Stadium Package Would Not Tap General Fund, Officials Say

Vadum, Matthew
June 2003
Bond Buyer;6/13/2003, Vol. 344 Issue 31656, p5
Trade Publication
No revenues from the District of Columbia's general fund will be used in a possible sports stadium financing package that could include tax-exempt municipal bonds, officials said as further details of the blueprint trickled out at a District Council hearing here on June 12, 2003. The tentative plan, which envisions the sale of 291.9 million dollars of municipal bonds to help finance a proposed 463 million dollar stadium, is contingent on the nation's capital winning a Major League Baseball franchise. About 291.9 million dollars of the 338.7 million dollars would come from selling bonds, and the remaining 46.8 million dollars would come out of cash generated from incremental sales taxes, an income tax levied on baseball players' incomes and other taxes.


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