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District of Columbia Code Division I. Government of District. § 10-1605. RFK Campus Parking Facilities Fund.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) There is established as a special fund the RFK Campus Parking Facilities Fund, which shall be administered by the Mayor pursuant to subsections (c) and (d) of this section.

(b) The following revenue shall be deposited into the RFK Campus Parking Facilities Fund:

(1) All receipts from the taxes imposed by § 47-2002.08(b), including penalty and interest charges;  and

(2) All receipts from the taxes imposed by § 47-2002 and § 47-2202 on the sale of or charges for tickets to public events to be performed at the Stadium, as defined in § 47-2002.08, including penalties and interest charges.

(c) Money in the RFK Campus Parking Facilities Fund shall be used to:

(1) Pay the Debt Service, including principal and interest, costs of issuance, and credit enhancements, and any costs of defeasance on the Bonds issued pursuant to § 10-1605.11(b) and making any other payments related to such Bonds;  and

(2) Fund reserves for the Bonds issued pursuant to § 10-1605.11(b).

(d) After issuance of the Bonds described in § 10-1605.11(b), any funds in excess of the amounts required to be paid from or reserved in the RFK Campus Parking Facilities Fund pursuant to subsection (c) of this section (“Excess Stadium Revenue Funds”), as determined by the Chief Financial Officer, shall be transferred to the Stadium Maintenance Fund established by § 10-1605.10.

(e) The Mayor, or any instrumentality or authority of the District that has been designated by the Mayor, may pledge and create a security interest in the funds in the RFK Campus Parking Facilities Fund for the payment of the Debt Service on any Bonds issued pursuant to § 10-1605.11(b), any fees and charges incurred in connection therewith, and any payments owing under any document or instrument entered into in connection with such indebtedness in accordance with the provisions of the documents entered into by the District in connection with the issuance of such Bonds.

(f)(1) The money deposited into the RFK Campus Parking Facilities Fund shall not revert to the unrestricted fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time.

(2) Subject to authorization in an approved budget and financial plan, any funds appropriated in the RFK Campus Parking Facilities Fund shall be continually available without regard to fiscal year limitation.

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Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 10-1605. RFK Campus Parking Facilities Fund. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-10-1605-09/

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