(a) There is established as a nonlapsing fund the Community Schools Fund (“Fund”). 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 without regard to fiscal year limitation, subject to authorization by Congress.
(b)(1) The Fund shall be used solely for the purposes of supporting schools designated as community schools.
(2) No more than 10% of the Fund shall be used to fund administrative costs associated with the operations of the Mayor; and
(3) The Fund shall be used to fund the planning and implementation of the Incentive Initiative grant program.
(c) The following monies shall be deposited into the Fund:
(1) Federal funds and grants;
(2) Local funds;
(3) Gifts; and
(4) Payments from public or private sources.
(June 19, 2012, D.C. Law 19-142, § 404, 59 DCR 3642.)