Source: https://development.code.dccouncil.us/dc/council/code/sections/47-3401.html
Timestamp: 2019-04-23 04:20:27+00:00

Document:
D.C. Law Library - § 47–3401. Transitional provision for short-term advances.
↪ § 47–3401. Transitional provision for short-term advances.
(1) In general. — If the conditions in paragraph (2) of this subsection 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.
(F) Except during the 45-day period beginning on the date of the appointment of the members of the Authority, the Authority makes the findings described in § 47-392.04.
(iii) The total amount requisitioned under this subsection after the expiration of the 60-day period which begins on the date of the first requisition made under this subsection may not exceed 100% of the fiscal year 1995 limit.
(B) Conditions applicable to designated amount. — Subparagraph (A) of this paragraph applies if the Mayor determines that the amount designated in the Mayor’s requisition for such advance is needed to accomplish the purpose described in paragraph (1) of this subsection, and (except during the 45-day period beginning on the date of the appointment of the members of the Authority) the Authority approves such amount.
(C) Aggregate maximum amount outstanding. — The sum of the anticipated principal and interest requirements of all advances made under this subsection may not be greater than the fiscal year 1995 limit.
(D) Fiscal year 1995 limit described. — In this paragraph, the “fiscal year 1995 limit” means the amount authorized to be appropriated to the District of Columbia as the annual federal payment to the District of Columbia under title V of the District of Columbia Home Rule Act for the fiscal year ending September 30, 1996.
(A) In general. — Except as provided in subparagraph (B) of this paragraph, each advance made under this subsection shall mature on the date designated by the Mayor in the Mayor’s requisition for such advance.
(B) Latest permissible maturity date. — Notwithstanding subparagraph (A) of this paragraph, the maturity date for any advance made under this subsection shall not be later than October 1, 1995.
(5) Interest rate. — Each advance made under this subsection shall bear interest at an annual rate equal to the 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%.
(A) In general. — Except as provided in subparagraph (B) of this paragraph, each advance made under this subsection for the account of the District government shall be deposited by the Secretary into such account as is designated by the Mayor in the Mayor’s requisition for such advance.
(B) Exception. — Notwithstanding subparagraph (A) of this paragraph, if (in accordance with § 47-392.04(b)(2) the Authority delivers a letter requesting the Secretary to deposit all advances made under this subsection for the account of the District government in an escrow account held by the Authority, each advance made under this subsection for the account of the District government after the date of such letter shall be deposited by the Secretary into the escrow account specified by the Authority in such letter.
(1) In general. — If the conditions in paragraph (2) of this subsection 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 same purpose as advances are made under subsection (a) of this section.
(A) In general. — Except as provided in subparagraph (B), paragraphs (2), (4), and (5) of section (a) of this section (other than subparagraph (F) of paragraph (2)) shall apply to any advance made under this subsection.
(IV) The Secretary may not make an advance under this subsection unless the Authority has provided the Secretary with the prior certification described in § 47-392.4(a)(1) [now § 47-392.04].
(ii) New latest permissible maturity date. — The provisions of subsection (a)(4) of this section shall apply with respect to the maturity of advances made after October 1, 1995, in the same manner as such provisions apply with respect to the maturity of advances made before October 1, 1995, except that subparagraph (B) of such subsection (relating to the latest permissible maturity date) shall apply as if the reference to “October 1, 1995” were a reference to “October 1, 1996”.
(i) In general. — Except as provided in sub-subparagraph (iii) of this subparagraph, if the conditions described in sub-subparagraph (ii) of this subparagraph are satisfied, each advance made under this subsection shall be in the amount designated by the Mayor in the Mayor’s requisition for such advance.
(ii) Conditions applicable to designated amount. — Sub-subparagraph (i) of this subparagraph applies if the Mayor determines that the amount designated in the Mayor’s requisition for such advance is needed to accomplish the purpose described in paragraph (1) of this subsection, and the Authority approves such amount.
