a.
(1) The Legislative Assembly may by Act or Resolution authorize the issuance of revenue bonds, notes, or other obligations (including refunding bonds, notes, or other obligations) to borrow money to finance, or assist in the financing or refinancing of undertakings in the areas of: housing; health; transit; utilities; preschool, primary, secondary, vocational, adult, rehabilitative, re-entry, and higher education; educational loans; facilities for culture, sports, mass commuting, sewage disposal, solid waste disposal, recycling or reuse, hazardous waste disposal, or local district heating or cooling; or the local furnishing of energy or water; manufacturing; and any other undertaking that the Legislative Assembly determines will contribute to the health, education, safety, or welfare of, or the creation or preservation of jobs for, the residents of the State of Washington, D.C., or to the economic development of the State of Washington, D.C., and any facilities or property, real or personal, used in connection with or supplementing any of the foregoing. Any such financing or refinancing may be effected by loans made directly or indirectly to any individual or legal entity, by the purchase of any mortgage, note, or other security, or by the purchase, lease, or sale of any property.
(2) Any revenue bond, note, or other obligation issued under paragraph (1) of this subsection shall be a special obligation of the State of Washington, D.C. and shall be a negotiable instrument.
(3) Any revenue bond, note, or other obligation issued under paragraph (1) of this subsection shall be paid and secured (as to principal, interest, and any premium) as provided by the Act or Resolution of the Legislative Assembly authorizing the issuance of such bond, note, or other obligation. Any Act of the Legislative Assembly authorizing the issuance of such bond, note, or other obligation, or any delegation of such authority, may provide for:
(A) The payment of such bond, note, or other obligation from any available revenues, assets, or property; and
(B) The securing of such bond, note, or other obligation by the mortgage of real property or the creation of any security interest in available revenues, assets, or other property.
(4)
(A) In authorizing the issuance of any revenue bond, note, or other obligation under paragraph (1) of this subsection, the Legislative Assembly may authorize the Governor to enter into any agreement concerning the acquisition, use, or disposition of any funds or property. Any such 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 any act) that the State of Washington, D.C. 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) of this subsection.
(B) Any security interest created under subparagraph (A) of this paragraph 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 State of Washington, D.C., whether or not such individual or legal entity has notice of such lien.
(C) Any funds of the State of Washington, D.C. held for the payment or security of any revenue bond, note, or other obligation issued under paragraph (1) of this subsection, whether or not such funds are held in trust, may be secured in the manner agreed to by the State of Washington, D.C. and any depository of such funds. Any depository of such funds may give security for the deposit of such funds.
(5) The following obligations and expenditures by the State of Washington, D.C. shall not be subject to appropriations:
(A) All amounts (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 under this section, or issued before the effective date of this Constitution;
(B) All amounts obligated or expended for the payment of principal of, interest on, or redemption premium for, or to secure, any bonds issued under this section or issued before the effective date of this Constitution; and
(C) All amounts obligated or expended pursuant to commitments made in connection with the issuance of a revenue bond, note, or other obligation for repair, maintenance, and capital improvements relating to undertakings financed through any revenue bond, note, or other obligation issued under this section or issued before the effective date of this Constitution.
b. Any and all such bonds, notes, or other obligations shall not be general obligations of the State of Washington, D.C., shall not be a pledge of or involve the faith and credit or the taxing power of the State of Washington, D.C., shall not constitute a debt of the State of Washington, D.C., and shall not constitute lending of the public credit for private undertakings.
c. Any and all such bonds, notes, or other obligations shall be issued pursuant to an Act or Resolution of the Legislative Assembly without the necessity of submitting the question of such issuance to the registered qualified voters of the State of Washington, D.C. for approval or disapproval.
d. Any Act or Resolution of the Legislative Assembly authorizing the issuance of revenue bonds, notes, or other obligations under paragraph (1) of subsection (a) of this section may:
(1) Briefly describe the purpose for which such bonds, notes, or other obligations are to be issued;
(2) 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;
(3) Provide for the rights and remedies of the holders of such bonds, notes, or other obligations upon default;
(4) Prescribe any other details with respect to the issuance, sale, or securing of such bonds, notes, or other obligations; and
(5) Authorize the Governor to take any actions in connection with the issuance, sale, delivery, security, and payment of such notes, bonds, or other obligations, including the prescribing of any terms or conditions not contained in such Act or Resolution of the Legislative Assembly.
e. The Legislative Assembly may by Act delegate to any independent instrumentality of Washington, D.C. the authority of the Legislative Assembly under subsection (a) of this section to issue revenue bonds, notes, and other obligations to borrow money for the purposes described in subsection (a) of this section.
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