(a) Transitional short-term advances made before October 1, 1995. --
(1) In general. -- If the conditions in paragraph (2) of this subsection are satisfied, the Secretary shall make an advance of funds from time to time, out of any money in the Treasury not otherwise appropriated, for the purpose of assisting the District government in meeting its general expenditures, as authorized by Congress.
(2) Conditions to making any transitional short-term advance before October 1, 1995. -- The Secretary shall make an advance under this subsection if the following conditions are satisfied:
(A) The Mayor delivers to the Secretary a requisition for an advance under this section;
(B) As of the date on which the requisitioned advance is to be made, the Authority has not approved a financial plan and budget for the District government as meeting the requirements of the District of Columbia Financial Responsibility and Management Assistance Act of 1995;
(C) The date on which the requisitioned advance is to be made is not later than September 30, 1995;
(D) The District government has delivered to the Secretary:
(i) A schedule setting forth the anticipated timing and amounts of requisitions for advances under this subsection; and
(ii) Evidence demonstrating to the satisfaction of the Secretary that the District government is effectively unable to obtain credit in the public credit markets or elsewhere in sufficient amounts and on sufficiently reasonable terms to meet the District government's financing needs;
(E) The Secretary determines that there is reasonable assurance of reimbursement for the advance from the amount authorized to be appropriated as the annual Federal payment to the District of Columbia under title V of the District of Columbia Home Rule Act for the fiscal year ending September 30, 1996; and
(F) Except during the 45-day period beginning on the date of the appointment of the members of the Authority, the Authority makes the findings described in § 47-392.04.
(3) Amount of any transitional short-term advance made before October 1, 1995. --
(A) In general. -- Except as provided in subparagraph (C) of this paragraph, if the conditions described in subparagraph (B) of this paragraph are satisfied, each advance made under this subsection shall be in the amount designated by the Mayor in the Mayor's requisition for such advance, except that:
(i) The total amount requisitioned under this subsection during the 30-day period which begins on the date of the first requisition made under this subsection may not exceed 33 1/3% of the fiscal year 1995 limit;
(ii) The total amount requisitioned under this subsection during the 60-day period which begins on the date of the first requisition made under this subsection may not exceed 66 2/3% of the fiscal year 1995 limit; and
(iii) The total amount requisitioned under this subsection after the expiration of the 60-day period which begins on the date of the first requisition made under this subsection may not exceed 100% of the fiscal year 1995 limit.
(B) Conditions applicable to designated amount. -- Subparagraph (A) of this paragraph applies if the Mayor determines that the amount designated in the Mayor's requisition for such advance is needed to accomplish the purpose described in paragraph (1) of this subsection, and (except during the 45-day period beginning on the date of the appointment of the members of the Authority) the Authority approves such amount.
(C) Aggregate maximum amount outstanding. -- The sum of the anticipated principal and interest requirements of all advances made under this subsection may not be greater than the fiscal year 1995 limit.
(D) Fiscal year 1995 limit described. -- In this paragraph, the “fiscal year 1995 limit” means the amount authorized to be appropriated to the District of Columbia as the annual federal payment to the District of Columbia under title V of the District of Columbia Home Rule Act for the fiscal year ending September 30, 1996.
(4) Maturity of any transitional short-term advance made before October 1, 1995. --
(A) In general. -- Except as provided in subparagraph (B) of this paragraph, each advance made under this subsection shall mature on the date designated by the Mayor in the Mayor's requisition for such advance.
(B) Latest permissible maturity date. -- Notwithstanding subparagraph (A) of this paragraph, the maturity date for any advance made under this subsection shall not be later than October 1, 1995.
(5) Interest rate. -- Each advance made under this subsection shall bear interest at an annual rate equal to the rate determined by the Secretary at the time that the Secretary makes such advance taking into consideration the prevailing yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the maturity of such advance, plus 1/8 of 1%.
(6) Deposit of advances. --
(A) In general. -- Except as provided in subparagraph (B) of this paragraph, each advance made under this subsection for the account of the District government shall be deposited by the Secretary into such account as is designated by the Mayor in the Mayor's requisition for such advance.
