§ 1–325.291. IPW Fund.
(a) There is established as a special fund the IPW Fund (“Fund”), which shall be administered by Destination DC in accordance with subsection (c) of this section.
(b) The following funds shall be deposited into the Fund:
(1) Upon approval of the settlement by the District of Columbia Court of Appeals in District of Columbia v. Expedia, Inc., et al., Nos. 14-CV-308, 14-CV-309 and subject to subsection (d) of this section, $2 million from the settlement the District obtained;
District of Columbia Court of Appeals in District of Columbia v. Expedia, Inc., et al.,
(1-A) The amount of $1.5 million from any recoveries from litigation brought on behalf of the District; provided, that the Litigation Support Fund established in § 1-301.86b has reached its initial balance cap; and
(2) In private-sector matching funds, $3.5 million to be raised by Destination DC.
(c) Money in the Fund shall be used to pay for the costs associated with hosting the U.S. Tourism Association’s annual international tourism conference, known as the IPW.
(d) The portion of the Fund described in subsection (b)(1) of this section shall be available for expenditure only if Destination DC raises private-sector matching funds on a one-to-one basis. Destination DC shall return to the District any settlement funds for which a private- sector match is not secured.
(e) Destination DC shall submit an annual report by the end of each fiscal year to the Mayor and Council, which shall include the amount of private-sector matching funds raised and the amount expended from the Fund.
(f)(1) The money deposited into the Fund, and interest earned, 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.
(2) Subject to authorization in an approved budget and financial plan, any funds appropriated in the Fund shall be continually available without regard to fiscal year limitation.