§ 2–1217.36f. Creation of the Union Market TIF Fund.

(a) There is established as a nonlapsing fund the Union Market TIF Fund. The Chief Financial Officer shall deposit into the Union Market TIF Fund the Available Tax Increment and any other taxes or fees specifically designated by law for deposit in the Union Market TIF Fund.

(b) The Mayor may pledge and create a security interest in the funds in the Union Market TIF Fund, or any sub-account within the Union Market TIF Fund, for the payment of debt service on the bonds without further action by the Council as permitted by § 1-204.90(f). The payment of debt service shall be made in accordance with the provisions of the Financing Documents entered into by the District in connection with the issuance of the bonds.

(c) If, at the end of any fiscal year of the District, the balance of cash and investments in the Union Market TIF Fund exceeds the amount of debt service (including prepayment of principal and interest), reserves on any bonds, and any approved bond-related administrative expenses during the upcoming fiscal year, 50% of the excess shall be used to prepay the principal of the bonds and the remaining 50% of the excess shall be transferred to the unrestricted balance of the General Fund of the District of Columbia.