(a) There is established a special trust fund to be known as the Renovation Development Trust Fund (“Fund”).
(b) The Foundation shall be responsible for administering the Fund.
(c) The monies deposited into the Fund shall not be a part of, nor lapse into, the General Fund of the District.
(d) Monies in the Fund may derive from any of the following sources:
(1) Private donations;
(2) Federal grants;
(3) Other funds received by the Foundation; and
(4) Interest or other investment earnings on monies deposited in the Fund.
(e) The Foundation shall ensure that monies deposited in the Fund earn the highest and safest rate of return as practicable.
(f) The Fund shall be used for the following purposes:
(1) As collateral or direct financing for the complete renovation and restoration of the Wilson Building; and
(2) To buy out the remaining balance of any loan negotiated between Washington Development Group, Inc., and any financial institution for the renovation and restoration of the Wilson Building, as the Council may direct pursuant to the Endorsement of the Establishment of the John A. Wilson Building Foundation and Washington Development Group, Inc., Development Plan Conditional Approval Resolution of 1995 (Resolution 11-172; 42 DCR 6428), effective November 24, 1995.
(g) No more than 15% of the monies deposited in the Fund may be used by the Foundation for operating expenses of the Foundation, including the cost of maintaining the Fund.
(h) If within one year of April 9, 1997, the Foundation has not raised over $1 million in funds, all funds remaining in the Fund at that time shall be returned to the donors or grantors on a pro rata basis minus the administrative costs limited by subsection (g) of this section associated with returning the monies.
CREDIT(S)
(Apr. 9, 1997, D.C. Law 11-180, § 4, 43 DCR 4246.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 9-733.
Emergency Act Amendments
See Historical and Statutory Notes following § 10-1331.
Legislative History of Laws
For legislative history of D.C. Law 11-180, see Historical and Statutory Notes following § 10-1331.