reglab/statecodes huggingface dataset:
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter II-D - Income Tax Secured Bonds › § 47–340.31. Payment and security

§ 47–340.31. Payment and security.
(a) The bonds shall be special obligations of the District payable solely from the Available Tax Revenues pledged therefor under this subchapter and other receipts, revenues, and funds in the Income Tax Secured Bond Fund and payable to the Income Tax Secured Bond Fund pursuant to this subchapter and the Financing Documents. The Available Tax Revenues shall constitute dedicated taxes and fees and available revenues within the meaning of § 1-204.90(n). As such, the holders of the bonds shall have a first lien on and pledge of the Available Tax Revenues superior to that of any other person, including holders of general obligation bonds or notes secured by the full faith and credit of the District pursuant to § 1-204.82.
(b) The bonds shall be without recourse to the District, are not a pledge of, and do not involve, the faith and credit or the taxing power of the District (other than the Available Tax Revenues and any other taxes and fees allocated to the Income Tax Secured Bond Fund), do not constitute a debt of the District, and do not constitute lending of the public credit for private undertakings as prohibited in § 1-206.02(a)(2). The bonds shall contain a legend expressly setting forth the limitations set forth in the preceding sentence.
(c) Payment of the bonds shall be secured as provided in the Financing Documents and by an assignment by the District for the benefit of the bond owners of certain of its rights under the Financing Documents and Closing Documents to the Collection Agent and trustee pursuant to the Financing Documents.
(d) The Collection Agent and trustee, respectively, may deposit, invest, and disburse the Available Tax Revenues received pursuant to the Financing Documents.
(e) The trustee may disburse the proceeds of the bonds to the District.
(Oct. 22, 2008, D.C. Law 17-254, § 2(b), 55 DCR 9275.)
Section References
This section is referenced in § 47-340.28.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter II-D - Income Tax Secured Bonds › § 47–340.32. Financing and closing documents

§ 47–340.32. Financing and closing documents.
(a) The Chief Financial Officer may prescribe the final form and content of all Financing Documents and all Closing Documents to which the District is a party that may be necessary or appropriate to issue, sell, and deliver the bonds.
(b) The Chief Financial Officer may, through a trust agreement or other instrument, make additional covenants of the District and agree to other provisions to better secure, administer funds for, and protect the bonds and the owners thereof.
(c) The Chief Financial Officer may execute, in the name of the District and on its behalf, the Financing Documents and any Closing Documents to which the District is a party. The Mayor or an Authorized Delegate may execute the bonds, in the name of the District, by the Mayor’s or Authorized Delegate’s manual or facsimile signature.
(d) If required, the official seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the bonds, the other Financing Documents, and the Closing Documents to which the District is a party.
(e) The Chief Financial Officer’s execution and delivery of the Financing Documents and Closing Documents to which the District is a party, and the Mayor’s execution of the bonds, shall constitute conclusive evidence of the Chief Financial Officer’s and Mayor’s approval, on behalf of the District, of the final form and content of the executed Financing Documents and the executed Closing Documents.
(f) The Chief Financial Officer may deliver the executed and sealed Financing Documents and Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, and delivery of the bonds, and to ensure the due performance of the obligations of the District contained in the executed, sealed, and delivered Financing Documents and Closing Documents.
(Oct. 22, 2008, D.C. Law 17-254, § 2(b), 55 DCR 9275.)
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter II-D - Income Tax Secured Bonds › § 47–340.33. Limited liability

§ 47–340.33. Limited liability.
No person, including any bond owner, shall have any claims against the District or any of its elected or appointed officials, officers, employees, or agents for monetary damages suffered as a result of the failure of the District to perform any covenant, undertaking, or obligation under this subchapter, the bonds, the Financing Documents, or the Closing Documents, or as a result of the incorrectness of any representation in or omission from the Financing Documents or the Closing Documents, unless the District or its elected or appointed officials, officers, employees, or agents have acted in a willful and fraudulent manner.
(Oct. 22, 2008, D.C. Law 17-254, § 2(b), 55 DCR 9275.)
Section References
This section is referenced in § 47-340.34.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter II-D - Income Tax Secured Bonds › § 47–340.34. District officials

