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[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1509 Introduced in House (IH)]

104th CONGRESS
  1st Session
                                H. R. 1509

  To amend the District of Columbia Self-Government and Governmental 
 Reorganization Act to permit certain tax revenues of the District of 
Columbia to be pledged to pay debt service on obligations issued by an 
agency or instrumentality of the District government to finance certain 
 costs of a downtown sports arena and convention center; to authorize 
  such agency or instrumentality of the District government to expend 
  such tax revenues without the requirement that such tax revenues be 
 appropriated by the District of Columbia and the Congress; to provide 
 that the obligations issued by any such agency or instrumentality of 
the District government shall not be considered general obligations of 
  the District of Columbia for purposes of calculating limitations on 
   borrowing and spending by the District of Columbia, and for other 
                               purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             April 7, 1995

   Ms. Norton (by request) introduced the following bill; which was 
      referred to the Committee on Government Reform and Oversight

_______________________________________________________________________

                                 A BILL

 
  To amend the District of Columbia Self-Government and Governmental 
 Reorganization Act to permit certain tax revenues of the District of 
Columbia to be pledged to pay debt service on obligations issued by an 
agency or instrumentality of the District government to finance certain 
 costs of a downtown sports arena and convention center; to authorize 
  such agency or instrumentality of the District government to expend 
  such tax revenues without the requirement that such tax revenues be 
 appropriated by the District of Columbia and the Congress; to provide 
 that the obligations issued by any such agency or instrumentality of 
the District government shall not be considered general obligations of 
  the District of Columbia for purposes of calculating limitations on 
   borrowing and spending by the District of Columbia, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; REFERENCES IN ACT.

    (a) Short Title.--This Act may be cited as the ``District of 
Columbia Government Downtown Sports Arena and Convention Center 
Financing Act of 1995''.
    (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. AUTHORITY TO ISSUE OBLIGATIONS FOR DOWNTOWN SPORTS ARENA AND 
              CONVENTION CENTER.

    (a) Authority To Issue Obligations.--Section 490(a) (D.C. Code, 
sec. 47-334(a)) is amended by adding at the end the following new 
paragraph:
    ``(5)(A) An agency or instrumentality of the District with the 
authority to issue by resolution bonds, notes or other obligations 
hereby is authorized to issue such bonds, notes or other obligations to 
borrow money to finance, to refinance or to assist in the undertaking 
of the development, construction, and operation of a downtown sports 
and entertainment complex and convention center.
    ``(B) Subject to subsection (c), any resolutions authorizing the 
issuance of any bonds, notes or other obligations issued by such agency 
or instrumentality may provide for (i) the payment of such bond, note, 
or other obligation from available revenues, including assets, property 
or designated fees and taxes, and (ii) 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 assets, other 
property or designated fees and taxes.
    ``(C) The fourth sentence of section 446 shall not apply to--
            ``(i) 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 subparagraph (A),
            ``(ii) 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 subparagraph (A), 
        and
            ``(iii) any amount obligated or expended to secure any 
        revenue bond, note, or other obligation issued under 
        subparagraph (A).''.

SEC. 3. SECURITY INTERESTS IN CERTAIN DISTRICT REVENUES.

    (a) Authorization To Create Security Interest.--Section 467(a) 
(D.C. Code, sec. 47-326.1(a)) is amended--
            (1) by striking ``(a)'' and inserting ``(a)(1)''; and
            (2) by adding at the end the following new paragraph:
    ``(2) Revenue bonds or other obligations issued by an agency or 
instrumentality of the District government pursuant to section 
490(a)(5)(A) may create a security interest in certain District 
revenues, including, but not limited to, designated taxes or fees, as 
additional security for the payment of such obligations.''.
    (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 extent permitted by section 467(a)(2), 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) In General.--The fourth sentence of section 446 (D.C. Code, 
sec. 47-304) is amended to read as follows: ``Except as provided in 
section 467(d), section 471(c), section 472(d)(2), section 483(d), and 
section 490(a)(5)(C), (f), and (g)(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.''.
    (b) Conforming Amendment.--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) or any revenue bond or 
other obligation under subsection (e).''.

SEC. 5. EXCLUSION OF PLEDGED REVENUES FROM ANNUAL AGGREGATE LIMIT ON 
              BONDS.

    Section 603(b)(3)(A) (D.C. Code, sec. 47-313(b)(3)(A)) is amended 
by inserting ``or establishing a security interest in such bonds'' 
after ``bonds''.
                                 <all>
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