Eisenhower Center Bond Sinking Fund Act

Summary

Eisenhower Center Bond Sinking Fund Act - States the purposes of, and defines the terms used in, this Act. Establishes on the books of the Treasury of the United States to the credit of the District of Columbia a bond sinking fund to be known as the Dwight D. Eisenhower Memorial Bicentennial Civic Bond Sinking Fund. States that the bond sinking fund shall be available without fiscal year limitation and shall consist of such amounts as may be, from time to time, deposited in it. Declares that amounts in the bond sinking fund shall be appropriated as provided in this Act, and in the same manner as general fund appropriations of the government of the District of Columbia, and shall be available solely for the purposes of paying the principal and interest on the general obligation bonds (or rent constituting payment of such bonds) issued to finance the Center. Provides for a one percent gross receipts tax each year, commencing July 1, 1974, which shall be in addition to any other amount of such tax, upon the gross receipts from sales or other charges for any room, lodgings, or accommodations, furnished to transients by any hotel, inn, tourist camp, tourist cabin, or any other place in which rooms, lodgings, or accommodations are regularly furnished to transients. Provides for a one percent gross receipts tax each year, commencing July 1, 1974, which shall be in addition to any other amount of such tax, upon the gross receipts from the sales of: (1) spiritious or malt liquors, beer, and wines by the drink for consumption other than off the premises where such drink is sold, and (2) food for human consumption other than off the premises where such food is sold. States that the above one percent gross receipts tax shall continue until modified or repealed according to this Act, and all revenues derived from this tax shall be deposited in the bond sinking fund. Provides a formula to determine the appropriation request for the bond sinking fund. Allows for an adjustment of taxes levied under this Act based upon the fund balance. Permits the Commissioner of the District of Columbia to invest all funds in the bond sinking fund in interest-bearing securities in the same manner as general revenues or construction loan balances available to the District of Columbia. Provides that at such time as the Comptroller General of the United States determines that any balance in the bond sinking fund is no longer needed for the purpose for which it was set aside the Commissioner may request the appropriation of such amounts from the bond sinking fund to the credit of the general fund of the District of Columbia. Declares that annual debt service payments for interest and principal on Center bonds (or rent constituting payment of such bonds) shall be included within the 14 percent general obligation debt ceiling of the District of Columbia Self-Government and Governmental Reorganization Act. Directs the Comptroller General of the United States to make an annual audit of the bond sinking fund and to report his findings to the Congress, the President and the Commissioner and Council of the District of Columbia.

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Documents

2 official files

• Failed of passage in House

  summary · EN · 8 April 1974

  Open at official source

• Introduced in House

  summary · EN · 31 January 1974

  Open at official source

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