§ 47–340.34. District officials.
(a) Except as otherwise provided § 47-340.33, the elected or appointed officials, officers, employees, or agents of the District shall not be liable personally for the payment of the bonds or be subject to any personal liability by reason of the issuance of the bonds, or for any representations, warranties, covenants, obligations, or agreements of the District contained in this subchapter, the bonds, the Financing Documents, or the Closing Documents.
(b) The signature, countersignature, facsimile signature, or facsimile countersignature of any official appearing on the bonds, the Financing Documents, or the Closing Documents shall be valid and sufficient for all purposes notwithstanding the fact that the individual signatory ceases to hold that office before delivery of the bonds, the Financing Documents, or the Closing Documents.
(c) To the extent permitted by law, the Mayor may delegate to any Authorized Delegate the performance of any act authorized to be performed by the Mayor under this subchapter.
(Oct. 22, 2008, D.C. Law 17-254, § 2(b), 55 DCR 9275.)
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter II-D - Income Tax Secured Bonds › § 47–340.35. Maintenance of documents

§ 47–340.35. Maintenance of documents.
Copies of the specimen bonds and of the final Financing Documents and Closing Documents shall be filed in the Office of the Secretary of the District of Columbia.
(Oct. 22, 2008, D.C. Law 17-254, § 2(b), 55 DCR 9275.)
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter II-D - Income Tax Secured Bonds › § 47–340.36. Information reporting

§ 47–340.36. Information reporting.
Within 3 days after the Chief Financial Officer’s receipt of the transcript of proceedings relating to the issuance of the bonds, the Chief Financial Officer shall transmit a copy of the transcript to the Secretary to the Council.
(Oct. 22, 2008, D.C. Law 17-254, § 2(b), 55 DCR 9275.)
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III - Deposit of Public Funds. [Repealed] › § 47–341. Definitions. [Repealed]

§ 47–341. Definitions. [Repealed]
Repealed.
(Oct. 26, 1977, D.C. Law 2-32, § 2, 24 DCR 3725; Oct. 8, 1981, D.C. Law 4-40, § 2(a), 28 DCR 3395; Sept. 26, 1984, D.C. Law 5-118, § 6(b), 31 DCR 4034; Mar. 7, 1991, D.C. Law 8-220, § 2, 38 DCR 199; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Mar. 18, 1998, D.C. Law 12-56, § 2(a), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-341.
1973 Ed., § 47-271.
Mayor's Orders
Amendment of Organization Order No. 112, establishing Board of Appeals and Review: See Mayor’s Order 84-31, February 9, 1984.
Amendment of delegation of authority under D.C. Law 2-32: See Mayor’s Order 85-168, October 4, 1985.
Delegation of Authority
Delegation of authority under D.C. Law 2-32, see Mayor’s Order 85-87, June 10, 1985.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III - Deposit of Public Funds. [Repealed] › § 47–342. Mayor to invest or deposit certain funds. [Repealed]

§ 47–342. Mayor to invest or deposit certain funds. [Repealed]
Repealed.
(Oct. 26, 1977, D.C. Law 2-32, § 3, 24 DCR 3725; Mar. 8, 1984, D.C. Law 5-50, § 2, 30 DCR 5916; July 22, 1992, D.C. Law 9-127, § 2, 39 DCR 3828; Mar. 16, 1993, D.C. Law 9-185, § 2, 39 DCR 8221; June 28, 1994, D.C. Law 10-134, § 2, 41 DCR 2597; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Mar. 18, 1998, D.C. Law 12-56, § 2(a), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-342.
1973 Ed., § 47-272.
Editor's Notes
Companies and their subsidiaries or affiliates doing business in or with the Republic of South Africa or Namibia: See Mayor’s Order 90-115, August 14, 1990 and Mayor’s Order 90-189, November 30, 1990.
Delegation of Authority
Delegation of authority under Law 5-50, see Mayor’s Order 84-82, May 4,1984.
Delegation of authority under D.C. Law 9-185, “Public Funds Investment Policy in Financial Institutions and Companies Making Loans to or Doing Business with Northern Ireland Amendment Act of 1992”, see Mayor’s Order 93-76, June 16, 1993.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III - Deposit of Public Funds. [Repealed] › § 47–343. Selection of depositories and investments. [Repealed]

