§ 10-1202.08 — Washington Convention Center Fund; transfer and pledge of revenues.

District of Columbia § 10-1202.08

• Jurisdiction: District of Columbia
• Title 10: Parks, Public Buildings, Grounds, and Space.
• Ch. 12: Washington Convention and Sports Authority.
• Subch. I: General Provisions.

Text

(a) There is established the “Washington Convention Center Fund” (“Convention Center Fund”) to be operated by the Authority.

(b) Dedicated taxes collected by the Mayor, as an agent for the Authority and the monies in the Convention Center Fund shall not be a part of, nor lapse into, the General Fund of the District of Columbia, nor the Sports and Entertainment Fund, except as provided in § 10-1202.13 .

(1) Any and all dedicated taxes collected by the Mayor as an agent for the Authority shall be transferred upon receipt to the Convention Center Fund for the payment of the costs of the new convention center, expenses necessary for debt service, reserve funds, repair, maintenance, marketing service contracts and all other expenses of operating and managing the Authority.

(2) The Board shall submit for Council review the detailed guidelines established by the Authority stating the types of expenditures permissible under Authority policy.

(d) Any pledge by the Authority of any revenues on deposit in the Convention Center Fund shall be effective, valid, and binding from the time the pledge is made. The pledged revenues, once deposited in the Convention Center Fund, shall be immediately subject to the lien of the pledge, whether or not there has been any physical delivery. The lien of any pledge shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against any person receiving the distribution of tax revenues, whether or not the parties have notice of the pledge. The bond resolution of the Authority by which the pledge of the proceeds of any taxes is created is not required to be filed or recorded.

(e) The District pledges to and agrees with the Authority and any holders of the bonds, notes or other obligations issued by the Authority and secured by the Convention Center Fund that the District shall not limit, restrict, or in any way impair the collection, transfer, deposit, or disbursement of revenues in the Convention Center Fund until the principal of, premium if any, and interest on the Authority debt has been paid and discharged.

(f) Except as provided in § 10-1202.04(b) , all assets and liabilities of the Washington Convention Center Enterprise Fund, established pursuant to § 10-1215 [repealed], shall be transferred to the Fund.

(g) For Fiscal Years 2022 or 2023, the Authority shall issue not less than $10 million in grants from the Convention Center Fund to support cultural institutions operating in the District of Columbia; provided, that funds are available for such purpose and that the Authority first satisfy its current liabilities and legally required reserves, which shall not include the elective purchase or redemption of outstanding indebtedness.

(h) For Fiscal Year 2021, the Authority shall issue not less than $1 million in grants from the Convention Center Fund to support go-go related programming, branding, tourism, and marketing; provided, that funds are available for such purpose and that the Authority first satisfy its current liabilities and legally required reserves, which shall not include the elective purchase or redemption of outstanding indebtedness, unless such purchase or redemption is for the purpose of securing a lower cost of borrowing and lower debt service payments.

Legislative History

Sept. 28, 1994, D.C. Law 10-188, § 208, 41 DCR 5333; Aug. 12, 1998, D.C. Law 12-142, § 2(e), 45 DCR 4826; Mar. 3, 2010, D.C. Law 18-111, § 2081(j), 57 DCR 181; Sept. 26, 2012, D.C. Law 19-171, § 72(b), 59 DCR 6190