{"data":{"id":"us-dc/d.c.-code-1-325.41","jurisdiction":"us-dc","citation":"D.C. Code § 1-325.41","heading":"Schools Modernization Fund established.","body":"(a)\nThere 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:\n(1)\nThe 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:\n(A)\nLocal funds;\n(B)\nFederal funds;\n(C)\nFederal grant funds;\n(D)\nAny grants, gifts, or subsidies from public or private sources for the repair or renovation of District schools;\n(E)\nAny return on investment of the assets of the Debt Service account, including interest thereon; and\n(F)\nSuch other funds as may be authorized to be deposited; and\n(2)\nThe Bond Revenue account, the funds of which shall be solely used to pay for the repair or renovation of District schools.\n\n(b)\nFunds 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.","path":["Title 1. Government Organization.","Chapter 3. Specified Governmental Authority.","Subchapter XI. Special Funds.","Part E. Schools Modernization Fund."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/1-325.41","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"9b73d1096dcb35be780fa1aeb8592efd855c10a8ae900d4cbd6b7c6a74eb23f4","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-1-325.35","next":"us-dc/d.c.-code-1-325.42"},"notice":"GroundRules: Original legal text. Not legal advice."}