(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.)
1981 Ed., § 47-351.10.
This section is referenced in § 47-351.05.
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