*NOTE: This section was created by emergency legislation with identical permanent legislation that will become effective in January, 2022.*
(a) The Chief Financial Officer shall establish as a special fund under § 1-204.50, or as an account at a financial institution outside the District government, the Section 108 Debt Reserve Account ("Account").
(b) The Chief Financial Officer shall deposit into the Account an amount sufficient to pay the principal and interest due during the remainder of that fiscal year to the Department of Housing and Urban Development in the event of a default on a loan of amounts borrowed by the District under the federal loan guarantee program authorized by section 108 of the Housing and Community Development Act of 1974, approved August 22, 1974 (88 Stat. 647; 42 U.S.C. 5308).
(Aug. 23, 2021, D.C. Act 24-159, § 2072, 68 DCR 008602.)