§76o Borrowing authority to finance parking facilities

Summary

Allows the Board to borrow up to $20,400,000 by selling revenue bonds to the Secretary of the Treasury to pay for needed parking. The bonds can run for up to 50 years and can be paid off early if the Board chooses, but early-paid bonds cannot be refinanced. The Secretary must buy these bonds and may use normal Treasury financing tools to do so. As of October 12, 1984, these bonds bear no interest and any unpaid interest that had accrued is canceled. Creates the Kennedy Center Revenue Bond Sinking Fund in the Treasury to retire the bonds. The Board must pay $200,000 each year into the Fund from January 1, 1987 through January 1, 2016. The Treasury will invest the Fund in suitable government securities and keep any interest earned in the Fund. Fund money can only be used to pay off the bonds. Annual payments may be changed by up to plus or minus 5% to correct investment gains or losses, and a final adjustment will be made at the end of the repayment period under a memorandum of understanding between the Board and the Secretary.