(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.
(c)(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all assets and liabilities of the Washington Convention Center Enterprise Fund, established pursuant to § 10-1215 [repealed], shall be transferred to the Fund.
(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.)
1981 Ed., § 9-809.
Effect of Amendments
D.C. Law 18-111, in the section heading, deleted “Authority” following “Center”; in subsec. (a), substituted “’Washington Convention Center Fund’ (’Convention Center Fund’)” for “’Washington Convention Center Authority Fund’ (’Fund’)”; in subsec. (b), substituted “Convention Center Fund” for “Fund” and substituted “District of Columbia, nor the Sports and Entertainment Fund,” for “District,”; in subsec. (c)(1), substituted “Convention Center Fund” for “Fund” and substituted “new convention center” for “New Convention Center”; in subsec. (d), substituted “deposit in the Convention Center Fund” for “deposit in the Fund” and substituted “deposited in the Convention Center Fund” for “deposited in the Fund”; and, in subsec. (e), substituted “secured by the Convention Center Fund” for “secured by the Fund” and substituted “revenues in the Convention Center Fund” for “revenues in the Fund”.
For temporary (90 day) amendment of section, see § 2081(j) of Fiscal Year 2010 Budget Support Second Emergency Act of 2009 (D.C. Act 18-207, October 15, 2009, 56 DCR 8234).
For temporary (90 day) amendment of section, see § 2081(j) of Fiscal Year Budget Support Congressional Review Emergency Amendment Act of 2009 (D.C. Act 18-260, January 4, 2010, 57 DCR 345).
Expenditures for Convention Center activities: For provisions permitting the Washington Convention Center Authority to expend revenues for Convention Center activities, see § 47-396.1.