act (or the refraining from doing of any act) which the District has the right to do in the absence of such agreement. Any such agreement may be assigned for the benefit of, or made a part of any contract with, any holder of such revenue bond, note, or other obligation issued under paragraph (1). "(B) Notwithstanding article 9 of title 28 of the District of Columbia Code, any security interest created under subparagraph (A) shall be valid, binding, and perfected from the time such security interest is created, with or without the physical delivery of any funds or any other property and with or without any further action. Such security interest shall be valid, binding, and perfected whether or not any statement, document, or instrument relating to such security interest is recorded or filed. The lien created by such security interest is valid, binding, and perfected with respect to any individual or legal entity having claims against the District, whether or not such individual or legal entity has notice of such lien. "(C) Any funds of the District held for the payment or security of any revenue bond, note, or other obligation issued under paragraph (1), whether or not such funds are held in trust, may be secured in the manner agreed to by the District and any depository of such funds. Any depository of such funds may give security for the deposit of such funds."; (2) by striking out subsection (b) and inserting in lieu thereof the following new subsection: "(b) No property owned by the United States may be mortgaged or made subject to any security interest to secure any revenue bond, note, or other obligation issued under subsection (a)(l)."; (3) by striking out subsection (e) and inserting in lieu thereof the following new subsection: "(e) Any act of the Council authorizing the issuance of revenue bonds, notes, or other obligations under subsection (a)(1) may— "(1) briefly describe the purpose for which such bonds, notes, or other obligations are to be issued; "(2) identify the Act authorizing such purpose; "(3) prescribe the form, terms, provisions, manner, and method of issuing and selling (including sale by negotiation or by competitive bid) such bonds, notes, or other obligations; "(4) provide for the rights and remedies of the holders of such bonds, notes, or other obligations upon default; "(5) prescribe any other details with respect to the issuance, sale, or securing of such bonds, notes, or other obligations; and "(6) authorize the Mayor to take any actions in connection with the issuance, sale, delivery, security, and payment of such bonds, notes, or other obligations, including the prescribing of any terms or conditions not contained in such act of the Council.'; (4) by striking out subsection (f) and inserting in lieu thereof the following new subsection: "(f) The fourth sentence of section 446 shall not apply to— "(1) any amount (including the amount of any accrued interest or premium) obligated or expended from the proceeds of the sale

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