- All funds deposited in a reserve account shall be the property of the District of Columbia.
- 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or quarterly from a reserve account the amount of the interest earned by the District and shall deposit the amount withdrawn into the Fund.
- 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.
- 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:
- 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;
- The financial institution has no outstanding enrolled loans;
- The financial institution has not made a capital access loan within the preceding 24 months; or
- The financial institution fails to submit a report or other document requested by the District within the time or in the manner prescribed.
Historical and Statutory
Emergency Act Amendments
For 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).
Legislative History of Laws
For history of Law 18-322, see notes under § 2-1210.01.
DC CODE § 2-1210.08
Current through December 11, 2012
(Mar. 12, 2011, D.C. Law 18-322, § 9, 57 DCR 12442.)