Eisenhower Center Bond Sinking Fund Act

(LATEST SUMMARY)

Eisenhower Memorial Civic Center Sinking and Support Funds Act - Establishes to the credit of the District of Columbia on the books of the Treasury of the United States, to be administered by the Commissioner, a trust fund to be known as the Eisenhower Memorial Bicentennial Civic Center Bond Sinking Fund.

Provides that amounts in the bond sinking fund shall be available for making expenditures to pay the principal and interest on outstanding bonds issued under the Public Buildings Act of 1959 in those years when amounts available in the Eisenhower Memorial Bicentennial Civic Center Support Fund are insufficient to make such principal and interest payments.

Establishes to the credit of the District of Columbia on the books of the Treasury of the United States, to be administered by the Commissioner, a trust fund to be known as the Eisenhower Memorial Bicentennial Civic Center Support Fund.

Provides that the support fund shall be available for making payments for operating expenses of the Civic Center together with any other expenses incurred by the District government directly attributable to the construction or operation of the Civic Center, and for payments of the principal and interest on the outstanding bonds issued under the Public Buildings Act of 1959.

Establishes a special assessment area (which shall include all nonresidential real property including improvements thereon) which is located within the central business district of the District, as defined by the United States Bureau of the Census in its last census of retail trade in the District of Columbia and nonresidential property outside the central business district which is zoned C-4 or C-3-b as of March 1, 1974.

Levies, for specified fiscal years a tax on the real property (including improvements thereon) within the special assessment area.

Credits to the support fund, out of revenues otherwise credited to the general fund of the District, an amount representing the increased revenues of the District as a result of the operation of the Civic Center.

Provides that at such time as the Comptroller General of the United States determines that the amount in the bond sinking fund is sufficient to pay the total aggregate amount of principal and interest on all outstanding bonds issued for the construction of the Civic Center, the Commissioner of the District of Columbia shall request that the amount in the bond sinking fund be appropriated to pay such amount, and any remaining surplus be appropriated to the general fund of the District.

Requires the Comptroller General of the United States to make an annual audit of the bond sinking fund and the support fund and report his findings to the Congress, the President, the Commissioner, and the Council of the District of Columbia.

Provides that nothing in this Act shall be construed as impairing the full faith and credit of the District to repay its general obligation bonds.

Requires the District of Columbia Board of Elections to hold an advisory referendum on the question of the civic Center, on the date fixed by the Board for the charter referendum.