Source: https://development.code.dccouncil.us/dc/council/code/sections/47-3401.02.html
Timestamp: 2019-04-20 02:48:06+00:00

Document:
D.C. Law Library - § 47–3401.02. Short-term advances for seasonal cash-flow management.
↪ § 47–3401.02. Short-term advances for seasonal cash-flow management.
(a) In general. — If the conditions in subsection (b) of this section are satisfied, the Secretary shall make an advance of funds from time to time, out of any money in the Treasury not otherwise appropriated, for the purpose of assisting the District government in meeting its general expenditures, as authorized by Congress, at times of seasonal cash-flow deficiencies.
(6) The Secretary receives such additional certifications and opinions relating to the financial position of the District government as the Secretary determines to be appropriate from such other federal agencies and instrumentalities as the Secretary determines to be appropriate.
(ii) Determines that the reimbursement obligation of the District government for an advance made under this section in the amount designated in the Mayor’s requisition is consistent with the financial plan for the year.
(A) In general. — Notwithstanding paragraph (1) of this subsection, the unpaid principal balance of all advances made under this section in any fiscal year of the District government shall not at any time be greater than 100% of applicable limit.
(ii) The unpaid principal balance of any advances made under § 47-3401(d).
(C) Applicable limit defined. — In this paragraph, the “applicable limit” for a fiscal year is equal to 15% of the total anticipated revenues of the District government for such fiscal year, as certified by the Mayor at the time of the Mayor’s requisition for an advance.
(1) In general. — Except as provided in paragraph (3) of this subsection, if the condition in paragraph (2) of this subsection is satisfied, each advance made under this section shall mature on the date designated by the Mayor in the Mayor’s requisition for such advance.
(2) Condition applicable to designated maturity. — Paragraph (1) of this subsection applies if the Authority determines that the reimbursement obligation of the District government for an advance made under this section having the maturity date designated in the Mayor’s requisition is consistent with the financial plan for the year.
(3) Latest permissible maturity date. — Notwithstanding paragraph (1) of this subsection, the maturity date for any advance made under this section shall not be later than 11 months after the date on which such advance is made.
(e) Interest rate. — Each advance made under this section shall bear interest at an annual rate equal to a rate determined by the Secretary at the time that the Secretary makes such advance taking into consideration the prevailing yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the maturity of such advance, plus 1/8 of 1%.
(2) Not requisitioned any advance to be made under this section in any of the 10 business days following such reduction.
(g) Deposit of advances. — As provided in § 47-392.04(b), advances made under this section for the account of the District government shall be deposited by the Secretary into an escrow account held by the Authority.
This section is referenced in § 47-3401 and § 47-3401.04.
D.C. Law 13-91 made a technical correction.

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