Councilmember Jack Evans
Councilmember Kenyan R. McDuffie
Councilmember Muriel Bowser
A BILL
IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
Councilmember Kenyan R. McDuffie introduced the following bill, which was referred to the Committee on _____________________________.
To amend Title 47 of the District of Columbia Official Code to dedicate not less than 25 percent of any unrestricted general fund balance, after accounting for locally mandated reserves, the Emergency Reserve Fund, and the Contingency Reserve Fund, to the Housing Production Trust Fund.
- BE IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this act may be cited as the “Housing Production Trust Fund Supplemental Funding Act of 2014”.
- Sec. 2. Section 369.01 of Title 47 of the District of Columbia Official Code is amended as follows:
- (a) Designate the existing text as subsection (a).
- (b) A new subsection (b) is added to read as follows:
- “(b)(1) The District of Columbia shall fully fund the Fiscal Stabilization Reserve Account and Cash Flow Reserve Account.
- (2) The Mayor shall deposit into the Housing Production Trust Fund not less than 25% of the funds remaining in the unexpended general fund surplus after fully funding the accounts identified in paragraph (1) of this subsection.”.
- Sec. 3. Fiscal impact statement.
- The Council adopts the fiscal impact statement in the committee report as the fiscal impact statement required by section 602(c)(3) of the District of Columbia Home Rule Act, approved December 24, 1974 (87 Stat. 813; D.C. Official Code § 1-206.02(c)(3)).
- Sec. 4 Effective date.
- This act shall take effect following approval by the Mayor (or in event of a veto by the Mayor, action by the Council to override the veto), a 30-day period of Congressional review as provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Official Code § 1-206.02(c)(1)), and publication in the District of Columbia Register.