To permit a designated authority to borrow funds for the development and construction of a sports arena in the District of Columbia, to permit the District of Columbia to pledge certain revenues as security for the borrowing of such funds, and for other purposes.
District of Columbia Sports Arena Financing Act of 1995 - Authorizes an agency or instrumentality to borrow funds to develop and construct a sports arena in the District of Columbia if it is granted such authority by the District government.
Prohibits such debt from: (1) being considered a general obligation debt of the District for any purpose; (2) constituting the lending of the public credit for private undertakings for purposes of the District of Columbia Self-Government and Governmental Reorganization Act; and (3) being a pledge of, or involve the full faith and credit of, the District.
Permits the District and such agency or instrumentality to pledge as security for any borrowing undertaken pursuant to this Act any District revenues which are attributable to the sports arena tax. Excludes such pledged revenues from the formula used to calculate the annual aggregate limit on the District's debt.
Allows the following activities to be carried out without the enactment of appropriations by the Congress: (1) proceeds of any borrowing conducted pursuant to this Act; (2) pledging of revenues as security for such borrowing; and (3) payment of principal, interest, or other costs associated with such borrowing.
Introduced in House
Introduced in House
Referred to the House Committee on Government Reform and Oversight.
Referred to the Subcommittee on District of Columbia.
Subcommittee Hearings Held.
Sponsor introductory remarks on measure. (CR E1510)
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