§ 2–1217.34b. Creation of the Howard Theatre Redevelopment Project Fund.

(a) There is established as a nonlapsing fund the Howard Theatre Redevelopment Project Fund, which shall be used solely as provided in subsection (d) of this section. The Chief Financial Officer shall deposit into the Howard Theatre Redevelopment Project Fund the Available Tax Increment and any other taxes or fees specifically designated by law for deposit in the Howard Theatre Redevelopment Project Fund.

(b) Except as provided in subsection (e) of this section, all funds deposited into the Howard Theatre Redevelopment Project Fund, and any interest earned on the 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 at any other time, but shall be continually available for the uses and purposes set forth in subsection (d) of this section without regard to fiscal year limitation, subject to authorization by Congress.

(c) The Mayor may pledge and create a security interest in the funds in the Howard Theatre Redevelopment Project Fund, or any sub-account within the Howard Theatre Redevelopment Project Fund, for the payment of the costs of carrying out any of the purposes described in subsection (d) of this section without further action by the Council as permitted by § 1-204.90(f). If Bonds are issued, the payment will be made in accordance with the provisions of the Financing Documents entered into by the District in connection with the issuance of the Bonds.

(d) The funds deposited in the Howard Theatre Redevelopment Project Fund may be used to:

(1) Secure the repayment of the Bonds;

(2) Pay debt service, including principal, premium, if any, and interest on the Bonds; and

(3) Finance, refinance, or reimburse the District or the Development Sponsor for costs of the Howard Theatre Redevelopment Project.

(e) If, at the end of any fiscal year of the District following the issuance of the Bonds authorized by this subpart [§§ 2-1217.34a to 2-1217.34n], the value of cash and investments in the Howard Theatre Redevelopment Fund exceeds the amount of all payments authorized by this subpart [§§ 2-1217.34a to 2-1217.34n] and the Financing Documents, including required deposits into reserve funds, amounts to be set aside for additional series of Bonds issued under this subpart [§§ 2-1217.34a to 2-1217.34n], and any coverage requirements associated with the sale of the Bonds, during the upcoming fiscal year, the excess shall be transferred to the General Fund of the District of Columbia, unless the District elects to use the excess to redeem Bonds prior to maturity.