Source: https://development.code.dccouncil.us/dc/council/code/sections/47-3401.01.html
Timestamp: 2019-04-20 03:01:23+00:00

Document:
D.C. Law Library - § 47–3401.01. Intermediate-term advances for liquidation of deficit.
↪ § 47–3401.01. Intermediate-term advances for liquidation of deficit.
§ 47–3401. Transitional provision for short-term advances.
§ 47–3401.01. Intermediate-term advances for liquidation of deficit.
(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 and to the extent provided in advance in annual appropriations acts, for the purpose of assisting the District government in liquidating the outstanding accumulated operating deficit of the general fund of the District government existing as of September 30, 1997.
(7) The Secretary receives from such persons as the Secretary determines to be appropriate such additional certifications and opinions relating to such matters as the Secretary determines to be appropriate.
(1) In general. — Except as provided in paragraph (3) of this subsection, if the conditions in paragraph (2) of this subsection are satisfied, each advance made under this section shall be in the amount designated by the Mayor in the Mayor’s requisition for such advance.
(B) The Authority concurs in the Mayor’s certification under subparagraph (A) of this paragraph.
(3) Maximum amount. — Notwithstanding paragraph (1) of this subsection, the aggregate amount of all advances made under this section shall not be greater than $300,000,000.
(1) In general. — Except as provided in paragraphs (2) and (3) of this subsection, each advance made under this section shall mature on the date designated by the Mayor in the Mayor’s requisition for such advance.
(2) 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 10 years from the date on which the first advance under this section is made.
(4) Secretary’s right to require early reimbursement. — Notwithstanding paragraph (1) of this subsection, if the Secretary determines, at any time while any advance made under this section has not been fully reimbursed, that the District is able to obtain credit in the public credit markets or elsewhere in sufficient amounts and on sufficiently reasonable terms, in the judgment of the Secretary, to refinance all or a portion of the unpaid balance of such advance in the public credit markets or elsewhere without adversely affecting the financial stability of the District government, the Secretary may require reimbursement for all or a portion of the unpaid balance of such advance at any time after the Secretary makes the determination.
(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 repayment schedule of such advance, plus 1/8 of 1%.
(f) Other terms and conditions. — Each advance made under this section shall be on such other terms and conditions, including repayment schedule, as the Secretary determines to be appropriate.
(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 § 1-301.115a.
Section 156 (d) of Laws 13-91 validated a previously made technical amendment in subsecs. (4)(b) and (c)(2)(B).
Section 160 (b) of D.C. Law 13-91 made a technical correction.
Procurement, office of the Inspector General, powers, duty to provide certification, see § 2-302.08.
The “Balanced Budget Act of 1997,” referred to in (b)(2), is Pub. L. 105-33, 111 Stat. 251, effective August 5, 1997.
The “District of Columbia Financial Responsibility and Management Assistance Act of 1995,” referred to in (b)(4)(A), is Pub. L. 104-8, 109 Stat. 97, approved April 17, 1995.

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