§ 1-20. Renewal and expiration.

(a) In general.

The Authority and the District shall be subject to the following provisions regarding renewal and expiration.

(b) Renewal.

(1) It is the expectation of the Council that the District will be successful.

(2) No sooner than 4 years and no later than 5 years from the passage of this subtitle, the Council shall hold 1 or more public hearings to evaluate the activities and undertakings of the Authority and the District. At the conclusion of the hearings, the Council shall utilize the procedures described in § 1-19 to determine whether the opposition in excess of the Base Level Protests exists to the continuation of the District.

(3) If such opposition exists, the Board of Estimates shall conduct a referendum comparable to that described in § 1-19 to determine whether the District is to continue for another 5 years.

(4) This process shall be repeated periodically to satisfy the requirements of the Enabling Legislation.

(c) Expiration.

(1) If the District and the Authority are not approved through the process described in § 1-19 of this subtitle, or are not renewed as provided above, the Authority shall cease its operations and the District ceases to exist, with the end of the fiscal year of the City in which the terminating event occurs.

(2) The Authority shall continue its existence only so long as is necessary to terminate operations in a reasonable fashion and shall include, as part of the Financing Plan required by § 1-16, a mechanism by which Long-Term Debt can be retired if a terminating event occurs.

(3) If a terminating event occurs, in addition, the Authority shall arrange for the refunding of all funds not needed to satisfy outstanding obligations and reserves for uncertain obligations and liabilities.