Pub. L. 108-7, div. C, tit. III, sec. 146

Sec. 146. (a) Section 2403(b) of the District of Columbia School Reform Act of 1995 (sec. 38–1804.03(b), D.C. Official Code) is amended to read as follows:“(b) Payment to Charter Schools From Charter School Fund.—“(1) Establishment of fund.—The ‘New Charter School Fund’, as established in the general fund of the District of Columbia prior to the date of the enactment of the District of Columbia Appropriations Act, 2003, shall be redesignated as the ‘Charter School Fund’.“(2) Contents of fund.—The Charter School Fund shall consist of the following amounts:“(A) Unexpended and unobligated amounts appropriated from local funds for public charter schools for any fiscal year that reverted to the general fund of the District of Columbia, but only to the extent that the balance of the Charter School Fund for the fiscal year involved is less than—“(i) $10,000,000, in the case of fiscal year 2002; or“(ii) $5,000,000, in the case of fiscal year 2003 and each succeeding fiscal year.“(B) Any interest earned on such amounts.117 STAT. 133“(3) Expenditures from fund.—Amounts in the Charter School Fund shall be used to make payments during a fiscal year to any public charter school operating in the District of Columbia during the fiscal year whose total audited enrollment (including enrollment in special needs categories) exceeds the student enrollment which served as the basis for determining the school’s annual payment under this Act for the year.“(4) Form of payment.—Payments under this subsection shall be made by electronic funds transfer from the Charter School Fund to a bank designated by a public charter school.“(5) Authorization of appropriations.—There are authorized to be appropriated to the Chief Financial Officer of the District of Columbia such sums as may be necessary to carry out this subsection for each fiscal year.”.(b) Notwithstanding any other provision of law, $5,000,000 from the Charter School Fund established pursuant to section 2403(b) of the District of Columbia School Reform Act of 1995 (D.C. Official Code, sec. 38–1804.03(b)), as amended by subsection (a), shall be deposited not later than 15 days after the date of the enactment of this Act into the credit enhancement revolving fund established pursuant to section 603(e) of the Student Loan Marketing Association Reorganization Act of 1996 (20 U.S.C. 1155(e)).