§ 47–343. Selection of depositories and investments. [Repealed]
Repealed.
(Oct. 26, 1977, D.C. Law 2-32, § 4, 24 DCR 3725; Mar. 4, 1981, D.C. Law 3-128, § 10, 28 DCR 246; Apr. 8, 1992, D.C. Law 9-91, § 2(a), 39 DCR 1365; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Mar. 18, 1998, D.C. Law 12-56, § 2(a), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-343.
1973 Ed., § 47-273.
Repeal of Law
Repeal of Law 9-11
Section 3 of D.C. Law 9-91 repealed the District of Columbia Depository Act of 1977 Temporary Amendment Act of 1991 (D.C. Law 9-11).
Severability of Law
Inseverability of Law 9-91: Section 4 of D.C. Law 9-91 provided that if any provision of § 47-343(f) or § 47-344(f), as added by § 2 of the act, or its application to any person or circumstance is held to be unconstitutional, beyond the statutory authority of the Council of the District of Columbia, or otherwise invalid, then all provisions of §§ 47-343(e)-(f) and 47-344(e)-(f), as added by § 2 of the act, shall be deemed invalid.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III - Deposit of Public Funds. [Repealed] › § 47–344. Ranking of depositories; qualifying loans; information required to bid. [Repealed]

§ 47–344. Ranking of depositories; qualifying loans; information required to bid. [Repealed]
Repealed.
(Oct. 26, 1977, D.C. Law 2-32, § 5, 24 DCR 3725; Oct. 8, 1981, D.C. Law 4-40, § 2(b), 28 DCR 3395; Mar. 16, 1989, D.C. Law 7-187, § 4, 35 DCR 8648; Apr. 8, 1992, D.C. Law 9-91, § 2(b), 39 DCR 1365; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Mar. 18, 1998, D.C. Law 12-56,§ 2(a), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-344.
1973 Ed., § 47-274.
Repeal of Law
Repeal of Law 9-11
Section 3 of D.C. Law 9-91 repealed the District of Columbia Depository Act of 1977 Temporary Amendment Act of 1991 (D.C. Law 9-11).
Severability of Law
Inseverability of Law 9-91: Section 4 of D.C. Law 9-91 provided that if any provision of § 47-343(f) or § 47-344(f), as added by § 2 of the act, or its application to any person or circumstance is held to be unconstitutional, beyond the statutory authority of the Council of the District of Columbia, or otherwise invalid, then all provisions of §§ 47-343(e)-(f) and 47-344(e)-(f), as added by § 2 of the act, shall be deemed invalid.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III - Deposit of Public Funds. [Repealed] › § 47–345. Limitation on amount. [Repealed]

§ 47–345. Limitation on amount. [Repealed]
Repealed.
(Oct. 26, 1977, D.C. Law 2-32, § 6, 24 DCR 3725; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Mar. 18, 1998, D.C. Law 12-56, § 2(a), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-345.
1973 Ed., § 47-275.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III - Deposit of Public Funds. [Repealed] › § 47–345.01. Cashing government checks of District residents required. [Repealed]

§ 47–345.01. Cashing government checks of District residents required. [Repealed]
Repealed.
(Oct. 8, 1981, D.C. Law 4-40, § 2(c), 28 DCR 3395; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Mar. 18, 1998, D.C. Law 12-56, § 2(a), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-345.1.
Transfer of Functions
The functions of the Department of Transportation were transferred to the Department of Public Works by Reorganization Plan No. 4 of 1983, effective March 1, 1984.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III - Deposit of Public Funds. [Repealed] › § 47–346. Required collateral and financial information. [Repealed]

§ 47–346. Required collateral and financial information. [Repealed]
Repealed.
(Oct. 26, 1977, D.C. Law 2-32, § 7, 24 DCR 3725; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Mar. 18, 1998, D.C. Law 12-56, § 2(a), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-346.
1973 Ed., § 47-276.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III - Deposit of Public Funds. [Repealed] › § 47–347. Public disclosure of certain information; required reports by depositories and Mayor. [Repealed]

§ 47–347. Public disclosure of certain information; required reports by depositories and Mayor. [Repealed]
Repealed.
(Oct. 26, 1977, D.C. Law 2-32, § 8, 24 DCR 3725; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Mar. 18, 1998, D.C. Law 12-56, § 2(a), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-347.
1973 Ed., § 47-277.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III - Deposit of Public Funds. [Repealed] › § 47–348. Termination of depositories or refusal of contracts; immediate withdrawal. [Repealed]

§ 47–348. Termination of depositories or refusal of contracts; immediate withdrawal. [Repealed]
Repealed.
(Oct. 26, 1977, D.C. Law 2-32, § 9, 24 DCR 3725; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Mar. 18, 1998, D.C. Law 12-56, § 2(a), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-348.
1973 Ed., § 47-278.
Mayor's Orders
Amendment of Organization Order No. 112, establishing Board of Appeals and view: See Mayor’s Order 84-31, February 9, 1984.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III - Deposit of Public Funds. [Repealed] › § 47–349. Powers of Mayor and District of Columbia Auditor; accountability of Auditor. [Repealed]

