Bond authorization

(a) The Council approves and authorizes the issuance of one or more series of bonds in an aggregate principal amount not to exceed $46.5 million to fund the project. The bonds, which may be issued from time to time, in one or more series, shall be tax-exempt or taxable as the Mayor shall determine and shall be payable and secured as provided in § 2-1217.33e. (b) The proceeds of the bonds shall be used as follows: (A) An amount not to exceed $35 million may be used for payment of Development Costs of the project, other than costs described in subparagraph (B) of this paragraph. (B) An amount not to exceed $11.5 million may be used to pay the financing costs incurred by the District or the Development Sponsor and to fund capitalized interest and required reserves.