Preservation of banking services

  1. Law
  2. District of Columbia Code
  3. Taxation, Licensing, Permits, Assessments, and Fees. [Enacted title]
  4. Budget and Financial Management; Borrowing; Deposit of Funds
  5. Financial Institutions Deposits and Investments
  6. Preservation of banking services

Checkout our iOS App for a better way to browser and research.

(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.


Download our app to see the most-to-date content.