[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1843 Introduced in House (IH)]







104th CONGRESS
  1st Session
                                H. R. 1843

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 14, 1995

  Ms. Norton (by request) (for herself and Mr. Davis) introduced the 
   following bill; which was referred to the Committee on Government 
                          Reform and Oversight

_______________________________________________________________________

                                 A BILL


 
 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.
    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``District of Columbia Sports Arena 
Financing Act of 1995''.

SEC. 2. PERMITTING DESIGNATED AUTHORITY TO BORROW FUNDS FOR 
              CONSTRUCTION OF SPORTS ARENA.

    (a) In General.--An agency or instrumentality may borrow funds for 
purposes of developing and constructing a sports arena in the District 
of Columbia if the agency or instrumentality is granted the authority 
to borrow funds for such purposes by the District of Columbia 
government.
    (b) Treatment of Debt Created.--Any debt created pursuant to 
subsection (a) shall not--
            (1) be considered general obligation debt of the District 
        of Columbia for any purpose, including the limitation on the 
        annual aggregate limit on debt of the District of Columbia 
        under section 603(b) of the District of Columbia Self-
        Government and Governmental Reorganization Act (sec. 47-313(b), 
        D.C. Code);
            (2) constitute the lending of the public credit for private 
        undertakings for purposes of section 602(a)(2) of such Act 
        (sec. 1-233(a)(2), D.C. Code); or
            (3) be a pledge of or involve the full faith and credit of 
        the District of Columbia.

SEC. 3. PERMITTING CERTAIN DISTRICT REVENUES TO BE PLEDGED AS SECURITY 
              FOR BORROWING.

    (a) In General.--The District of Columbia (including the agency or 
instrumentality described in section 2(a)) may pledge as security for 
any borrowing undertaken pursuant to section 2(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 10-315.
    (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) shall be excluded from 
the determination of the dollar amount equivalent to 14 percent of 
District revenues under section 603(b)(3)(A) of the District of 
Columbia Self-Government and Governmental Reorganization Act (sec. 47-
313(b)(3)(A), D.C. Code).

SEC. 4. NO APPROPRIATION NECESSARY FOR ACTIVITIES RELATING TO 
              BORROWING.

    The fourth sentence of section 446 of the District of Columbia 
Self-Government and Governmental Reorganization Act (sec. 47-304, D.C. 
Code) shall not apply with respect to any of the following obligations 
or expenditures:
            (1) The proceeds of any borrowing conducted pursuant to 
        section 2(a).
            (2) The pledging of revenues as security for such borrowing 
        pursuant to section 3(a).
            (3) The payment of principal, interest, or other costs 
        associated with such borrowing.
                                 <all>