Sec. 20-68. Mandatory contributions to Fund.

   The mandatory annual contribution to the Fund must equal the greater of:

   (a)   50 percent of any excess revenue; or

   (b)   an annual amount equal to the lesser of 0.5 percent of the Adjusted Governmental Revenues or the amount needed to obtain a total reserve of 10 percent of the Adjusted Governmental Revenues. (1993 L.M.C., ch. 41, § 1; 2010 L.M.C., ch. 33, § 1.)

Sec. 20-69. Discretionary contributions to Fund.

   The County Executive may recommend and the County Council may by resolution approve additional contributions to the Fund. (1993 L.M.C., ch. 41, § 1; 2010 L.M.C., ch. 33, § 1.)

Sec. 20-70. Transfer of contributions.

   The Director must transfer the mandatory contributions required by Section 20-68 and any discretionary contributions under Section 20-69 from the General Fund to the Fund at the end of each fiscal year. (1993 L.M.C., ch. 41, § 1; 2010 L.M.C., ch. 33, § 1.)

Sec. 20-71. Interest.

   All interest earned on the Fund must be added to the Fund. (1993 L.M.C , ch. 41, § 1; 2010 L.M.C., ch. 33, § 1.)

Sec. 20-72. Use of Fund.

   By an affirmative vote of 7 Councilmembers, the Council, after holding a public hearing, reviewing relevant economic indicators, and seeking the recommendation of the Executive, may transfer any amount from the Fund to the General Fund to support appropriations which have become unfunded. (1993 L.M.C., ch. 41, § 1; 2010 L.M.C., ch. 33, § 1; 2022 L.M.C., ch. 40 , § 1.)

Article XIII. Economic Development Fund.