Page:United States Statutes at Large Volume 118.djvu/1376

 118 STAT. 1346 PUBLIC LAW 108–335—OCT. 18, 2004 (1) Subsection (a) is amended as follows: (A) Paragraph (1) is amended to read as follows: ‘‘(1) IN GENERAL.—There is established an emergency cash reserve fund (‘emergency reserve fund’) as an interest bearing account (separate from other accounts in the General Fund) into which the Mayor shall make a deposit in cash not later than October 1 of each fiscal year of such an amount as may be required to maintain a balance in the fund of at least 2 percent of the operating expenditures as defined in paragraph (2) of this subsection or such amount as may be required for deposit in a fiscal year in which the District is replenishing the emergency reserve fund pursuant to subsection (a)(7).’’. (B) Paragraph (2) is amended to read as follows: ‘‘(2) IN GENERAL.—For the purpose of this subsection, oper ating expenditures is defined as the amount reported in the District of Columbia’s Comprehensive Annual Financial Report for the fiscal year immediately preceding the current fiscal year as the actual operating expenditure from local funds, less such amounts that are attributed to debt service payments for which a separate reserve fund is already established under this Act.’’. (C) Paragraph (7) is amended to read as follows: ‘‘(7) REPLENISHMENT.—The District of Columbia shall appropriate sufficient funds each fiscal year in the budget process to replenish any amounts allocated from the emergency reserve fund during the preceding fiscal years so that not less than 50 percent of any amount allocated in the preceding fiscal year or the amount necessary to restore the emergency reserve fund to the 2 percent required balance, whichever is less, is replenished by the end of the first fiscal year following each such allocation and 100 percent of the amount allocated or the amount necessary to restore the emergency reserve fund to the 2 percent required balance, whichever is less, is replen ished by the end of the second fiscal year following each such allocation.’’. (2) Subsection (b) is amended as follows: (A) Paragraph (1) is amended to read as follows: ‘‘(1) IN GENERAL.—There is established a contingency cash reserve fund (‘contingency reserve fund’) as an interest bearing account, separate from other accounts in the General Fund, into which the Mayor shall make a deposit in cash not later than October 1 of each fiscal year of such amount as may be required to maintain a balance in the fund of at least 4 percent of the operating expenditures as defined in paragraph (2) of this subsection or such amount as may be required for deposit in a fiscal year in which the District is replenishing the emergency reserve fund pursuant to subsection (b)(6).’’. (B) Paragraph (2) is amended to read as follows: ‘‘(2) IN GENERAL.—For the purpose of this subsection, oper ating expenditures is defined as the amount reported in the District of Columbia’s Comprehensive Annual Financial Report for the fiscal year immediately preceding the current fiscal year as the actual operating expenditure from local funds, less such amounts that are attributed to debt service payments for which a separate reserve fund is already established under this Act.’’. (C) Paragraph (6) is amended to read as follows: Deadline. Deadline.

