D.C. Code § 2-1227.06(Perm): Walter Reed Redevelopment Fund.

*NOTE: This codification is not the most current, due to recent law changes. To see the current law (including emergency and temporary legislation, if relevant) click this link: Current Version*

(a)

There is established as a special fund the Walter Reed Redevelopment Fund ("Fund"), which shall be administered by the Office of the Deputy Mayor for Planning and Economic Development and used solely for the purposes set forth in subsection (c) of this section.

(b)

The Chief Financial Officer shall deposit into the Fund all funds received pursuant to § 47-1005.01 attributable to the Developer's lease of the Walter Reed Redevelopment Site for the period ending on the last day of the tax year that is 10 years after the date on which the Developer commences the demolition of Building 2 on the Walter Reed Redevelopment Site in accordance with the requirements of the LDA.

(c)

The Fund shall be used solely to support the maintenance, operation, and construction activities on the Walter Reed Redevelopment Site.

(d)

Notwithstanding § 1-328.13, the Office of the Deputy Mayor for Planning and Economic Development shall have the authority to make grants from the Fund for the purposes set forth in subsection (c) of this section.

(e)

(1)

The money deposited into the Fund, and interest earned, shall not revert to the unrestricted fund balance of the General Fund of the District of Columbia at the end of a fiscal year, or at any other time.

(2)

Subject to authorization in an approved budget and financial plan, any funds appropriated in the Fund shall be continually available without regard to fiscal year limitation.