Page:United States Statutes at Large Volume 71.djvu/655

 71 S T A T. ]

PUBLIC LAW 85-300-SEPT. 7, 1957

619

Public Law 85-300 AN ACT

September 7, 1957

To authorize the construction, maintenance, and operation by the Armory Board of the District of Columbia of a stadium in the District of Columbia, and for other purposes.

[H. R. 1937]

Be it enacted by the Senate and House of Representatives of the Di s c United States of America in Congress assembled, That this Act may lumbia t r i S tt aof i Cod um be cited as the "District of Columbia Stadium Act of 1957". AcroF 1957" SEC. 2. I n order to provide the people of the District of Columbia with a stadium suitable for holding athletic events and other activities and events of a nature requiring such a facility, the Armory Board (hereinafter referred to as the "Board"), created by section 2 of the Act entitled "An Act to establish a District of Columbia Armory Board, and for other purposes", approved June 4, 1948 (D. C. Code, sec. 2-1702), is hereby authorized to construct, maintain, and operate ^2 Stat. 339. a stadium (including necessary motor-vehicle parking areas) with a seating capacity of not to exceed fifty thousand, on a site in the District of Columbia determined in accordance with provisions of section 3 of this Act. The cost of constructing such stadium shall not cost limitation. exceed $6,000,000, and such amount shall be deemed to include interest during the construction of the stadium and for 12 months thereafter and all engineering, legal, financial, architectural, and other expenses incident to the construction of the stadium. SEC. 3. The Secretary of the Interior is authorized and directed to r^e^"^^'*'°" °^ acquire by gift, purchase, condemnation, or otherwise, all real property within the boundaries of the East Capitol Street site, as established in the first paragraph under the heading "(2) East Capitol Street Site" contained in the National Capital Planning Commission report entitled "Preliminary Report on Sites for National Memorial Stadium" dated November 8, 1956, and thereafter, upon the request of the Board, the Secretary of the Interior shall transfer to the Board, all right, title, and interest of the United States in and to all real property within the boundaries of such East Capitol Street site. SEC. 4. (a) The Board is hereby authorized to provide for the pay- Bonds, ment of the cost of such stadium, including the land upon which said stadium is located, by an issue or issues of negotiable bonds of the Board, bearing interest, payable semiannually, at the rate of not more than to be approved by the Secretary of the Treasury, the principal and interest of such bonds shall be payable solely from the funds provided in accordance with this Act, and such payments may be further secured by mortgage of the stadium. All such bonds may be registered as to principal alone or both principal and interest, shall be payable as to principal within not to exceed thirty years from the date thereof, shall be in such denominations, shall be executed in such manner, and shall be payable in such medium and at such place or places as the Board may determine, and the face amount thereof shall be so calculated as to produce, at the price of their sale, the cost of the stadium constructed pursuant to this Act, but such cost shall not exceed $6,000,000. The Board may reserve the right to redeem any or all of the bonds before maturity in such manner and at such price or prices not exceeding 105 per centum of the face value and accrued interest as may be fixed by the Board prior to the issuance of the bonds. The Board when it deems advisable may issue refunding bonds to refinance any outstanding bonds at maturity or before maturity when called for redemption, except that such refunding bonds shall mature within not to exceed thirty years from the date thereof, or not to exceed fifty years from the date of enactment of this Act, whichever shall first occur, and shall not exceed in principal amount the principal amount of outstanding bonds replaced by such refunding bonds.

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