Code of the District of Columbia

§ 2–1217.40b. Creation of the Reunion Square TIF Fund.

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

(b) The Mayor may pledge and create a security interest in the funds in the Reunion Square TIF Fund, or any sub-account within the Reunion Square 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 Reunion Square 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.


(Mar. 16, 2021, D.C. Law 23-202, § 3, 67 DCR 13876.)

Emergency Legislation

For temporary (90 days) creation of this section, see § 3 of Reunion Square Tax Increment Financing Second Emergency Act of 2020 (D.C. Act 23-370, Aug. 10, 2020, 67 DCR 9689).

For temporary (90 days) creation of this section, see § 3 of Reunion Square Tax Increment Financing Emergency Act of 2020 (D.C. Act 23-250, Mar. 17, 2020, 67 DCR 3455).

Temporary Legislation

For temporary (225 days) creation of this section, see § 3 of Reunion Square Tax Increment Financing Temporary Amendment Act of 2020 (D.C. Law 23-146, Oct. 20, 2020, 67 DCR 9941).