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.
District of Columbia Government Downtown Sports Arena and Convention Center Financing Act of 1995 - Amends the District of Columbia Self-Government and Governmental Reorganization Act to authorize an agency or instrumentality of the District of Columbia (agency) with authority to issue bonds, notes, or other obligations to issue such obligations to borrow money to finance, refinance, or assist in the development, construction, and operation of a downtown sports and entertainment complex and convention center.
Provides that any resolutions authorizing the issuance of obligations by such agency may provide for: (1) the payment of such an obligation from available revenues, including assets, property, or designated fees and taxes; and (2) the securing of such an obligation by the mortgage of real property or the creation of any security interest in available revenues.
Provides that prohibitions against a District officer or employee obligating or expending any amount that has not been approved by an Act of Congress shall not apply to proceeds of, payments on, or amounts expended to secure such obligations.
Provides that revenue bonds or other obligations issued by an agency may create a security interest in certain District revenues, including designated taxes or fees, as additional security for payment. Provides that such obligations shall not constitute general obligations of the District, a pledge of the faith and credit or taxing power of the District, a debt of the District, or lending of the public credit for private undertakings.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E859)
Referred to the House Committee on Government Reform and Oversight. Government Reform and Oversight, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on District of Columbia.
Sponsor introductory remarks on measure. (CR E1192-1193)
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