(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).
(Sept. 6, 1995, 109 Stat. 269, Pub. L. 104-28, § 202; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575.)
1981 Ed., § 47-398.2.
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.
Structure District of Columbia Code
Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]
Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds
Subchapter VIII - District of Columbia Convention Center and Sports Arena Authorization
§ 47–396.01. Expenditure of revenues for Convention Center activities
§ 47–398.02. Permitting certain District revenues to be pledged as security for borrowing
§ 47–398.03. No appropriation necessary for arena preconstruction activities
§ 47–398.04. Arena preconstruction activities described
§ 47–398.05. Limitation on amount of borrowing financed by arena tax
§ 47–398.06. Rule of construction regarding revenue bond requirements under Home Rule Act