There is established as a special nonlapsing fund, separate and apart from the General Fund, the DDOT Underground Electric Company Infrastructure Improvement Fund (“Fund”). The funds deposited in 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. The Fund shall be used solely for the purposes of this chapter. The DDOT Underground Electric Company Infrastructure Improvement Revenue shall be collected by the electric company acting as agent in accordance with the servicing agreement and remitted to the trustee (or to a fund or account designated by the financing documents) for application by the trustee in accordance with this chapter and the indenture. All DDOT Underground Electric Company Infrastructure Improvement Revenue collected, or to be collected, by the electric company or any affiliate or agent thereof shall upon receipt by the electric company or any affiliate or agent, as the case may be, be held in trust for the benefit of the trustee and shall be deemed collected and transferred to the trustee in accordance with this chapter and the servicing agreement. All DDOT Underground Electric Company Infrastructure Improvement Revenue so collected, wherever held or deposited and whether having been remitted to the trustee or not, shall automatically be pledged at the time of receipt to the repayment of the Bonds pursuant to this chapter and the indenture. The electric company shall have no rights in or to the DDOT Underground Electric Company Infrastructure Improvement Revenue. The sole responsibility of the electric company shall be to act in an agency capacity for the collection of the DDOT Underground Electric Company Infrastructure Improvement Revenue and to remit the DDOT Underground Electric Company Infrastructure Improvement Revenue to a trustee in accordance with the servicing agreement. In the event of the electric company’s failure to collect and remit the DDOT Underground Electric Company Infrastructure Improvement Revenue to the trustee, the District may remove the electric company under and in accordance with the servicing agreement, but the District shall have no recourse against the assets of the electric company. The electric company shall have no responsibility with respect to the DDOT Underground Electric Company Infrastructure Improvement Revenue after remittance to the trustee in accordance with the servicing agreement. The Commission’s financing order shall provide that the electric company shall collect and remit to the trustee payments received by the electric company for the DDOT Underground Electric Company Infrastructure Improvement Revenue promptly following receipt of such payment in accordance with the servicing agreement. The DDOT Underground Electric Company Infrastructure Improvement Revenue is pledged pursuant to § 34-1312.03(b) to pay the debt service on and retirement of the Bonds without further action by the Council, as permitted by § 1-204.90(f) , which security interest shall attach at the time of receipt of the DDOT Underground Electric Company Infrastructure Improvement Revenue by the electric company. The trustee shall receive, hold, and invest the DDOT Underground Electric Company Infrastructure Improvement Revenue and shall deposit all such revenues upon receipt into the DDOT Underground Electric Company Infrastructure Improvement Fund to be held, invested, and used as specified in the financing documents and this chapter. All amounts deposited in the DDOT Underground Electric Company Infrastructure Improvement Fund, plus all investments or earnings on those amounts, are irrevocably dedicated and pledged to the payment of debt service on the Bonds and other financing costs as provided in this chapter. If, at the end of any fiscal year of the District following the issuance of the Bonds authorized by this chapter, the value of cash and investments in the DDOT Underground Electric Company Infrastructure Improvement Fund exceeds the amount of all payments authorized by this chapter and the financing documents, including required and discretionary deposits into reserve funds, amounts to be set aside for additional series of Bonds issued under this chapter, and any coverage requirements required by the indenture, during the upcoming fiscal year, the excess shall be used in accordance with the provisions of the pertinent financing order.
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