Source: https://development.code.dccouncil.us/dc/council/code/sections/47-398.02.html
Timestamp: 2019-04-21 06:36:48+00:00

Document:
D.C. Law Library - § 47–398.02. Permitting certain District revenues to be pledged as security for borrowing.
↪ Chapter 3. Budget and Financial Management; Borrowing; Deposit of Funds.
↪ Subchapter VIII. District of Columbia Convention Center and Sports Arena Authorization.
↪ § 47–398.02. Permitting certain District revenues to be pledged as security for borrowing.
§ 47–398.01. Permitting designated authority to borrow funds for preconstruction activities relating to Gallery Place sports arena.
§ 47–398.03. No appropriation necessary for arena preconstruction activities.
§ 47–398.02. Permitting certain District revenues to be pledged as security for borrowing.
(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).
This section is referenced in § 47-398.03.
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.

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