§ 50–921.87. Fare-Free Bus Fund established.

(a) There is established as a special fund the Fare-Free Bus Service Fund ("Fund"), which shall be administered by the Mayor in accordance with subsection (c) of this section.

(b) Provided that the Chief Financial Officer certifies that sufficient revenue exists pursuant to section 11bb, there shall be deposited into the Fund general retail sales tax revenue collected pursuant to Chapter 20 of Title 47 of the D.C. Official Code as follows:

(1) In Fiscal Year 2023 -- $11 million;

(2) In Fiscal Year 2024 -- $43.03 million; and

(3) In Fiscal Year 2025 -- $45.18 million;

(4) In Fiscal Year 2026 -- $47.44 million; and

(5) For each succeeding fiscal year after Fiscal Year 2026, an amount equal to 105% of the prior year's amount.

(c) Money in the Fund shall be used to support the fare buydown agreement entered into pursuant to § 50-921.02(h) to provide fare-free Metrobus transportation within the District and 24-hour daily Metrobus service on Metrobus lines as specified by the fare buydown agreement.

(d)(1) The money deposited into the Fund but not expended in a fiscal year shall not revert to the unassigned 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.