§ 10-1203.05 — Audit of accounts and operations.

District of Columbia § 10-1203.05

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

Text

(a) Repealed.

(b) On or before July 15 of each year in which there is outstanding any indebtedness issued by the Authority pursuant to this chapter, the District of Columbia Auditor shall prepare and deliver to the Mayor, the Council, the Chief Financial Officer of the District of Columbia, and the Chairman of the Authority a certification relating to the upcoming fiscal year of the District as to the sufficiency of the sum of the projected revenues from the following:

(1) The taxes imposed pursuant to §§ 47-2002.02 and 47-2202.01 and transferred to the Authority by the Mayor pursuant to §§ 47-2002.03 and 47-2202.02 , as such tax revenues are estimated by the Office of Tax and Revenue for such upcoming fiscal year, which estimates shall be delivered by the Office of Tax and Revenue to the Authority on or prior to July 1 of such year, excluding from such estimate any amounts relating to any surtax imposed pursuant to subsection (c) of this section;

(2) The projected operating revenues of the Authority for such upcoming fiscal year contained in the most recent multiyear financial plan of the Board submitted pursuant to § 10-1202.06(g) ; and

(3) Any amounts on deposit in any reserve fund or account (other than any debt service reserve fund or account for indebtedness of the Authority), which are in excess of the required minimum balance for such fund or account, as certified by the Authority, to meet the sum of (i) projected operating and debt service expenditures and reserve requirements (other than amounts included in clause (ii) below) of the Authority for the upcoming fiscal year contained in the most recent multiyear financial plan of the Board submitted pursuant to § 10-1202.06(g) , and (ii) any amounts required, as certified by the Authority, to restore any reserves relating to indebtedness of the Authority to their required minimum balance.

(c) If the certification delivered pursuant to subsection (b) of this section indicates that such projected revenues for the upcoming fiscal year are insufficient to meet such projected expenditures and reserve requirements (other than amounts included in clause (ii) of subsection (b)(3) of this section) and payments required to restore reserves relating to indebtedness of the Authority to their minimum required balance for the upcoming fiscal year, the Mayor shall impose a surtax, to become effective on or before the first day of the upcoming fiscal year, on the tax imposed pursuant to §§ 47-2002.02(1) and 47-2202.01(1) in an amount equal to the difference between (i) the sum of the projected operating and debt service expenditures and reserve requirements (other than amounts included in clause (ii) of subsection (b)(3) of this section) and payments required to restore any reserves relating to indebtedness of the Authority to their minimum required balance, and (ii) the projected revenues described in subsection (b) of this section. Such surtax shall be effective only for such upcoming fiscal year.

Legislative History

Sept. 28, 1994, D.C. Law 10-188, § 305, 41 DCR 5333; Aug. 12, 1998, D.C. Law 12-142, § 2(k), 45 DCR 4826; Dec. 7, 2004, D.C. Law 15-205, § 1192(c), 51 DCR 8441