§ 47–349. Powers of Mayor and District of Columbia Auditor; accountability of Auditor. [Repealed]
Repealed.
(Oct. 26, 1977, D.C. Law 2-32, § 10, 24 DCR 3725; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Mar. 18, 1998, D.C. Law 12-56, § 2(a), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-349.
1973 Ed., § 47-279.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III - Deposit of Public Funds. [Repealed] › § 47–350. Authorized staff for District of Columbia Auditor and Committee on Employment and Economic Development. [Repealed]

§ 47–350. Authorized staff for District of Columbia Auditor and Committee on Employment and Economic Development. [Repealed]
Repealed.
(Oct. 26, 1977, D.C. Law 2-32, § 11, 24 DCR 3725; enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Mar. 18, 1998, D.C. Law 12-56, § 2(a), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-350.
1973 Ed., § 47-280.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-A - Financial Institutions Deposits and Investments › § 47–351.02. Powers of the Mayor

§ 47–351.02. Powers of the Mayor.
(a) The Mayor or the Mayor’s designated officer shall invest, deposit, or obtain financial services for all District funds that the Mayor does not need for immediate disbursement.
(b) The Mayor may exercise any power that is necessary to implement and enforce this subchapter.
(c) During a control year, as defined in § 47-393(4), the powers exercised by the Mayor pursuant to this subchapter, except for § 47-351.16, shall be exercised by the Chief Financial Officer of the District of Columbia (“CFO”).
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-351.2.
Section References
This section is referenced in § 47-351.01, § 47-351.03, § 47-351.04, § 47-351.05, § 47-351.06, § 47-351.07, § 47-351.08, § 47-351.09, § 47-351.10, § 47-351.11, § 47-351.12, and § 47-351.13.
Emergency Legislation
See Historical and Statutory Notes following § 47-351.01.
Mayor's Orders
Companies and their subsidiaries or affiliates doing business in or with the Republic of South Africa or Namibia: See Mayor’s Order 90-115, August 14, 1990 and Mayor’s Order 90-189, November 30, 1990.
Delegation of Authority
Delegation of authority under Law 5-50, see Mayor’s Order 84-82, May 4,1984.
Delegation of authority under D.C. Law 9-185, “Public Funds Investment Policy in Financial Institutions and Companies Making Loans to or Doing Business with Northern Ireland Amendment Act of 1992”, see Mayor’s Order 93-76, June 16, 1993.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-A - Financial Institutions Deposits and Investments › § 47–351.03. General deposit and investment requirements

§ 47–351.03. General deposit and investment requirements.
(a) Unless otherwise provided by law, the Mayor, or the CFO pursuant to § 47-351.02(c), shall invest and deposit District funds in, and obtain financial services from, eligible financial institutions.
(b) The Mayor, or the CFO pursuant to § 47-351.02(c), shall determine what amount of District funds are needed immediately and maintain deposit funds in amounts great enough to satisfy that need. The Mayor, or the CFO pursuant to § 47-351.02(c), shall invest all other funds.
(c) The Mayor, or the CFO pursuant to § 47-351.02(c), shall invest District funds in:
(1) Bonds, bills, notes, or other obligations issued by the United States government;
(2) Federally insured negotiable certificates of deposit or other insured or uninsured evidences of deposit at a financial institution;
(3) Bonds, bills, notes, mortgage-backed or asset-backed securities, or other obligations of a quasi-governmental corporation;
(4) Prime banker acceptances that do not exceed 270 days maturity;
(5) Prime commercial paper that does not:
(A) Have a maturity that exceeds 180 days; and
(B) Exceed 10% of the outstanding commercial paper of the issuing corporation at the time of purchase;
(6) Investment grade obligations of the District or a state or local government;
(7) Repurchase agreements for the sale or purchase of securities by the District under the condition that, after a stated period of time, the original seller or purchaser will buy back or sell the securities at an agreed price that shall include interest;
(8) Investment grade asset-backed or mortgaged-backed securities; or
(9) Money market funds registered with the Securities and Exchange Commission and which meet the requirements of Rule 2(a)(7) of the Investment Company Act of 1940, approved August 22, 1940 (54 Stat. 789; 15 U.S.C. § 80a-1 et seq.).
(d) The Mayor, or the CFO pursuant to § 47-351.02(c), shall not allow the amount of District funds deposited or placed for the provision of financial services in a single eligible financial institution to exceed the lesser of either:
(1) Twenty-five percent of the total assets of the eligible financial institution, exclusive of District funds; or
(2) Twenty-five percent of the total District funds available for deposit or investment as of the date of such deposit or placement and as of the end of each fiscal quarter thereafter.
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-351.3.
Section References
This section is referenced in § 47-351.11.
Emergency Legislation
See Historical and Statutory Notes following § 47-351.01.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-A - Financial Institutions Deposits and Investments › § 47–351.05. Competition for banking business

