(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.)
1981 Ed., § 47-351.5.
This section is referenced in § 47-351.10 and § 47-351.11.
See Historical and Statutory Notes following § 47-351.01.
Structure 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
§ 47–351.03. General deposit and investment requirements
§ 47–351.04. Eligibility requirements; bidding; awards process
§ 47–351.05. Competition for banking business
§ 47–351.07. Community development score
§ 47–351.08. Collateral and reporting requirements
§ 47–351.09. Linked deposits for community development lending
§ 47–351.10. Preservation of banking services
§ 47–351.11. District funds reserved for certain insured institutions
§ 47–351.12. Public disclosure
§ 47–351.13. Protection of District funds at risk