District of Columbia Government Revenue Bond Delegation Authority Act of 1994

SECTION 1. SHORT TITLE; REFERENCES IN ACT.

    (a) Short Title.--This Act may be cited as the ``District of 
Columbia Government Revenue Bond Delegation Authority Act of 1994''.
    (b) References in Act.--Whenever in this Act an amendment is 
expressed in terms of an amendment to, or repeal of, a section or other 
provision, the reference shall be considered to be made to that section 
or other provision of the District of Columbia Self-Government and 
Governmental Reorganization Act.

SEC. 2. REVENUE BONDS AND OTHER OBLIGATIONS ON BEHALF OF DISTRICT 
              ENTITIES AND OTHER QUALIFIED APPLICANTS.

    (a) Authority To Issue Bonds.--Section 490(a)(1) (D.C. Code, sec. 
47-334(a)(1)) is amended by striking the first sentence and inserting 
the following:
    ``(a)(1) The Council may by act authorize the issuance of revenue 
bonds, notes, or other obligations (including refunding bonds, notes, 
or other obligations) to borrow money to finance, to refinance, or to 
assist in the financing or refinancing of undertakings by District 
agencies or authorities which operate pursuant to any enterprise fund 
and other qualified applicants in the areas of housing, health 
facilities, transit and utility facilities, sports and entertainment 
complexes, recreational facilities, parking facilities and convention 
facilities, elementary, secondary, college and university facilities, 
college and university programs which provide loans for the payment of 
educational expenses for or on behalf of students, pollution control 
facilities, and industrial and commercial development.''.
    (b) Payments on Bonds.--Section 490(a)(3) (D.C. Code, sec. 47-
334)(a)(3)) is amended by striking the second sentence and inserting 
the following: ``Subject to subsection (c) of this section, any act of 
the Council authorizing the issuance of such bond, note, or other 
obligation may provide for (A) the payments of such bond, note, or 
other obligation from any available revenues, including enterprise fund 
revenues, assets, property, or designated taxes and (B) the securing of 
such bond, note, or other obligation by the mortgage of real property 
or the creation of any security interest in available revenues, 
including enterprise fund revenues, assets, other property or 
designated taxes.''.
    (c) Authorization To Delegate Authority.--Section 490 (D.C. Code, 
sec. 47-334) is amended by adding a new subsection (h) as follows:
    ``(h)(1) The Council may delegate to any agency or instrumentality 
of the District government established by it (whether established 
before or after the date of the enactment of this subsection) the 
authority of the Council under subsection (a) of this section to issue 
taxable or tax-exempt revenue bonds, notes, or other obligations to 
borrow money to finance or assist in the financing of under-takings in 
the areas specified in subsection (a) of this section. The Council 
shall define for the purposes of this subsection what undertakings 
constitute undertakings in the areas specified in subsection (a) of 
this section. An agency or instrumentality of the District government 
may exercise authority delegated to it by the Council as described in 
the first sentence of this paragraph (whether such delegation is made 
before or after the date of the enactment of this subsection) only in 
accordance with this subsection.
    ``(2) Revenue bonds, notes, or other obligations issued by an 
agency or instrumentality of the District government under a delegation 
of authority described in paragraph (1) of this subsection shall be 
issued by resolution of that entity and any such resolution shall not 
be considered to be an act of the Council.
    ``(3) The fourth sentence of section 446 shall not apply to--
            ``(A) any amount (including the amount of any accrued 
        interest or premium) obligated or expended from the proceeds of 
        the sale of any revenue bond, note, or other obligation issued 
        under paragraph (1) of this subsection,
            ``(B) any amount obligated or expended for the payment of 
        the principal of, interest on, or any premium for any revenue 
        bond, note, or other obligation issued under paragraph (1) of 
        this subsection, and
            ``(C) any amount obligated or expended to secure any 
        revenue bond, note, or other obligation issued under paragraph 
        (1) of this subsection.''.

SEC. 3. SECURITY INTERESTS IN CERTAIN DISTRICT REVENUES.

