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District of Columbia Official Code 2001 Edition. |
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Division VIII. General Laws. |
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Title 47. Taxation, Licensing, Permits, Assessments, and Fees. |
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Chapter 3. Budget and Financial Management; Borrowing; Deposit of Funds. |
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Subchapter VIII. District of Columbia Convention Center and Sports Arena Authorization. |
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Part B. Sports Arena.
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(a) Permitting borrowing. --
(1) In general. -- The designated authority may borrow funds through the issuance of revenue bonds, notes, or other obligations which are secured by revenues pledged in accordance with paragraph (2) of this subsection to finance, refinance, or reimburse the costs of arena preconstruction activities described in § 47-398.04 if the designated authority is granted the authority to borrow funds for such purposes by the District of Columbia government.
(2) Revenue required to secure borrowing. -- The designated authority may borrow funds under paragraph (1) of this subsection to finance, refinance, or reimburse the costs of arena preconstruction activities described in § 47- 398.04 only if such borrowing is secured (in whole or in part) by the pledge of revenues of the District of Columbia which are attributable to the sports arena tax imposed as a result of the enactment of D.C. Law 10-128 (as amended by the Arena Tax Amendment Act of 1994 (D.C. Act 10-315)) and which are transferred by the Mayor of the District of Columbia to the designated authority pursuant to § 47-2752(a-1)(3).
(b) Treatment of debt created. -- Any debt created pursuant to subsection (a) of this section shall not:
(1) Be considered general obligation debt of the District of Columbia for any purpose, including the limitation on the annual aggregate limit on debt of the District of Columbia under § 1-206.03(b);
(2) Constitute the lending the public credit for private undertakings for purposes of § 1-206.02(a)(2); or
(3) Be a pledge of or involve the full faith and credit of the District of Columbia.
(c) Designated authority defined. -- The term "designated authority" means the Redevelopment Land Agency or such other District of Columbia government agency or instrumentality designated by the Mayor of the District of Columbia for purposes of carrying out any Arena preconstruction activities.
(Sept. 6, 1995, 109 Stat. 268, Pub. L. 104-28, § 201; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-398.1.
References in Text
The reference in subsection (a)(2) to "D.C. Law 10-128 (as amended by the Arena Tax Amendment Act of 1994 (D.C. Act 10-315))" is reference to §§ 301 through 304 of D.C. Law 10-128 as amended by D.C. Law 10-189, which are codified as §§ 47-2751 through 47-2753 and notes to § 47-2751.
Delegation of Authority
Delegation of Authority Under P.L. 104-28, the District of Columbia Convention Center and Sports Arena Authorization Act of 1995, see Mayor's Order 96-3, January 9, 1996 (43 DCR 317).
Miscellaneous Notes
Limitation on borrowing to be financed by Arena Tax: For temporary limitation on the amount of borrowing to be financed by the Arena Tax for the purpose of construction and financing of the Arena, see § 4 of the Real Property Tax Rates for Tax Year 1996 Emergency Amendment Act of 1995 (D.C. Act 11-148, October 26, 1995, 42 DCR 6054).
Designation of Designated Authority Under P.L. 104-28, the District of Columbia Convention Center and Sports Arena Authorization Act of 1995: See Mayor's Order 96-2, January 9, 1996 (43 DCR 315).
(a) In general. -- The District of Columbia (including the designated authority described in § 47-398.01(c)) may pledge as security for any borrowing undertaken pursuant to § 47-398.01(a) any revenues of the District of Columbia which are attributable to the sports arena tax imposed as a result of the enactment of D.C. Law 10-128 (as amended by the Arena Tax Amendment Act of 1994 (D.C. Act 10-315)), upon the transfer of such revenues by the Mayor of the District of Columbia to the designated authority pursuant to § 47-2752(a-1)(3).
(b) Exclusion of pledged revenues from calculation of annual aggregate limit on debt. -- Any revenues pledged as security by the District of Columbia pursuant to subsection (a) of this section shall be excluded from the determination of the dollar amount equivalent to 14% of District revenues under § 1- 206.03(b)(3)(A).
(Sept. 6, 1995, 109 Stat. 269, Pub. L. 104-28, § 202; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-398.2.
