D.C. Act 24-103. New Convention Center Hotel Omnibus Financing and Development Congressional Review Emergency Amendment Act of 2021.

AN ACT

To amend, on an emergency basis, due to congressional review, the New Convention Center Hotel Omnibus Financing and Development Act of 2006 to authorize the issuance of a replacement bond to the Washington Convention and Sports Authority to refund certain series of bonds.

BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the "New Convention Center Hotel Omnibus Financing and Development Congressional Review Emergency Amendment Act of 2021".

Sec. 2. Section 105 of the New Convention Center Hotel Omnibus Financing and Development Act of 2006, effective September 19, 2006 (D.C. Law 16-163; D.C. Official Code § 10-1221.05), is amended by adding a new subsection (d) to read as follows:

"(d)(1) The Council approves and authorizes the issuance of a replacement bond to the Authority as security for any refunding bonds issued by the Authority for purposes of refunding a series of bonds of the Authority that are secured by a bond issued pursuant to this act.

"(2) The issuance of the replacement bond shall comply with the requirements of this act; except, that the principal amount of any replacement bond issued pursuant to this subsection shall be in an amount equal to the principal amount of the refunding bonds issued by the Authority.".

Sec. 3. Fiscal impact statement.

The Council adopts the fiscal impact statement of the Chief Financial Officer for the New Convention Center Hotel Omnibus Financing and Development Amendment Temporary Act of 2021, enacted on May 3, 2021 (D.C. Act 24-78; 68 DCR 004955), as the fiscal impact statement required by section 4a of the General Legislative Procedures Act of 1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).

Sec. 4. Effective date.

This act shall take effect following approval by the Mayor (or in the event of veto by the Mayor, action by the Council to override the veto), and shall remain in effect for no longer than 90 days, as provided for emergency acts of the Council of the District of Columbia in section 412(a) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 788; D.C. Official Code § 1-204.12(a)).