Source: https://development.code.dccouncil.us/dc/council/code/sections/10-1601.02.html
Timestamp: 2019-04-21 02:44:46+00:00

Document:
D.C. Law Library - § 10–1601.02. Creation of Ballpark Revenue Fund.
↪ § 10–1601.02. Creation of Ballpark Revenue Fund.
§ 10–1601.02. Creation of Ballpark Revenue Fund.
(a) For purposes of this section, the term “ballpark” shall have the meaning specified in § 47-2002.05(a)(1).
(b) There is established within the General Fund of the District of Columbia, a segregated, nonlapsing special revenue fund to be denominated as the Ballpark Revenue Fund. Except as provided in § 10-1203.07, the Chief Financial Officer of the District of Columbia shall pay into the Ballpark Revenue Fund all receipts from those fees and taxes specifically identified by any provision of District of Columbia law to be paid into the fund and any rent paid pursuant to a lease of the ballpark. The Chief Financial Officer of the District of Columbia shall create a sub-account within the Ballpark Revenue Fund for each type of fee and tax that is to be paid into the fund and shall allocate the receipts from each type of fee and tax to the appropriate sub-account. The Mayor, or any District government agency or instrumentality that has been designated by the Mayor, may pledge and create a security interest in the funds in the Ballpark Revenue Fund, or any sub-account or sub-accounts within the fund, for the payment of the costs of carrying out any of the purposes set forth in subsection (c) of this section, for the payment of the debt service on any bonds or other evidence of indebtedness, any fees and charges incurred in connection therewith, any payments owing under any document or instrument entered into in connection with the indebtedness, including any credit enhancement agreement, insurance policy, security agreement, or other agreement or instrument establishing a swap or other derivative arrangement entered into by the District or any District government agency or instrumentality, and any of the purposes set forth in subsection (c) of this section, without further action as permitted by § 1-204.90(f). If bonds or other evidence of indebtedness are issued, the payment shall be made in accordance with the provisions of the documents entered into by the District or any District agency or instrumentality in connection with the issuance of the bonds or other evidence of indebtedness. Notwithstanding Article 9 of Subtitle I of Title 28, or any other provision to the contrary, any security interest created pursuant to this subsection shall be valid, binding, and perfected from the time that the security interest is created, with or without the physical delivery of any funds or any other property, with or without further action, and whether or not any statement, document, or instrument relating to the security interest is recorded or filed. The lien created by the security interest shall be valid, binding, and perfected with respect to any person, as defined in § 47-2001(i), having claims against the District, whether or not such person has notice of the lien.
(10) Subject to the provisions of the financing documents, for such purposes as may otherwise be authorized by law.
(d) To the extent that it does not violate the terms of any financing documents, closing documents, lien, pledge, security interest, or other covenants (collectively, “financing documents”) under which the bonds or other evidence of indebtedness described in this section (“bonds”) were issued, and, after accounting for transfers authorized to the General Fund of the District of Columbia under current law, if, at the end of a fiscal year the balance of cash and investments in the Ballpark Revenue Fund exceeds the balance of current liabilities, including debt service, required reserves, fund transfers previously authorized to balance the Fiscal Year 2011 budget and Fiscal Years 2012 through 2014 financial plan, and required sinking fund deposits under the bonds or financing documents required to be paid from the funds in the Ballpark Revenue Fund, the excess shall be used to pay in advance of scheduled maturity any principal amount and accrued interest thereon due on the bonds.
This section is referenced in § 10-1601.03, § 10-1601.08, § 47-2002.05, § 47-2501, § 47-2761, and § 47-3902.
D.C. Law 16-91, in subsec. (c)(8), deleted “and” at the end; in subsec. (c)(9) substituted “this subchapter, which debt service includes funding any required reserves on, and making any other payments related to, the bonds; and” for “this subchapter.”; and added subsec. (c)(10).
D.C. Law 18-370 added subsec. (d).
For temporary (90 day) amendment of section, see § 782(a) of Fiscal Year 2011 Supplemental Budget Support Emergency Act of 2010 (D.C. Act 18-694, January 19, 2011, 58 DCR 662).
Short title: Section 781 of D.C. Law 18-370 provided that subtitle I of title VII of the act may be cited as “Ballpark Debt Repayment Amendment Act of 2010”.

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