§ 8–1778.41. Establishment of the National Capital Energy Fund.
(a) There is established as a nonlapsing fund the National Capital Energy Fund. The Chief Financial Officer shall deposit the proceeds from the sale of a bond into the National Capital Energy Fund, except as provided in § 8-1778.31.
(b) All funds deposited into the National Capital Energy 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 (c) of this section, without regard to fiscal year limitation.
(c) The Mayor may use the funds in the National Capital Energy Fund to make Energy Efficiency Loans to property owners for the initial costs of the installation of Energy Efficiency Improvements. Each Energy Efficiency Loan shall be repaid by the revenues generated by the Special Assessment. Each Energy Efficiency Loan shall be evidenced by a loan, or other, agreement that obligates the property owner and all successor property owners to pay the Special Assessment and such other terms and conditions as the Mayor shall determine to be necessary or appropriate to carry out the provisions of this chapter.
(d) An Energy Efficiency Loan shall bear interest at the rate of interest on the series of bonds issued immediately preceding or simultaneously with the date of execution of the Energy Efficiency Loan, plus an amount determined by the Mayor to be sufficient to pay all administrative costs specified in § 8-1778.21. Notwithstanding the preceding sentence, when a bond is issued pursuant to § 8-1778.31, the interest rate on the Energy Efficiency Loan shall be the same as the interest rate on a bond issued to a Private Lending Institution. The principal, interest, and administrative costs of an Energy Efficiency Loan shall be separately stated to permit the allocation thereof as provided in this chapter.
(e) If a first source of funds deposited in the National Capital Energy Fund is an obligation that requires the District to use those funds solely to repay principal and interest on the funds, the Energy Efficiency Loan, or other agreement shall be structured to repay the funding source, plus administrative costs. A Special Assessment payment shall be deposited in the same manner specified in § 8-1778.21.
(f) A Special Assessment payment received prior to the issue of bonds secured by the Special Assessment payments may be used to provide a debt service reserve fund for the bonds.
(g) The Mayor is authorized to:
(1) Accept grant funds from a public or private source;
(2) Deposit grant funds into a special account in the National Capital Energy Fund; and
(3) Use grant funds for a purpose for which monies in the National Capital Energy Fund may be spent.