(iii) Aggregate maximum amount outstanding. — The sum of the anticipated principal and interest requirements of all advances made under this paragraph may not be greater than 60% of the fiscal year 1996 limit.
(D) Deposit of advances. — As provided in § 47-392.04(b), each advance made under this subsection for the account of the District shall be deposited by the Secretary into an escrow account held by the Authority.
(E) Fiscal Year 1996 limit described. — In this paragraph, the term “Fiscal Year 1996 limit” means the amount authorized to be appropriated to the District of Columbia as the annual Federal payment to the District of Columbia under title V of the District of Columbia Home Rule Act for the fiscal year ending September 30, 1997.
(A) In general. — Except as provided in subparagraph (B) of this paragraph, subsection (b)(2) of this section shall apply to any advance made under this subsection.
(iii) No advance may be made unless the Secretary has been provided the certifications and information described in § 47-3401.02(b)(3) through (6).
(A) In general. — Except as provided in subparagraph (B) of this paragraph, paragraphs (2), (4), and (5) of subsection (a) of this section (other than subparagraphs (B) and (F) of paragraph (2)) shall apply to any advance made under this subsection.
(IV) The Secretary may not make an advance under this subsection unless the Secretary has been provided the certifications and information described in § 47-3401.02(b)(3) through (6).
(ii) New latest permissible maturity date. — The provisions of subsection (a)(4) of this section shall apply with respect to the maturity of advances made under this subsection, in the same manner as such provisions apply with respect to the maturity of advances made before October 1, 1995, except that subparagraph (B) of such subsection (relating to the latest permissible maturity date) shall apply as if the reference to “October 1, 1995” were a reference to “October 1, 1997”.
(iii) Aggregate maximum amount outstanding. — The sum of the anticipated principal and interest requirements of all advances made under this paragraph may not be greater than 100% of the fiscal year 1997 limit.
(iv) Fiscal Year 1997 limit described. — In this subparagraph, the term “Fiscal Year 1997 limit” means the amount authorized to be appropriated to the District of Columbia as the annual Federal payment to the District of Columbia under title V of the District of Columbia Home Rule Act for the fiscal year ending September 30, 1998.
This section is referenced in § 1-206.03, § 47-391.07, § 47-392.04, § 47-392.05, § 47-392.08, § 47-392.09, § 47-3401.02, § 47-3401.03, and § 47-3401.04.
Tax collection, trust fund deposits and disbursements, see § 47-411.
The District of Columbia Financial Responsibility and Management Assistance Act of 1995, referred to in (a)(2)(B), is Pub. Law 104-8, 109 Stat. 97, which is codified primarily as §§ 1-204.24a et seq. and 47-391.01 et seq.
Tax revenue anticipation notes authorized: D.C. Law 6-47, effective July 16, 1985, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1986.
D.C. Act 7-77, effective October 16, 1987, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1988.
D.C. Act 7-246, effective November 15, 1988, as amended by D.C. Act 8-38, effective June 8, 1989, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1988.
D.C. Act 8-63, effective July 24, 1989, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1989.
D.C. Act 8-214, effective June 12, 1990, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1989.
D.C. Act 8-246, effective July 18, 1990, as amended by D.C. Act 8-285, effective December 14, 1990, and D.C. Law 9-46, effective August 17, 1991, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1990.
Section 401 of D.C. Law 9-46 provided that “(a) title I shall not apply during the fiscal year ending September 30, 1991, if tax revenue anticipation notes are issued pursuant to title II.
“(b) Title I shall not apply during the fiscal year ending September 30, 1992, if tax revenue anticipation notes are issued pursuant to title III.
D.C. Law 9-46, effective August 17, 1991, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1992.
Issuance of general obligation revenue anticipation notes of District to finance its general governmental expenses for fiscal 1987 authorized: See D.C. Act 6-213, approved October 10, 1986, 31 DCR 6506.

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