Source: https://code.dccouncil.us/dc/council/code/titles/47/chapters/3/subchapters/III-A/
Timestamp: 2019-07-16 04:36:46
Document Index: 296472711

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D.C. Law Library - Subchapter III-A. Financial Institutions Deposits and Investments.
Subchapter III. Deposit of Public Funds. [Repealed].
§ 47–351.05. Competition for banking business.
§ 47–351.11. District funds reserved for certain insured institutions.
§ 47–351.12. Public disclosure.
§ 47–351.13. Protection of District funds at risk.
§ 47–351.14. Check cashing; identification.
§ 47–351.15. Penalties.
§ 47–351.16. Rulemaking.
(1) “Bank” means an insured financial institution as defined in section 2 of the Federal Deposit Insurance Act, approved September 21, 1950 (64 Stat. 873; 12 U.S.C. § 1813), which:
(2) “Banking business” means the deposit or investment of District funds or the use of District funds for the provision of financial services.
(2A) “Collateralized mortgage obligations” shall mean securities issued by a government or quasi-governmental agency and backed by a pool of underlying home mortgages packaged and sold in the secondary market.
(3) “Community Reinvestment Act” means the Community Reinvestment Act of 1977, approved October 12, 1977 (91 Stat. 1147; 12 U.S.C. §§ 2901-2907).
(4) “Compensating balances” means collected balances held by the depository to compensate the depository for the cost of financial services rendered.
(5) “Credit union” means an institution insured by the National Credit Union Administration, and either serving designated geographical areas within the District of Columbia or serving the employees of the District.
(6) “Deposit” means District funds which are held by a financial institution subject to withdrawal upon demand by the District or upon a check or warrant of the District or the act of entrusting District funds into a financial institution.
(7) “District” means the government of the District of Columbia.
(8) “District funds” means money, currency, notes, or drafts belonging to or under the control of the District, including, but not limited to, the federal payment, federal grants, taxes, fees, special assessments, all other funds received from the federal government, and funds paid to or received by a board, agency, commission, institution, committee, or office of the District or from any other source. This does not include any assets of a pension, assets held by the District of Columbia Financial Responsibility and Management Assistance Authority, an employee deferred compensation program of the District, or an irrevocable trust established pursuant to § 1-626.11.
(9) “Eligible financial institution” means any bank or any brokerage firm registered with the United States Securities and Exchange Commission (“SEC”) or any savings and loan association, savings bank, credit union, or any subsidiary or affiliate thereof meeting the requirements to become eligible to submit a bid pursuant to § 47-351.04.
(10) “Financial services” means those services performed by a financial institution in connection with the retention of deposits, including check payment, check clearing, reconciliation of accounts, check printing, the collection and transfer of taxes and fees, night depository services, custodial services, and other services that may be necessary for the efficient management of District funds.
(11) “Home Mortgage Disclosure Act” means the Home Mortgage Disclosure Act of 1975, approved December 31, 1975 (89 Stat. 1124; 12 U.S.C. § 2801 et seq.).
(12) “Insured financial institution” or “insured institution” means a bank, savings and loan association, savings bank, credit union, or any subsidiary or affiliate thereof.
(13) “Invest” means to commit District funds in order to gain profit or interest.
(14) “Investment” means property acquired with District funds for future profit or interest.
(15) “Investment grade obligation” means securities that have a minimum rating of BBB, Baa, or BBB- from Standard and Poor’s, Moody’s Investor Service, or Fitch Investor Service rating agencies that rate the securities.
(16) “Linked deposit” means limited deposits in an insured financial institution made pursuant to an authorization from the Mayor, or CFO pursuant to § 47-351.02(c), to waive the competitive bidding requirements of the act in order to make a deposit in return for that institution’s commitment to make community development loans in low-to-moderate income areas.
(17) “Low-to-moderate income area” means a census tract in which more than 50% of the households have a median household income of less than 100% of the District’s median household income based on the most recent decennial census.
(18) “Mayor” means the Mayor of the District of Columbia.
(19) “Mortgage loan” means a loan that is secured by residential real property.
(20) “Noninsured financial institution” means an investment advisor, investment banker, investment company, investment trust, or any other company, subsidiary, or affiliate thereof designated by the Mayor, or the CFO during a control year.
(21) “Quasi-governmental corporation” means United States government-sponsored enterprises that issue investment-grade obligations. This includes, but is not limited to, banks for cooperatives, federal land banks, federal intermediate credit banks, federal farm credit banks, federal home loan banks, the Federal Home Loan Bank Board, the Tennessee Valley District, the Small Business Administration, or any such agency or enterprise that may be created.
(22) “Savings and loan association” means an institution organized as a savings and loan association under the laws of the United States, a state, or the District, the deposits of which are insured by the Federal Deposit Insurance Corporation.
(23) “Savings bank” means an institution organized as a savings bank under the laws of the United States, a state, or the District, the deposits of which are insured by the Federal Deposit Insurance Corporation.
(24) “Small business” means a business with annual gross sales or revenues of $5 million or less.
1981 Ed., § 47-351.1.
This section is referenced in § 2-1210.02, § 2-1217.105, § 8-1778.25, and § 34-1312.05.
(1) An insured institution shall provide the Mayor, or the CFO pursuant to § 47-351.02(c), with information from which the Mayor, or the CFO pursuant to § 47-351.02(c), can calculate a community development score under § 47-351.07. This information may include, but need not be limited to, current community development data, Community Reinvestment Act statement and evaluation with a minimum of “satisfactory” rating on its latest Community Reinvestment Act examination, and Home Mortgage Disclosure Act reports.
