(a) There is established a dedicated fund within the General Fund of the District of Columbia, as a separate budget line item, to be known as the Schools Modernization Fund. The fund shall be a revolving, nonlapsing fund, which shall consist of the following distinct accounts:
(1) The Debt Service account, the funds of which shall be solely used to pay the debt service on revenue bonds issued in accordance with this part, and which shall be funded through:
(A) Local funds;
(B) Federal funds;
(C) Federal grant funds;
(D) Any grants, gifts, or subsidies from public or private sources for the repair or renovation of District schools;
(E) Any return on investment of the assets of the Debt Service account, including interest thereon; and
(F) Such other funds as may be authorized to be deposited; and
(2) The Bond Revenue account, the funds of which shall be solely used to pay for the repair or renovation of District schools.
(b) Funds deposited in the Schools Modernization Fund shall not revert to the fund balance of the General Fund of the District of Columbia at the end of any fiscal year or at any other time, but shall be continually available for the uses and purposes set forth in this section, subject to authorization by Congress.
CREDIT(S)
(Oct. 20, 2005, D.C. Law 16-33, § 4042, 52 DCR 7503.)
HISTORICAL AND STATUTORY NOTES
Emergency Act Amendments
For temporary (90 day) addition, see § 4042 of Fiscal Year 2006 Budget Support Emergency Act of 2005 (D.C. Act 16-168, July 26, 2005, 52 DCR 7667).
Legislative History of Laws
Law 16-33, the “Fiscal Year 2006 Budget Support Act of 2005”, was introduced in Council and assigned Bill No. 16-200 which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on May 10, 2005, and June 21, 2005, respectively. Signed by the Mayor on July 26, 2005, it was assigned Act No. 16-166 and transmitted to both Houses of Congress for its review. D.C. Law 16-33 became effective on October 20, 2005.
Miscellaneous Notes
Short title of subtitle E of title IV of Law 16-33: Section 4041 of D.C. Law 16-33 provided that subtitle E of title IV of the act may be cited as the Schools Modernization Amendment Act of 2005.