(a)(1) There is established as a nonlapsing fund the Commercial Revitalization Assistance Fund (“Fund”). All funds deposited into the Fund and any interest earned on those funds, 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 any other time, but shall be continually available for the uses and purposes set forth in subsection (b) of this section without regard to fiscal year limitation, subject to authorization by Congress.
(2) The Fund shall be administered by the Department of Small and Local Business Development and shall be separate and independent from any other commercial revitalization programs provided by the District.
(b) The Fund shall be used solely to provide commercial revitalization funding to Main Streets programs and other commercial revitalization services.
CREDIT(S)
(Oct. 20, 2005, D.C. Law 16-33, § 2376, as added Sept. 24, 2010, D.C. Law 18-223, § 2242, 57 DCR 6242.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
Law 18-223, the “Fiscal Year 2011 Budget Support Act of 2010”, was introduced in Council and assigned Bill No. 18-731, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on May 26, 2010, and June 15, 2010, respectively. Signed by the Mayor on July 2, 2010, it was assigned Act No. 18-462 and transmitted to both Houses of Congress for its review. D.C. Law 18-223 became effective on September 24, 2010.
Miscellaneous Notes
Short title: Section 2241 of D.C. Law 18-223 provided that subtitle U of title II of the act may be cited as the “Commercial Revitalization Segregated Fund Amendment Act of 2010”.