§ 47–351.05. Competition for banking business.
(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.
(b) The Mayor, or the CFO pursuant to § 47-351.02(c), shall calculate the composite score of an eligible financial institution in the following manner:
(1) Eighty percent based upon a financial score, calculated under § 47-351.06; and
(2) Twenty percent based upon a community development score, calculated under § 47-351.07.
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-351.5.
Section References
This section is referenced in § 47-351.10 and § 47-351.11.
Emergency Legislation
See Historical and Statutory Notes following § 47-351.01.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-A - Financial Institutions Deposits and Investments › § 47–351.06. Financial score

§ 47–351.06. Financial score.
The Mayor, or the CFO pursuant to § 47-351.02(c), shall calculate a financial score for each eligible financial institution. For each bid solicitation, the Mayor, or the CFO pursuant to § 47-351.02(c), shall decide how much weight and how many points to give each of the following elements to calculate the financial score:
(1) Investment and deposit bids based on the rate of return that a bidder offers;
(2) Financial services bids based on the cost of service;
(3) All bids based on an assessment of risk and financial condition;
(4) All bids based on the capacity of a bidder to perform and prior performance record; and
(5) Any other criteria required to evaluate a bid.
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-351.6.
Section References
This section is referenced in § 47-351.05 and § 47-351.07.
Emergency Legislation
See Historical and Statutory Notes following § 47-351.01.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-A - Financial Institutions Deposits and Investments › § 47–351.07. Community development score

§ 47–351.07. Community development score.
(a) The Mayor, or the CFO pursuant to § 47-351.02(c), shall calculate the community development score by calculating a ratio of the eligible financial institution’s performance for 1 or more of the criteria in each of the 3 categories under subsection (b) of this section; multiplying the ratio by the weight for each category listed in subsection (c) of this section; and then adding the weighted points for all 3 categories to produce the final community development score.
(b) The Mayor, or the CFO pursuant to § 47-351.02(c), shall calculate a ratio for an eligible financial institution’s performance listed within the categories of mortgage lending, community development lending, and financial services. A ratio is the level of activity for a specific criterion divided by the institution’s overall performance in the generic activity that includes the specific criterion. The criteria to be considered for mortgage lending are the total mortgage lending made in low-to-moderate income areas in the District and the total mortgage lending made in low-to-moderate income areas by third parties and purchased by the bidding financial institution in the secondary market; for community development lending are the total lending activity to small businesses located in low-to-moderate income areas in the District and the total lending to small businesses located in low-to-moderate income areas in the District by third parties and purchased by the financial institution in the secondary market; and for financial services is the number of branches in low-to-moderate income areas in the District.
(c) The Mayor, or the CFO pursuant to § 47-351.02(c), shall assign the following weighing factors to the numerical scores given under the categories listed in subsection (b) of this section, to calculate the community development score for an eligible financial institution:
(1) Forty percent for mortgage lending;
(2) Forty percent for community development lending; and
(3) Twenty percent for financial services.
(d) Noninsured institutions providing investment services are exempt from providing data for a community development score as prescribed in this section. Investment services from noninsured institutions shall be awarded on the basis of a financial score, as calculated under § 47-351.06.
(e) The Mayor, or the CFO pursuant to § 47-351.02(c), shall periodically issue a report on the community development efforts of the eligible financial institutions on the eligible bidder’s list.
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933; Apr. 20, 1999, D.C. Law 12-264, § 52(c), 46 DCR 2118.)
Prior Codifications
1981 Ed., § 47-351.7.
Section References
This section is referenced in § 47-351.04, § 47-351.05, and § 47-351.11.
Emergency Legislation
See Historical and Statutory Notes following § 47-351.01.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-A - Financial Institutions Deposits and Investments › § 47–351.09. Linked deposits for community development lending

