Washington Metropolitan Area Transit Authority Fund established.

There is established as a nonlapsing fund the Washington Metropolitan Area Transit Authority Fund (“Fund”), which shall be used solely for the purposes set forth in subsection (b) of this section. All funds deposited into the Fund, and any interest earned on those 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 (b) of this section, subject to authorization by Congress. Except as provided in subparagraph (B) of this paragraph, the Fund shall be funded solely by an annual appropriation of $50 million (“Required Funding”). If in any fiscal year, the amount appropriated for the Fund (“Anticipated Funding”) is less than the Required Funding, a percentage of the sales tax revenue collected annually under Chapter 20 of Title 47 equal to the difference between the Required Funding and the Anticipated Funding (“Deficit”) shall be apportioned from the proceeds of such annual sales tax revenues, other than dedicated taxes as defined under § 1-204.90(n)(5), and shall be deposited into the Fund in accordance with subsection (a-1)(2) of this section. On or before October 31 of each fiscal year, the Chief Financial Officer shall certify to the Mayor and the Council that: The Congress appropriated $50 million for the Fund in the current fiscal year and the funds are available for obligation and expenditure in the current fiscal year; or The amount of funds that are available for obligation and expenditure from the Fund and the amount of the Deficit. In each fiscal year that the Chief Financial Officer certifies that there is a Deficit, in accordance with subsection (a-1)(2) of this section, the Chief Financial Officer shall, beginning November 1, commence the deposit of a percentage of sales tax revenues collected each month under Chapter 20 of Title 47, apportioned from the proceeds of such monthly sales tax revenues, other than dedicated taxes as defined under § 1-204.90(n)(5), until the Deficit has been fully funded; provided, that the amount of such monthly sales tax shall be reduced by the interest on the Anticipated Funding earned during the fiscal year. The Chief Financial Officer shall determine the percentage of sales tax revenues necessary to satisfy the Deficit within the fiscal year. Funds deposited in the Washington Metropolitan Area Transit Authority Fund shall be used to maintain and improve the transportation system of the Washington Metropolitan Area Transit Authority and, for such purpose, shall be available to comply with any federal grant matching funds requirement, a decision by the District to match federal funds received, or to provide revenue to the Washington Metropolitan Area Transit Authority. The amount of annual expenditures from the Fund shall not exceed the contributions by Maryland or Virginia. For the purpose of this subsection, the contributions of Maryland or Virginia shall not include any payments made pursuant to the Washington Metropolitan Area Transit Authority subsidy allocation formulas. Section 3(b) of D.C. Law 17-360 repealed section 3(3) of D.C. Law 16-132 and restored this section. Section 3(3) of Law 16-132 required that the fiscal effect of Law 16-132 be included in an approved budget and financial plan in order for Law 16-132 to apply as law. The Budget Director of the Council of the District of Columbia has determined, as of November 2, 2007, that the fiscal effect of Law 16-132 has not been included in an approved budget and financial plan. Therefore, the provisions of this section, enacted by Law 16-98, are not in effect.