References in Text
The reference in subsection (a) to "D.C. Law 10-128 (as amended by the Arena Tax Amendment Act of 1994 (D.C. Act 10-315))" is a reference to §§ 301 through 304 of D.C. Law 10-128 as amended by D.C. Law 10-189, which are codified as §§ 47-2751 through 47-2753 and notes to § 47-2751.
The fourth sentence of section 446 of the District of Columbia Home Rule Act (§ 1-204.46) shall not apply with respect to any of the following obligations or expenditures:
(1) Borrowing conducted pursuant to § 47-398.01(a);
(2) The pledging of revenues as security for such borrowing pursuant to § 47-398.02(a);
(3) The payment of principal, interest, premium, debt servicing, contributions to reserves, or other costs associated with such borrowing; or
(4) Other obligations or expenditures made to carry out any arena preconstruction activity described in § 47-398.04.
(Sept. 6, 1995, 109 Stat. 269, Pub. L. 104-28, § 203; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-398.3.
The arena preconstruction activities described in this section are as follows:
(1) The acquisition of real property (or rights in real property) to serve as the site of the sports arena and related facilities;
(2) The clearance, preparation, grading, and development of the site of the sports arena and related facilities, including the demolition of existing buildings;
(3) The provision of sewer, water, and other utility facilities and infrastructure related to the sports arena;
(4) The financing of a Metrorail connection to the site and other Metrorail modifications related to the sports arena;
(5) The relocation of employees and facilities of the District of Columbia government displaced by the construction of the sports arena and related facilities;
(6) The use of environmental, legal, and consulting services (including services to obtain regulatory approvals) for the construction of the sports arena;
(7) The financing of administrative and transaction costs incurred in borrowing funds pursuant to § 47-398.01(a), including costs incurred in connection with the issuance, sale, and delivery of bonds, notes, or other obligations; and
(8) The financing of other activities of the District of Columbia government associated with the development and construction of the sports arena, including the reimbursement of the District of Columbia government or others for costs incurred prior to September 6, 1995, which were related to the sports arena, so long as the designated authority determines that such costs are adequately documented and that the incurring of such costs was reasonable.
(Sept. 6, 1995, 109 Stat. 269, Pub. L. 104-28, § 204; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-398.4.
Emergency Act Amendments
For a temporary limit on the amount of borrowing to be financed by the Arena Tax for the purpose of construction and financing of the Arena, see § 1303 of the Budget Support Congressional Review Emergency Act of 1996 (D.C. Act 11-206, February 9, 1996, 43 DCR 777).
Notwithstanding any other provision of law, the amount of borrowing associated with the arena development and construction costs, including, but not limited to, land acquisition, construction, predevelopment, off-site infrastructure, and financing for capital interest and principal, may not exceed $61 million, to be paid from proceeds of the arena tax, established pursuant to § 47-2751 et seq.
(Mar. 5, 1996, D.C. Law 11-98, § 1303, 43 DCR 5; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-398.5.
Temporary Addition of Section
For temporary (225 day) amendment of section, see § 4 of Real Property Tax Rates for Tax Year 1996 Temporary Amendment Act of 1995 (D.C. Law 11-86, February 10, 1996, law notification 43 DCR 1312).
Emergency Act Amendments
For temporary addition of section, see § 4 of the Real Property Tax Rates for Tax Year 1996 Emergency Amendment Act of 1995 (D.C. Act 11-148, October 26, 1995, 42 DCR 6054), § 4 of the Real Property Tax Rates for Tax Year 1996 Congressional Review Emergency Amendment Act of 1996 (D.C. Act 11-183, January 22, 1996, 43 DCR 376), and § 1303 of the Budget Support Congressional Review Emergency Act of 1996 (D.C. Act 11-206, February 9, 1996, 43 DCR 777).
Legislative History of Laws
For legislative history of D.C. Law 11-98, see Historical and Statutory Notes following § 47-319.01.
Nothing in the District of Columbia Convention Center and Sports Arena Authorization Act of 1995 may be construed to affect the application of section 490 of the District of Columbia Home Rule Act [§ 1-204.90] to any revenue bonds, notes, or other obligations issued by the Council of the District of Columbia or by any District instrumentality to which the Council delegates its authority to issue revenue bonds, notes, or other obligations under such section.
(Aug. 12, 1998, 112 Stat. 1515, Pub. L. 105-227, § 1(b).)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-398.6.
References in Text
The District of Columbia Convention Center and Sports Arena Authorization Act of 1995, referred to in this section, is Public Law 104-28.
