§ 47-398.02. Permitting certain District revenues to be pledged as security for borrowing.

Current through October 23, 2012

(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).

                
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(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.