Bonds are generally classified by the security for, and sources of repayment of, the bonds. Below is a description of various types of bonds issued by the District of Columbia (the "District"), as well as by certain independent instrumentalities of the District.

District Bonds

General Obligation Bonds. General Obligation Bonds are bonds payable from and secured by the general taxing power of the issuer. In other words, the issuer pledges to levy as many taxes as necessary to repay principal of and interest on such bonds. The District has issued General Obligation Bonds to finance various capital improvement projects throughout the District and to refund outstanding debt of the District. The District has outstanding approximately $2.94 billion (in the aggregate) of its General Obligation Bonds.

General Obligation Tax Revenue Anticipation Notes (TRANS). TRANS are obligations payable from and secured by the general taxing power of the District. The District typically issues TRANS to pay general governmental expenses in anticipation of the collection or receipt of revenues within the current fiscal year. TRANS are short-term obligations, due and payable in the fiscal year in which they are issued. TRANS are general obligations of the District, and the full faith and credit of the District is pledged for the payment of principal and interest on TRANS.

Income Tax Secured Revenue Bonds. Income Tax Secured Revenue Bonds are bonds payable solely from and secured solely by District income tax revenues; the District does not pledge its general taxing power to repay the bonds. The District issues Income Tax Secured Revenue Bonds under the Income Tax Secured Revenue Bond Program to fund capital improvement projects throughout the District and to refund outstanding debt of the District. The Income Tax Secured Revenue Bond Program has a total aggregate amount of approximately $2.57 billion in bonds outstanding.

Tax Increment Financing (TIF) Obligations. TIF Obligations are bonds and notes payable from and secured by increases in  property and sales taxes generated by the bond-financed project. The District issues TIF Obligations to promote economic development projects. The District has issued TIF Obligations to help finance various projects, including the following:

• Arena Stage at the Mead Center for American Theater
  
• Capitol Hill Towers housing, hotel, retail and parking development
  
• DC-USA parking garage project at the Target retail store
  
• Gallery Place entertainment, retail, and housing development
  
• Mandarin Oriental Hotel
  
• Shakespeare Theatre Company - Harman Center for the Arts
  

Payments In Lieu of Taxes (PILOT) Obligations. PILOT Obligations are bonds and notes payable from and secured by certain payments in lieu of real property taxes to be paid by private property owners and/or leasehold owners. The District has issued PILOT Obligations to finance the Anacostia Waterfront Department of Transportation Redevelopment Project, the Rhode Island Avenue Metro Station Project, and the Arthur Capper/Carrollsburg Public Improvements Project.

Ballpark Revenue Bonds. Ballpark Revenue Bonds are bonds payable from and secured by various sources, including certain revenues generated by the bond-financed ballpark, rent paid by the team, and certain generally applicable taxes. The District issued its Ballpark Revenue Bonds to finance the construction of the baseball stadium that is owned by the District and leased to the owners of the Washington Nationals. Ballpark Revenue Bonds also have provided financing for the renovation of Robert F. Kennedy Memorial Stadium.

Housing Production Trust Fund (HPTF) Bonds. HPTF Bonds are bonds payable from and secured by a portion of the District's Real Property Transfer Tax and Deed Recordation Tax collections. The District issues HPTF Bonds to finance affordable housing within the District, including a portion of the Northwest One New Community.

Revenue Bond Program. Revenue Bonds are generally payable from and secured by the revenue stream of the financed project, project-related undertakings and a mortgage. Revenue Bonds are special obligations of the District repayable solely from the pledged assets of the borrower. They do not constitute a pledge of or involve the faith and credit or the taxing power of the District.

Bonds of Independent Instrumentalities of the District

The District has created several independent entities and instrumentalities that have the authority to issue bonds. Bonds issued by the entities and instrumentalities listed below are not general obligations of the District and do not involve a pledge of the full faith and credit of the District.

District of Columbia Housing Finance Agency (DCHFA) Bonds. DCHFA Bonds are bonds issued to finance (i) loans to developers of low and moderate income multifamily housing projects and (ii) mortgages to eligible purchasers of single family residences. DCHFA Bonds are secured by and payable from various revenues, including mortgage loan payments by the borrowers.

District of Columbia Tobacco Settlement Financing Corporation Bonds. Tobacco Bonds are bonds payable from and secured by payments received by the District of Columbia Tobacco Settlement Financing Corporation as part of a Master Settlement Agreement between the District and certain tobacco manufacturers. The Tobacco Settlement Financing Corporation has issued Tobacco Bonds to finance capital improvements, including school modernization, in the District.

District of Columbia Water and Sewer Authority (DC WASA) Bonds. DC WASA Bonds are bonds issued by DC WASA to finance water and sewer improvements in the District. DC WASA bonds are secured by and payable from certain rates and charges imposed for the use of, and the services provided by, the District’s water and sewer system.

Washington Convention and Sports Authority (WCSA) Bonds. WCSA Bonds are bonds issued by WCSA to finance sports and entertainment facilities, as well as a convention center and certain related facilities in the District. WCSA Bonds are secured by and payable from certain specified revenues and tax receipts of the District that are dedicated pursuant to law to repaying WCSA Bonds and paying operating expenses of WCSA.