District of Columbia Development Bank Act

[AI summary unavailable — showing source text] District of Columbia Development Bank Act - Creates a body corporate to be known as the District of Columbia Development Bank, which would not be an agency of the United States. Provides that the Bank have a board of directors consisting of eleven persons; the Commissioner of the District of Columbia, the Chairman of the City Council of the District of Columbia, three officers or employees of the United States or the District government designated by the President, and six directors elected by the shareholders of the Bank. Directs the Board to appoint a president of the Bank to serve as the Bank's chief executive officer. Authorizes the bank to make commitments to purchase and to purchase, service, or sell, or to guarantee in whole or in part, any debt obligation or participation therein, issued by an obligor to finance any project or activity deemed by the bank to be consistent with the purpose of this Act, and to make commitments to purchase and to purchase, service, or sell, any equity instrument or participation therein, issued by an issuer to finance any project or activity deemed by the bank to be consistent with the purpose of this Act. States that assistance authorized unde…