    (a) Authorization To Create Security Interest.--Section 467 (D.C. 
Code, sec. 47-326.1) is amended by adding a new subsection (a-1) 
thereto as follows:
    ``(a-1) Revenue bonds or other obligations issued by an agency or 
instrumentality of the District government pursuant to section 490(h) 
consistent with authority delegated by the Council, may create a 
security interest in certain District revenues, including but not 
limited to designated taxes, as additional security for the payment of 
bonds authorized by such act.''.
    (b) Obligation of the District.--Section 490(c) (D.C. Code, sec. 
47-334(c)) is amended to read as follows:
    ``(c) Except to the extend permitted by section 467(a-1), any and 
all such revenue bonds, notes, or other obligations shall not be 
general obligations of the District and shall not be a pledge of or 
involve the faith and credit or taxing power of the District, and shall 
not constitute a debt of the District, and shall not constitute lending 
of the public credit for private undertakings as contained in section 
602(a)(2).''.

SEC. 4. NO APPROPRIATION NECESSARY.

    (a) Section 467(d) (D.C. Code, sec. 47-326.1(d)) is amended to read 
as follows:
    ``(d) The fourth sentence of section 446 shall not apply to any 
obligation or expenditure of any District revenues to secure any 
general obligation bond under subsection (a) of this section or any 
revenue bond or other obligation under subsection (a-1) of this 
section.''.
    (b) The fourth sentence of section 446 (D.C. Code, sec. 47-304) is 
amended as follows: ``Except as provided in section 467(d), section 
471(c), section 472(d)(2), section 483(d), and section 490(f), (g)(3), 
and (h)(3), no amount may be obligated or expended by any officer or 
employee of the District of Columbia government unless such amount has 
been approved by Act of Congress, and then only according to such 
Act.''.

SEC. 5. EXCLUSION OF PLEDGED REVENUES.

    Section 603(b)(3)(A) (D.C. Code, sec. 47-313(b)(3)(A)) is amended 
by inserting the phrase ``or securing'' after the word ``servicing''.

SEC. 6. CONGRESSIONAL AUTHORITY AND REVIEW.

    (a)(1) Section 461 (D.C. Code, sec. 47-321) is amended by adding a 
new subsection (c) as follows:
    ``(c) Notwithstanding section 602(c)(1) (D.C. Code, sec. 1-
233(c)(1)) any act of the Council authorizing the issuance of general 
obligation bonds under subsection (a) of this section may take effect 
on the date of enactment of such act.''.
    (2) Section 471 (D.C. Code, sec. 47-327) is amended by adding a new 
subsection (b-1) as follows:
    ``(b-1) Notwithstanding section 602(c)(1) (D.C. Code, sec. 1-
233(c)(1)), any act of the Council authorizing the issuance of general 
obligation notes under subsection (a) of this section may take effect 
on the date of the enactment of such act.''.
    (3) Section 490 (D.C. Code, sec. 47-334) is amended by adding a new 
subsection (i) as follows:
    ``(i) Notwithstanding section 602(c)(1) (D.C. Code, sec. 1-
233(c)(1)), any act of the Council authorizing the issuance of revenue 
bonds, notes, or other obligations under subsection (a) of this section 
may take effect on the date of enactment of such act.''.

Summary: District of Columbia Government Revenue Bond Delegation Authority Act of 1994 - Amends the District of Columbia Self-Government and Governmental Reorganization Act to allow the District of Columbia Council to authorize the issuance of revenue bonds, notes, or other obligations to borrow money to finance, undertakings by District agencies or authorities which operate pursuant to any enterprise fund and other qualified applicants in the areas of sports and entertainment complexes, parking and convention facilities, and elementary and secondary education facilities. Provides for the payment and securing of such bonds, notes, or obligations from available enterprise fund revenues and designated taxes. Authorizes the District Council to delegate to any agency or instrumentality of the District government its authority to issue taxable or tax-exempt revenue bonds, notes, or other obligations to borrow money to finance specified activities. Allows the issued revenue bonds, notes, or other obligations to create a security interest in certain District revenues, including but not limited to designated taxes, as additional security for their payment. Exempts such revenue bonds, notes, or other obligations from the provision that requires prior congressional approval of amounts being obligated or expended by officers or employees of the District government. Provides that fees or revenues to secure revenue bonds shall not be considered as general obligations of the District for purposes of limitations on borrowing and spending by the District government. Permits any Act of the District Council authorizing the issuance of general obligation bonds, general obligation notes, revenue bonds, notes, or other obligations to take effect on the date of enactment of such Act.