§ 47–351.09. Linked deposits for community development lending.
(a) The Mayor, or the CFO pursuant to § 47-351.02(c), may make a deposit in an insured financial institution in return for a commitment by that institution to make specific community development loans in a low-to-moderate income area. The Mayor, or the CFO pursuant to § 47-351.02(c), shall determine the amount and scope of community development loans required to qualify for such linked deposits.
(b) When making a linked deposit, the Mayor, or the CFO pursuant to § 47-351.02(c), may accept a below-market interest rate that is within 3% of the market rate interest if the insured financial institution provides an equivalent reduction in the interest rate charged for the community development lending to which the deposit is linked.
(c) The Mayor, or the CFO pursuant to § 47-351.02(c), may make deposits linked to either specific loans or loan types.
(d) An insured financial institution may submit to the Mayor, or the CFO pursuant to § 47-351.02(c), a linked deposit application that includes information about the proposed community development lending and any other information the Mayor, or the CFO pursuant to § 47-351.02(c), requires.
(e) If the Mayor, or the CFO pursuant to § 47-351.02(c), approves a linked deposit application, the Mayor, or the CFO pursuant to § 47-351.02(c), and the insured financial institution shall enter into an agreement that includes each of the following terms and conditions and any others the Mayor, or the CFO pursuant to § 47-351.02(c), may require:
(1) A requirement that the insured institution shall not assign or sell a loan made with the proceeds of a linked deposit without approval of the Mayor, or the CFO pursuant to § 47-351.02(c), as long as the linked deposit is in effect;
(2) A requirement that a delay in payment or default by a borrower receiving a linked deposit loan does not affect the agreement between the insured financial institution and the Mayor, or the CFO pursuant to § 47-351.02(c);
(3) The terms of the deposit;
(4) A requirement that the Mayor, or the CFO pursuant to § 47-351.02(c), shall monitor compliance with the agreement; and
(5) The terms of the community development loans lending effort.
(f) The total amount of linked deposits and community development program deposits shall not exceed 7% of the average annual investment balance of the latest audited fiscal year.
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-351.9.
Section References
This section is referenced in § 47-351.05.
Emergency Legislation
See Historical and Statutory Notes following § 47-351.01.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-A - Financial Institutions Deposits and Investments › § 47–351.10. Preservation of banking services

§ 47–351.10. Preservation of banking services.
(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.
(c) For the purposes of this section only, a community development program agreement shall meet the requirements of § 26-704(d).
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-351.10.
Section References
This section is referenced in § 47-351.05.
Emergency Legislation
See Historical and Statutory Notes following § 47-351.01.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-A - Financial Institutions Deposits and Investments › § 47–351.11. District funds reserved for certain insured institutions

§ 47–351.11. District funds reserved for certain insured institutions.
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.
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933; October 4, 2000, D.C. Law 13-169, § 8, 47 DCR 5846; Oct. 20, 2005, D.C. Law 16-33, § 2381(c), 52 DCR 7503; Mar. 20, 2008, D.C. Law 17-124, § 2, 55 DCR 1516.)
Prior Codifications
1981 Ed., § 47-351.11.
Section References
This section is referenced in § 47-351.05.
Effect of Amendments
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”.
Emergency Legislation
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).
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-A - Financial Institutions Deposits and Investments › § 47–351.12. Public disclosure

§ 47–351.12. Public disclosure.
(a) Except as provided in subsection (b) of this section, all information submitted by a financial institution to the Mayor, or the CFO pursuant to § 47-351.02(c), shall be available for public inspection and reproduction during regular business hours.
(b) Proprietary financial and commercial information of any financial institution shall be kept confidential.
(c) A breach of confidentiality shall be subject to the penalties set forth in § 47-351.15.
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-351.12.
Emergency Legislation
See Historical and Statutory Notes following § 47-351.01.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-A - Financial Institutions Deposits and Investments › § 47–351.13. Protection of District funds at risk

