District of Columbia § 47-351.11 District funds reserved for certain insured institutions.

District of Columbia Statutes

§ 47-351.11 — District funds reserved for certain insured institutions.

District of Columbia § 47-351.11

Title 47Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]

Ch. 3Budget and Financial Management; Borrowing; Deposit of Funds.

Subch. III-AFinancial Institutions Deposits and Investments.

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Bluebook

D.C. Code § 47-351.11 (2026).

Text

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 Busi

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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 .

Legislative History

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