(a) For purposes of this section, the term “ballpark” shall have the meaning specified in § 47-2002.05(a)(1).
(b) There is established within the General Fund of the District of Columbia, a segregated, nonlapsing special revenue fund to be denominated as the Ballpark Revenue Fund. Except as provided in § 10-1203.07, the Chief Financial Officer of the District of Columbia shall pay into the Ballpark Revenue Fund all receipts from those fees and taxes specifically identified by any provision of District of Columbia law to be paid into the fund and any rent paid pursuant to a lease of the ballpark. The Chief Financial Officer of the District of Columbia shall create a sub-account within the Ballpark Revenue Fund for each type of fee and tax that is to be paid into the fund and shall allocate the receipts from each type of fee and tax to the appropriate sub-account. The Mayor, or any District government agency or instrumentality that has been designated by the Mayor, may pledge and create a security interest in the funds in the Ballpark Revenue Fund, or any sub-account or sub-accounts within the fund, for the payment of the costs of carrying out any of the purposes set forth in subsection (c) of this section, for the payment of the debt service on any bonds or other evidence of indebtedness, any fees and charges incurred in connection therewith, any payments owing under any document or instrument entered into in connection with the indebtedness, including any credit enhancement agreement, insurance policy, security agreement, or other agreement or instrument establishing a swap or other derivative arrangement entered into by the District or any District government agency or instrumentality, and any of the purposes set forth in subsection (c) of this section, without further action as permitted by § 1-204.90(f). If bonds or other evidence of indebtedness are issued, the payment shall be made in accordance with the provisions of the documents entered into by the District or any District agency or instrumentality in connection with the issuance of the bonds or other evidence of indebtedness. Notwithstanding Article 9 of Subtitle I of Title 28, or any other provision to the contrary, any security interest created pursuant to this subsection shall be valid, binding, and perfected from the time that the security interest is created, with or without the physical delivery of any funds or any other property, with or without further action, and whether or not any statement, document, or instrument relating to the security interest is recorded or filed. The lien created by the security interest shall be valid, binding, and perfected with respect to any person, as defined in § 47-2001(i), having claims against the District, whether or not such person has notice of the lien.
(c) The purposes for which the funds deposited in the Ballpark Revenue Fund shall be used are as follows:
(1) To directly pay, or to finance the reimbursement of, any fund of the General Fund of the District of Columbia which has been the source of the payment of any loan, reprogramming, or transfer of funds to any District government agency or instrumentality for the payment of any reasonable and verified predevelopment and development costs that have been borne by the District or the District government agency or instrumentality for the ballpark;
(2) To directly pay, or to finance the reimbursement of the District or any District government agency or instrumentality for, any and all reasonable and verified predevelopment and development costs that were borne by the District or the District government agency or instrumentality for the ballpark;
(3) To directly pay, or to finance the reimbursement of, the District or any District government agency or instrumentality for any or all costs arising out of or relating to the acquisition of real property, by purchase, lease, or condemnation in accordance with §§ 16-1311 through 16-1321, or other means of acquiring or assembling real property or interests in real property, including rights-of-way or other easements, that will serve as the site for the ballpark or are otherwise necessary to facilitate the construction of the ballpark or use of the site for the ballpark;
(4) To directly pay or finance all or any of the costs of the demolition of buildings located on the future site of the ballpark and the cost of environmental remediation of the land that is the future site of the ballpark;
(5) To directly pay or finance all or any of the costs of the design, development, construction, improvement, furnishing, and equipping of the ballpark;
(6) To directly pay or finance all or any of the costs of renovating Robert F. Kennedy Stadium for use as a ballpark until construction of the new ballpark has been completed;
(7) To directly pay or finance all or any of the costs of any future renovations, improvements, maintenance, or upgrades to Robert F. Kennedy Stadium or the new ballpark after its construction has been completed;
(8) To directly pay or finance all or any other costs of the District or any District government agency associated with the financing, development, construction, or renovation of the ballpark;
(9) To pay debt service on bonds issued in accordance with this part, which debt service includes funding any required reserves on, and making any other payments related to, the bonds; and
(10) Subject to the provisions of the financing documents, for such purposes as may otherwise be authorized by law.
(d) To the extent that it does not violate the terms of any financing documents, closing documents, lien, pledge, security interest, or other covenants (collectively, “financing documents”) under which the bonds or other evidence of indebtedness described in this section (“bonds”) were issued, and, after accounting for transfers authorized to the General Fund of the District of Columbia under current law, if, at the end of a fiscal year the balance of cash and investments in the Ballpark Revenue Fund exceeds the balance of current liabilities, including debt service, required reserves, fund transfers previously authorized to balance the Fiscal Year 2011 budget and Fiscal Years 2012 through 2014 financial plan, and required sinking fund deposits under the bonds or financing documents required to be paid from the funds in the Ballpark Revenue Fund, the excess shall be used to pay in advance of scheduled maturity any principal amount and accrued interest thereon due on the bonds.
CREDIT(S)
(Apr. 8, 2005, D.C. Law 15-320, § 102, 52 DCR 1757; Nov. 30, 2005, D.C. Law 16-91, § 203(a), 52 DCR 10637; Apr. 8, 2011, D.C. Law 18-370, § 782(a), 58 DCR 1008.)
HISTORICAL AND STATUTORY NOTES
Effect of Amendments
D.C. Law 16-91, in subsec. (c)(8), deleted “and” at the end; in subsec.(c)(9) substituted “this subchapter, which debt service includes funding any required reserves on, and making any other payments related to, the bonds; and” for “this subchapter.”; and added subsec. (c)(10).
D.C. Law 18-370 added subsec. (d).
Emergency Act Amendments
For temporary (90 day) amendment of section, see § 782(a) of Fiscal Year 2011 Supplemental Budget Support Emergency Act of 2010 (D.C. Act 18-694, January 19, 2011, 58 DCR 662).
Legislative History of Laws
For Law 15-320, see notes following § 10-1601.01.
Law 16-91, the “Technical Amendments Act of 2005”, was introduced in Council and assigned Bill No. 16-477, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on November 1, 2005, and November 15, 2005, respectively. Signed by the Mayor on November 30, 2005, it was assigned Act No. 16-212 and transmitted to both Houses of Congress for its review. Title II of D.C. Law 16-91 became effective on November 30, 2005, pursuant to Pub. L. 109-115, Div. B, § 136.
Law 18-370, the “Fiscal Year 2011 Supplemental Budget Support Act of 2010”, was introduced in Council and assigned Bill No. 18-1100, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on December 7, 2010, and December 21, 2010, respectively. Signed by the Mayor on January 27, 2011, it was assigned Act No. 18-721 and transmitted to both Houses of Congress for its review. D.C. Law 18-370 became effective on April 8, 2011.
Effective Dates
Section 136 of Pub. L. 109-115, Nov. 30, 2005, 119 Stat. 2522, provides: ‘Notwithstanding section 602(c)(1) of the District of Columbia Home Rule Act, amendments to the Ballpark Technical Amendments Act of 2005 shall take effect on the date of the enactment by the District of Columbia [Nov. 30, 2005].”
Miscellaneous Notes
Short title: Section 781 of D.C. Law 18-370 provided that subtitle I of title VII of the act may be cited as “Ballpark Debt Repayment Amendment Act of 2010”.