§ 47–351.13. Protection of District funds at risk.
(a) The Mayor, or the CFO pursuant to § 47-351.02(c), may take the action provided for in subsection (b) of this section to protect District funds if:
(1) A financial institution fails to return a deposit upon demand or upon the termination of or pursuant to the terms of an agreement;
(2) A financial institution fails to pay a valid check, draft, or warrant issued by the Mayor, or the CFO pursuant to § 47-351.02(c);
(3) A financial institution fails to honor a request for the electronic transfer of District funds;
(4) A financial institution fails to account for a check, draft, warrant, order, deposit, certificate, or money that the District entrusts to it;
(5) A financial institution fails to return an investment under the terms of an agreement or upon the termination of an agreement;
(6) A financial institution fails to perform under the terms of an agreement involving banking business;
(7) A financial institution fails to maintain the required collateral pursuant to § 47-351.08;
(8) A court or a federal, District, or state banking regulator orders a financial institution to refrain from making payments on its liabilities;
(9) A court or a federal, District, or state banking regulator appoints a conservator or receiver for the financial institution;
(10) The Mayor, or the CFO pursuant to § 47-351.02(c), determines that the financial institution is financially unsound;
(11) A financial institution fails to comply with this subchapter; or
(12) Any other action has occurred or is impending which the Mayor, or the CFO pursuant to § 47-351.02(c), decides would place District funds in jeopardy.
(b) If the Mayor, or the CFO pursuant to § 47-351.02(c), determines that any condition under subsection (a) of this section exists, the Mayor, or the CFO pursuant to § 47-351.02(c), may, without any further action:
(1) Withdraw or demand the return of District funds immediately;
(2) Take action to seize all collateral provided under section 9;
(3) Liquidate collateral and retain proceeds in the amount equal to District funds held by the financial institution plus liquidation costs;
(4) Direct the financial institution to immediately stop performing any financial services for the District;
(5) Terminate any agreement relating to banking business;
(6) Remove the financial institution from the eligible bidder’s list; or
(7) Take other action deemed necessary for the protection of District funds.
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-351.13.
Section References
This section is referenced in § 47-351.04.
Emergency Legislation
See Historical and Statutory Notes following § 47-351.01.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-A - Financial Institutions Deposits and Investments › § 47–351.14. Check cashing; identification

§ 47–351.14. Check cashing; identification.
(a) An eligible financial institution shall cash checks issued by the District government without charge for both account and non-account holders.
(b) An insured institution may require a holder of a check meeting the requirements of subsection (a) of this section to show proper identification. Proper identification is any form of identification as required by the bank in accordance with its rules and regulations.
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-351.14.
Emergency Legislation
See Historical and Statutory Notes following § 47-351.01.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-A - Financial Institutions Deposits and Investments › § 47–351.15. Penalties

§ 47–351.15. Penalties.
Any director, officer, manager, agent, or employee of an eligible financial institution who knowingly violates a provision of this subchapter may, upon conviction, be fined not less than $500 nor more than $2,000.
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-351.15.
Section References
This section is referenced in § 47-351.12.
Emergency Legislation
See Historical and Statutory Notes following § 47-351.01.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-A - Financial Institutions Deposits and Investments › § 47–351.16. Rulemaking

§ 47–351.16. Rulemaking.
The Mayor, pursuant to title 1 of the District of Columbia Administrative Procedure Act, approved October 21, 1968 (82 Stat. 1204; § 2-501 et seq.), shall issue rules to implement the provisions of this subchapter.
(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)
Prior Codifications
1981 Ed., § 47-351.16.
Section References
This section is referenced in § 47-351.02.
Emergency Legislation
See Historical and Statutory Notes following § 47-351.01.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-B - Anti-Deficiency › § 47–355.01. Definitions