(d) In solicitations for bids, the Mayor, or the CFO pursuant to § 47-351.02(c), shall include the following information:
1981 Ed., § 47-351.4.
This section is referenced in § 47-351.01, § 47-351.10, and § 47-351.11.
(a) Except as otherwise provided by §§ 47-351.09, 47-351.10, and 47-351.11, the Mayor, or the CFO pursuant to § 47-351.02(c), shall select eligible financial institutions with which to conduct the banking business of the District based on the highest composite score for a bid. If 2 or more eligible financial institutions receive the highest composite score, the Mayor, or the CFO pursuant to § 47-351.02(c), shall select the eligible financial institution with the highest community development score calculated under § 47-351.07.
(1) Eighty percent based upon a financial score, calculated under § 47-351.06; and
1981 Ed., § 47-351.5.
This section is referenced in § 47-351.10 and § 47-351.11.
1981 Ed., § 47-351.6.
This section is referenced in § 47-351.05 and § 47-351.07.
(3) Investment grade obligations of the District or a state or local government;
(4) Collateralized mortgage obligations; or
(5) Letters of credit issued by a Federal Home Loan Bank.
(f) Upon written approval of the Mayor, or the CFO pursuant to § 47-351.02(c), an eligible financial institution may substitute collateral of greater or equivalent value from the various types listed in subsection (b) of this section.
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933; Apr. 20, 1999, D.C. Law 12-264, § 52(d), 46 DCR 2118; Apr. 12, 2000, D.C. Law 13-91, § 156(a), 47 DCR 520; June 16, 2006, D.C. Law 16-125, § 2(b), 53 DCR 4707; Oct. 22, 2015, D.C. Law 21-36, § 7112, 62 DCR 10905.)
1981 Ed., § 47-351.8.
This section is referenced in § 47-351.11 and § 47-351.13.
D.C. Law 13-91 amending subsec. (h) struck the word “Noninsured” and inserted the word “noninsured” in its place.
D.C. Law 16-125, in par. (b)(2), deleted “or”; in par. (b)(3), substituted “; or” for a period at the end; and added par. (b)(4).
The 2015 amendment by D.C. Law 21-36 added (b)(5) and made related changes.
For temporary (90 days) amendment of this section, see § 7082 of the Fiscal Year 2016 Budget Support Emergency Act of 2015 (D.C. Act 21-127, July 27, 2015, 62 DCR 10201).
(a) Without regard to the competitive bidding requirements of §§ 47-351.04 and 47-351.05, the Mayor, or the CFO pursuant to § 47-351.02(c), may place deposits or investments at an insured financial institution for the purpose of maintaining banking services in a low-to-moderate income area in the District.
(b) If the Mayor, or the CFO pursuant to § 47-351.02(c), waives the requirements of §§ 47-351.04 and 47-351.05, the Mayor, or the CFO pursuant to § 47-351.02(c), shall execute a community development program agreement with the insured financial institution or certify that the insured financial institution is meeting the objectives of an existing community development program.
1981 Ed., § 47-351.10.
Without regard to the competitive bidding requirements of §§ 47-351.05 and 47-351.07, the Mayor, or the CFO pursuant to § 47-351.02(c), may reserve up to 10% of District funds available for deposit or investment in order to make an investment or a deposit with one or more insured financial institutions located in the District that have less than $550 million in assets. The amount available for deposit or investment is to be calculated based upon the prior year’s average investment balance. In selecting an insured financial institution under this section, the Mayor, or the CFO pursuant to § 47-351.02(c), shall follow the provisions of § 47-351.04 and shall encourage the use of women-owned banks and federally or District chartered minority-owned banks certified by the Small and Local Business Opportunity Commission in accordance with [subchapter IX-A of Chapter 2 of Title 2]. The amount of District funds deposited in any such institution shall not exceed the federally insured amount, unless the amount of District funds deposited that exceed the federally insured amount meet the collateral requirements set forth in § 47-351.08 and the permitted investment instrument provisions set forth in § 47-351.03.
1981 Ed., § 47-351.11.
D.C. Law 13-169 authorized striking the phrase “Minority Business Opportunity Commission in accordance with § 1-1141 et seq.” and inserting the phrase “Local Business Opportunity Commission in accordance with subchapter II-B of Chapter 2 of Title 2.” in its place.
D.C. Law 16-33 substituted “Small and Local Business Opportunity Commission in accordance with subchapter IX-A if Chapter 2 of Title 2 ” for “District of Columbia Local Business Opportunity Commission in accordance with subchapter IX of Chapter 2 of Title 2”.
D.C. Law 17-124 substituted “10%” for “1%”; substituted “550” for “350”; and inserted “, unless the amount of District funds deposited that exceed the federally insured amount meet the collateral requirements set forth in § 47-351.08 and the permitted investment instrument provisions set forth in § 47-351.03”.
For temporary (90 day) amendment of section, see § 2381(c) of Fiscal Year 2006 Budget Support Emergency Act of 2005 (D.C. Act 16-168, July 26, 2005, 52 DCR 7667).
1981 Ed., § 47-351.12.
(6) Remove the financial institution from the eligible bidder’s list; or
1981 Ed., § 47-351.13.
This section is referenced in § 47-351.04.
1981 Ed., § 47-351.14.
1981 Ed., § 47-351.15.
This section is referenced in § 47-351.12.
1981 Ed., § 47-351.16.
This section is referenced in § 47-351.02.