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Government and People
CHAIRMAN CROPP'S PRIVATE FINANCING AMENDMENT
(Section 2 of Emergency Legislation;, Section 107 of Permanent Legislation - Bill 15-1028)
(Language on page 3 in bold adopted 12/14/04, adding to language adopted on 11/30/04, subject to technical amendments being prepared by the Council's General Counsel)
Sec. Requirement to invite and evaluate private financing.
(a) For purposes of this section, the term "ballpark" means the new baseball stadium to be constructed pursuant to the Ballpark Omnibus Financing and Revenue Act of 2004, passed on 2nd reading on November 30, 2004 (Enrolled version of Bill 15-1028) ("Ballpark Act").
(b) There is hereby established the Baseball Financing Review Fund as a segregated, non-lapsing special revenue fund in the District separate and apart from the General Fund of the District of Columbia. All fees specifically identified by subsection (c) of this -section shall be deposited into the Baseball Financing Review Fund without regard to fiscal year limitation pursuant to an act of Congress. All fees deposited into the Baseball Financing Review Fund shall not revert to the General Fund of the District of Columbia at the end of any fiscal year or at any other time, and shall be continually available to pay or reimburse the cost of services related to the evaluation and reporting of proposals as required by subsections (d) and (e) of this section, subject to authorization by Congress in an appropriations act.
(c)(1) Within 30 days of the effective date of this act, the Chief Financial Officer shall cause to be published in the District of Columbia Register and other publications considered appropriate by the Chief Financial Officer a notice that the District is seeking the submission of supplemental or alternative financing plans and proposals for the development and construction of the ballpark in accordance with sections 105 and 106 of the Ballpark Act that would provide for a meaningful and substantial reduction in:
(d)(1) The Chief Financial Officer, in consultation with the Mayor and the Council, shall:
(e)(1) Within 120 days of the effective date of the Private or Alternative Stadium Financing and Cost Trigger Emergency Act of 2004, and not less than 30 days prior to the issuance of the bonds authorized by the Ballpark Act, the Chief Financial Officer shall deliver a report to the Mayor and the Council, describing and evaluating all supplemental or alternative financing plans and proposals that were submitted in accordance with subsections (c) and (d) of this section.
(f) This section shall not create any legal obligation or liability on the part of the District to any party who submits a supplemental or alternative financing plan or proposal pursuant to this section.
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