District of Columbia Sports Arena Financing Act of 1995

Summary

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.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 June 1995

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• Introduced in House (PDF)

  Introduced in House · EN · 14 June 1995

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• Introduced in House

  summary · EN · 14 June 1995

  Open at official source

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