Source: https://development.code.dccouncil.us/dc/council/code/titles/47/chapters/3/subchapters/VIII/
Timestamp: 2019-04-18 23:07:14+00:00

Document:
D.C. Law Library - Subchapter VIII. District of Columbia Convention Center and Sports Arena Authorization.
§ 47–396.01. Expenditure of revenues for Convention Center activities.
§ 47–398.06. Rule of construction regarding revenue bond requirements under Home Rule Act.
The fourth sentence of § 1-204.46 shall not apply with respect to the expenditure or obligation of any revenues of the Washington Convention Center Authority for any purpose authorized under the Washington Convention Center Authority Act of 1994 (D.C. Law 10-188).
The “Washington Convention Center Authority Act of 1994 (D.C. Law 10-188),” referenced in this section, is codified principally as Chapter 12 of Title 10.
(1) In general. — The designated authority may borrow funds through the issuance of revenue bonds, notes, or other obligations which are secured by revenues pledged in accordance with paragraph (2) of this subsection to finance, refinance, or reimburse the costs of arena preconstruction activities described in § 47-398.04 if the designated authority is granted the authority to borrow funds for such purposes by the District of Columbia government.
(2) Revenue required to secure borrowing. — The designated authority may borrow funds under paragraph (1) of this subsection to finance, refinance, or reimburse the costs of arena preconstruction activities described in § 47-398.04 only if such borrowing is secured (in whole or in part) by the pledge of 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)) and which are transferred by the Mayor of the District of Columbia to the designated authority pursuant to § 47-2752(a-1)(3).
(3) Be a pledge of or involve the full faith and credit of the District of Columbia.
(c) Designated authority defined. — The term “designated authority” means the Redevelopment Land Agency or such other District of Columbia government agency or instrumentality designated by the Mayor of the District of Columbia for purposes of carrying out any Arena preconstruction activities.
This section is referenced in § 47-398.02, § 47-398.03, and § 47-398.04.
For temporary (90 days) limitation on the amount of borrowing to be financed by the Arena Tax for the purpose of construction and financing of the Arena, see § 4 of the Real Property Tax Rates for Tax Year 1996 Emergency Amendment Act of 1995 (D.C. Act 11-148, October 26, 1995, 42 DCR 6054).
The reference in subsection (a)(2) to “D.C. Law 10-128 (as amended by the Arena Tax Amendment Act of 1994 (D.C. Act 10-315))” is 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.
Designation of Designated Authority Under P.L. 104-28, the District of Columbia Convention Center and Sports Arena Authorization Act of 1995: See Mayor’s Order 96-2, January 9, 1996 ( 43 DCR 315).
Delegation of Authority Under P.L. 104-28, the District of Columbia Convention Center and Sports Arena Authorization Act of 1995, see Mayor’s Order 96-3, January 9, 1996 ( 43 DCR 317).
(4) Other obligations or expenditures made to carry out any arena preconstruction activity described in § 47-398.04.
Notwithstanding any other provision of law, the amount of borrowing associated with the arena development and construction costs, including, but not limited to, land acquisition, construction, predevelopment, off-site infrastructure, and financing for capital interest and principal, may not exceed $61 million, to be paid from proceeds of the arena tax, established pursuant to § 47-2751 et seq.
Nothing in the District of Columbia Convention Center and Sports Arena Authorization Act of 1995 may be construed to affect the application of section 490 of the District of Columbia Home Rule Act [§ 1-204.90] to any revenue bonds, notes, or other obligations issued by the Council of the District of Columbia or by any District instrumentality to which the Council delegates its authority to issue revenue bonds, notes, or other obligations under such section.
The District of Columbia Convention Center and Sports Arena Authorization Act of 1995, referred to in this section, is Public Law 104-28.

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