§ 47–355.01. Definitions.
For the purposes of this subchapter, the term:
(1) “Agency” means an agency, office, department, board, commission, or independent agency or instrumentality of the District Government.
(2) “Apportionment” means the division of an agency’s appropriated budget authority by periods within a fiscal year.
(2A) “Emergencies involving the safety of human life or the protection of property” does not include ongoing, regular functions of government the suspension of which would not imminently threaten the safety of human life or the protection of property.
(3) “Employee” means an individual who performs a function of the District Government and who receives compensation for the performance of that function.
(4) “Manager” means an individual chosen or appointed to manage, direct, or administer some affairs of the agency, including the expenditure of funds.
(5) “Program” means the highest level, for budgeting and expenditure control, within the agency that the District of Columbia Government uses for a specific purpose for appropriated budget authority. A program may consist of multiple activities, which combined achieve the stated purpose and goals.
(Apr. 4, 2003, D.C. Law 14-285, § 2, 50 DCR 940; Mar. 13, 2004, D.C. Law 15-105, § 77(a), 51 DCR 881; Sept. 20, 2012, D.C. Law 19-168, § 1102(a), 59 DCR 8025.)
Effect of Amendments
D.C. Law 15-105, in the introductory paragraph, validated a previously made technical correction.
The 2012 amendment by D.C. Law 19-168 added (2A).
Emergency Legislation
For temporary (90 day) amendment of section, see § 1102(a) of Fiscal Year 2013 Budget Support Emergency Act of 2012 (D.C. Act 19-383, June 19, 2012, 59 DCR 7764).
For temporary (90 day) amendment of section, see § 1102(a) of Fiscal Year 2013 Budget Support Congressional Review Emergency Act of 2012 (D.C. Act 19-413, July 25, 2012, 59 DCR 9290).
Mayor's Orders
Allocation of Spending (FY 2011), see Mayor’s Order 2010-160, October 8, 2010 ( 57 DCR 9559).
Rescission of Quarterly Apportionment Provisions and Non-Personal Services Restrictions for Subordinate Executive Branch Agencies Imposed Under Mayor’s Order 2010-160, see Mayor’s Order 2011-35, January 19, 2011 ( 58 DCR 869).
NPS Restrictions for Subordinate Executive Branch Agencies, see Mayor’s Order 2011-102, May 18, 2011 ( 58 DCR 4678).
Allocation of Spending (FY 2012), see Mayor’s Order 2011-188, December 1, 2011 ( 58 DCR 10385).
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-B - Anti-Deficiency › § 47–355.03. Reporting requirements of managers

§ 47–355.03. Reporting requirements of managers.
A manager shall develop year-end spending projections, by source of funds, on a quarterly basis, which show year-to-date spending, approved budget, year-end projected spending, explanations of variances greater than 5%, and in the case of overspending, a corrective action plan. Spending projections shall be submitted to the agency head and the agency fiscal officer. Summarized agency spending projections shall be submitted to the Chief Financial Officer no more than 30 days after the end of the quarter.
(Apr. 4, 2003, D.C. Law 14-285, § 2, 50 DCR 940; Mar. 14, 2007, D.C. Law 16-293, § 2(b), 54 DCR 1083.)
Effect of Amendments
D.C. Law 16-293, substituted “quarterly” for “monthly”, “fiscal” for “chief financial”, and “quarter” for “month”.
2023 District of Columbia Code › Title 47 - Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title] › Chapter 3 - Budget and Financial Management; Borrowing; Deposit of Funds › Subchapter III-B - Anti-Deficiency › § 47–355.04. Reporting requirements of agency heads and chief financial officers

§ 47–355.04. Reporting requirements of agency heads and chief financial officers.
(a) By October 1 of each year, an agency head and agency fiscal officer shall jointly submit to the Chief Financial Officer a monthly spending plan and a Schedule A, each by source of funds, based on the finally enacted annual budget. If an agency’s budget is changed after final enactment, a revised spending plan and a revised Schedule A, each by source of funds, must be submitted to the Chief Financial Officer within one month of final approval of the budget.
(a-1) By October 20 of each year, an agency head and agency fiscal officer shall jointly submit to the Chief Financial Officer a monthly spending plan for each capital project based on the finally enacted annual budget. If a project's budget is changed after final enactment of the annual budget, the agency head and agency fiscal officer shall submit a revised project spending plan to the Chief Financial Officer within one month of final approval of the changes to the project's budget.
(b) Any revision to an agency’s approved operating budget or approved budget for a capital project during a fiscal year shall be reflected in a revised spending plan submitted to the Chief Financial Officer within one month of the approval of the revised budget.
(Apr. 4, 2003, D.C. Law 14-285, § 2, 50 DCR 940; Mar. 14, 2007, D.C. Law 16-293, § 2(c), 54 DCR 1083; Dec. 13, 2017, D.C. Law 22-33, § 8022(b), 64 DCR 7652.)
Effect of Amendments
D.C. Law 16-293, in subsec. (a), substituted “agency fiscal officer” for “agency chief financial officer” and “one month” for “15 days”; and in subsec. (b), substituted “one month” for “10 days”.
Emergency Legislation
For temporary (90 days) amendment of this section, see § 8022(b) of Fiscal Year 2018 Budget Support Congressional Review Emergency Act of 2017 (D.C. Act 22-167, Oct. 24, 2017, 64 DCR 10802).
For temporary (90 days) amendment of this section, see § 8022(b) of Fiscal Year 2018 Budget Support Emergency Act of 2017 (D.C. Act 22-104, July 20, 2017, 64 DCR 7032).