Source: https://development.code.dccouncil.us/dc/council/code/sections/2-1210.02.html
Timestamp: 2019-04-25 06:28:09+00:00

Document:
D.C. Law Library - § 2–1210.02. Establishment of the Capital Access Fund.
↪ Subchapter V-A. Access to Capital for Businesses and Nonprofit Organizations.
↪ § 2–1210.02. Establishment of the Capital Access Fund.
§ 2–1210.03. Capital Access Program establishment.
§ 2–1210.02. Establishment of the Capital Access Fund.
(a) There is established as a nonlapsing fund the Capital Access Fund, which shall be used solely for the uses and purposes set forth in subsections (d) and (e) of this section. The Fund shall be funded by appropriations and from other amounts received by the District for the administration of the program. All funds collected from these sources shall be deposited into the Capital Access Fund.
(b) All funds deposited into the Capital Access 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, but shall be continually available for the uses and purposes set forth in subsections (d) and (e) of this section without regard to fiscal year limitation, subject to authorization by Congress.
(c) All funds deposited in the Capital Access Fund shall be exempt from the requirements imposed by subchapter III-A of Chapter 3 of Title 47 [§ 47-351.01 et seq.]. The Fund shall be administered as an agency fund under § 47-373(2)(I).
(2) Make deposits in the reserve account of a participating financial institution as authorized by this subchapter to be a source of money that the participating financial institution may receive as reimbursement for losses attributable to enrolled loans in the program.
(4) Adopt rules relating to the use and administration of the Fund pursuant to this subchapter.
(f) The District may accept gifts, grants, donations, and awards from any source, including the federal government, for the purposes of this subchapter.
This section is referenced in § 2-1210.01.
For temporary (90 day) addition of section, see § 3 of Capital Access Program Emergency Act of 2010 (D.C. Act 18-598, November 17, 2010, 57 DCR 11018).
For temporary (90 day) addition of section, see § 3 of Capital Access Program Congressional Review Emergency Act of 2011 (D.C. Act 19-6, February 11, 2011, 58 DCR 1408).

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