To permit the Washington Convention Center Authority to expend revenues for the operation and maintenance of the existing Washington Convention Center and for preconstruction activities relating to a new convention center in the District of Columbia, to permit a designated authority of the District of Columbia to borrow funds for the preconstruction activities relating to a sports arena in the District of Columbia and to permit certain revenues to be pledged as security for the borrowing of such funds, and for other purposes.
TABLE OF CONTENTS:
Title I: Convention Center
Title II: Sports Arena
Title III: Waiver of Congressional Review
District of Columbia Convention Center and Sports Arena Authorization Act of 1995 - Title I: Convention Center - Allows revenues of the District of Columbia to be obligated or expended for operation and maintenance of the existing Washington Convention Center and pre-construction activities with respect to a new convention center in the District of Columbia without prior approval of the Congress.
Title II: Sports Arena - Authorizes the designated authority (the Redevelopment Land Agency or such other District of Columbia government agency or instrumentality designated by the Mayor of the District) to borrow funds through obligations which are secured by revenues pledged to finance, refinance, or reimburse the costs of specified arena preconstruction activities if it is granted such authority by the District government.
Provides that the borrowing of funds must be secured by such pledged revenues of the District which are attributable to the sports arena tax and which are transferred by the Mayor to the designated authority pursuant to the Omnibus Budget Support Act of 1994. Prohibits such debt from: (1) being considered a general obligation debt of the District; (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 the designated authority to pledge as security for any borrowing undertaken pursuant to this Act any District revenues which are attributable to the sports arena tax, upon the transfer of such revenues by the Mayor to such authority pursuant to the Omnibus Budget Support Act of 1994. 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) borrowing conducted pursuant to this Act; (2) pledging of revenues as security for such borrowing; (3) payment of principal, interest, premium, debt servicing, contributions to reserves, or other costs associated with such borrowing; and (4) other obligations or expenditures made to carry out any arena preconstruction activity described in this Act.
Title III: Waiver of Congressional Review - Makes the Arena Tax Payment and Use Amendment Act of 1995 effective on this Act's enactment (thereby, waiving congressional review of such Act).
Considered by unanimous consent. (consideration: CR H8509-8511)
Mr. Davis asked unanimous consent to consider.
Passed/agreed to in House: On passage Passed without objection.
On passage Passed without objection.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and read twice and referred to the Committee on Governmental Affairs.
Subcommittee on Oversight of Government Management. Hearings held.
Committee on Governmental Affairs. Ordered to be reported without amendment favorably.
Committee on Governmental Affairs. Reported to Senate by Senator Roth without amendment. Without written report.
Committee on Governmental Affairs. Reported to Senate by Senator Roth without amendment. Without written report.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 180.
Message on Senate action sent to the House.
Enacted as Public Law 104-28
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Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.(consideration: CR S12513-12514)
Passed Senate without amendment by Voice Vote. (consideration: CR S12513-12514)
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 104-28.
Became Public Law No: 104-28.