(a) All funds deposited in a reserve account shall be the property of the District of Columbia.
(b) The District shall earn interest on the amount of contributions made by the District, the borrower, and the financial institution to a reserve account. The District shall withdraw monthly or quarterly from a reserve account the amount of the interest earned by the District and shall deposit the amount withdrawn into the Fund.
(c) If the amount in a reserve account exceeds 33% of the balance of the financial institution’s outstanding enrolled loans, the Mayor may withdraw the excess amount and deposit the amount in the Fund. A withdrawal of money under this subsection shall not reduce an active reserve account to an amount that is less than $200,000.
(d) The District shall withdraw from a reserve account the total amount in the account, including any interest earned on the account, and deposit the amount in the Fund when:
(1) A financial institution is no longer eligible to participate in the program or a participation agreement entered into under this subchapter expires without renewal by the financial institution;
(2) The financial institution has no outstanding enrolled loans;
(3) The financial institution has not made a capital access loan within the preceding 24 months; or
(4) The financial institution fails to submit a report or other document requested by the District within the time or in the manner prescribed.
(Mar. 12, 2011, D.C. Law 18-322, § 9, 57 DCR 12442.)
Emergency LegislationFor temporary (90 day) addition of section, see § 9 of Capital Access Program Emergency Act of 2010 (D.C. Act 18-598, November 17, 2010, 57 DCR 11018).
For temporary (90 day) addition of section, see § 9 of Capital Access Program Congressional Review Emergency Act of 2011 (D.C. Act 19-6, February 11, 2011, 58 DCR 1408).