Code of the District of Columbia

§ 47–340.22. Allocation of funds.

Monies credited to the Account established under § 47-340.21 shall be allocated annually to the Office of the Deputy Mayor for Planning and Economic Development in an aggregate amount that is equal to the total deposits and earnings that have accrued during the immediately preceding fiscal year. Monies remaining in the Account at the end of any fiscal year shall not revert to the General Fund, but shall remain in the Account.


(Mar. 20, 1998, D.C. Law 12-60, § 502(b), 44 DCR 7378; Oct. 20, 1999, D.C. Law 13-38, § 2602, 46 DCR 6373; Oct. 19, 2000, D.C. Law 13-172, § 2002, 47 DCR 6308; Apr. 3, 2001, D.C. Law 13-226, § 4(b), 48 DCR 1603; Oct. 3, 2001, D.C. Law 14-28, § 1102, 48 DCR 6981; Oct. 1, 2002, D.C. Law 14-190, § 1122, 49 DCR 6968; Mar. 13, 2004, D.C. Law 15-105, § 75(b), 51 DCR 881; Oct. 20, 2005, D.C. Law 16-33, § 2112(b), 52 DCR 7503.)

Prior Codifications

1981 Ed., § 47-340.22.

Section References

This section is referenced in § 47-340.23.

Effect of Amendments

D.C. Law 13-38 and D.C. Law 13-172 rewrote this section which formerly provided: “Subject to authorization in a Congressional appropriations act, funds credited to the Industrial Revenue Bond Program Fee Account shall be allocated annually to the office, agency, or department of the District government responsible for administering the industrial revenue bond program fees and earnings thereon.”

D.C. Law 13-226 substituted “funds in excess of $5 million or in excess of” for “funds in excess of”.

D.C. Law 14-28 rewrote the section which had read as follows: “Beginning in Fiscal year 2001, funds credited to the industrial revenue bond program fee account established under § 47-340.21 shall be allocated annually to the Office of the Deputy Mayor for Planning and Economic Development in an aggregate amount that is equal to the program fees paid and the earnings that have accrued during the immediately preceding fiscal year, provided that funds in excess of those needed for the purposes set forth in § 47-340.23 shall be part of the local funds within the General Fund.”

D.C. Law 14-190 substituted “at the designation of the Council, or at the designation of the Mayor or Deputy Mayor for Planning and Economic Development, with the approval of the Council” for “for Fiscal Year 2002”.

D.C. Law 15-105 validated a previously made technical correction.

D.C. Law 16-33 rewrote section, which had read as follows: “Funds credited to the industrial revenue bond special account established under § 47-131(c)(4) shall be allocated for each fiscal year to the Office of the Deputy Mayor for Planning and Economic Development or, at the designation of the Council, or at the designation of the Mayor or Deputy Mayor for Planning and Economic Development, with the approval of the Council, for economic development programs or initiatives in other District agencies in an amount equal to the program fees paid and the earnings that have accrued, and the program fees expected to be paid and the earnings that are expected to accrue, during the immediately preceding fiscal year, plus any other funds remaining in the account; provided, that funds which are credited to the special account but which are not designated for expenditure under an approved spending plan under § 47-340.23 by the beginning of the fiscal year shall become part of the local funds within the General Fund.”

Emergency Legislation

For temporary (90 day) amendment of section, see § 4(b) of the Redevelopment Land Agency Disposition Review Congressional Review Emergency Amendment Act of 2000 (D.C. Act 13-524, January 11, 2001, 48 DCR 624).

For temporary (90 day) amendment of section, see § 1002 of Fiscal Year 2002 Budget Support Emergency Act of 2001 (D.C. Act 14-124, August 3, 2001, 48 DCR 7861).

For temporary (90 day) amendment of section, see § 1122 of Fiscal Year 2003 Budget Support Emergency Act of 2002 (D.C. Act 14-453, July 23, 2002, 49 DCR 8026).

For temporary (90 day) amendment of section, see § 2112(b) of Fiscal Year 2006 Budget Support Emergency Act of 2005 (D.C. Act 16-168, July 26, 2005, 52 DCR 7667).

Short Title

Short title of subtitle B of title XI of Law 14-190: Section 1121 of D.C. Law 14-190 provided that subtitle B of title XI of the act may be cited as the Industrial Revenue Bond Special Account Act of 2002.

Editor's Notes

Industrial Revenue Bond Fees Act of 1997: See Historical and Statutory Notes following § 47-340.20.