§ 9-1111.05 — Disposal of excess revenues.

District of Columbia § 9-1111.05

• Jurisdiction: District of Columbia
• Title 9: Transportation Systems.
• Ch. 11: National Capital Region Transportation.
• Subch. VI: Adopted Regional System.

Text

To the extent that revenues or other receipts derived from or in connection with the ownership or operation of the adopted regional system (other than service payments under transit service agreements executed between the Transit Authority and local political subdivisions, the proceeds of bonds or other evidences of indebtedness issued by the Transit Authority, and capital contributions received by the Transit Authority) are excess to the amounts necessary to make all payments, including debt service, operating and maintenance expenses, and deposits in reserves required or permitted by the terms of any contract of the Transit Authority with or for the benefit of holders of its bonds, notes, or other evidences of indebtedness issued for any purpose relating to the adopted regional system, other than extensions thereof, two thirds of such excess revenues shall, at the end of each fiscal year, beginning with the fiscal year in which the adopted regional system (exclusive of extensions) is first put into substantially full revenue service, be paid into the Treasury of the United States as miscellaneous receipts.

Legislative History

Dec. 9, 1969, 83 Stat. 322, Pub. L. 91-143, § 6