(B) Exception. -- Notwithstanding subparagraph (A) of this paragraph, if (in accordance with § 47-392.04(b)(2) the Authority delivers a letter requesting the Secretary to deposit all advances made under this subsection for the account of the District government in an escrow account held by the Authority, each advance made under this subsection for the account of the District government after the date of such letter shall be deposited by the Secretary into the escrow account specified by the Authority in such letter.
(b) Transitional short-term advances made on or after October 1, 1995, and before February 1, 1996. --
(1) In general. -- If the conditions in paragraph (2) of this subsection are satisfied, the Secretary shall make an advance of funds from time to time, out of any money in the Treasury not otherwise appropriated, for the same purpose as advances are made under subsection (a) of this section.
(2) Terms and conditions. --
(A) In general. -- Except as provided in subparagraph (B), paragraphs (2), (4), and (5) of section (a) of this section (other than subparagraph (F) of paragraph (2)) shall apply to any advance made under this subsection.
(B) Exceptions. --
(i) New conditions precedent to making advances. -- The conditions described in subsection (a)(2) of this section shall apply with respect to making advances on or after October 1, 1995, in the same manner as such conditions apply with respect to making advances before October 1, 1995, except that:
(I) Subsection (a)(2)(C) of this section (relating to the last day on which advances may be made) shall be applied as if the reference to “September 30, 1995” were a reference to “January 31, 1996”;
(II) Subsection (a)(2)(E) of this section (relating to the Secretary's determination of reasonable assurance of reimbursement from the annual federal payment appropriated to the District of Columbia) shall be applied as if the reference to “September 30, 1996” were a reference to “September 30, 1997”;
(III) The Secretary may not make an advance under this subsection unless all advances made under subsection (a) of this section are fully reimbursed by withholding from the annual federal payment appropriated to the District of Columbia for the fiscal year ending September 30, 1996, under title V of the District of Columbia Home Rule Act, and applying toward reimbursement for such advances an amount equal to the amount needed to fully reimburse the Treasury for such advances; and
(IV) The Secretary may not make an advance under this subsection unless the Authority has provided the Secretary with the prior certification described in § 47-392.4(a)(1).
(ii) New latest permissible maturity date. -- The provisions of subsection (a)(4) of this section shall apply with respect to the maturity of advances made after October 1, 1995, in the same manner as such provisions apply with respect to the maturity of advances made before October 1, 1995, except that subparagraph (B) of such subsection (relating to the latest permissible maturity date) shall apply as if the reference to “October 1, 1995” were a reference to “October 1, 1996”.
(C) New maximum amount outstanding. --
(i) In general. -- Except as provided in sub-subparagraph (iii) of this subparagraph, if the conditions described in sub-subparagraph (ii) of this subparagraph are satisfied, each advance made under this subsection shall be in the amount designated by the Mayor in the Mayor's requisition for such advance.
(ii) Conditions applicable to designated amount. -- Sub-subparagraph (i) of this subparagraph applies if the Mayor determines that the amount designated in the Mayor's requisition for such advance is needed to accomplish the purpose described in paragraph (1) of this subsection, and the Authority approves such amount.
(iii) Aggregate maximum amount outstanding. -- The sum of the anticipated principal and interest requirements of all advances made under this paragraph may not be greater than 60% of the fiscal year 1996 limit.
(D) Deposit of advances. -- As provided in § 47-392.04(b), each advance made under this subsection for the account of the District shall be deposited by the Secretary into an escrow account held by the Authority.
(E) Fiscal Year 1996 limit described. -- In this paragraph, the term “Fiscal Year 1996 limit” means the amount authorized to be appropriated to the District of Columbia as the annual Federal payment to the District of Columbia under title V of the District of Columbia Home Rule Act for the fiscal year ending September 30, 1997.
(c) Transitional short-term advances made on or after February 1, 1996, and before October 1, 1996. --
(1) In general. -- If the conditions in paragraph (2) of this subsection are satisfied, the Secretary shall make an advance of funds from time to time, out of any money in the Treasury not otherwise appropriated, for the same purpose as advances are made under subsection (a) of this section.
(2) Terms and conditions. --
(A) In general. -- Except as provided in subparagraph (B) of this paragraph, subsection (b)(2) of this section shall apply to any advance made under this subsection.
(B) Exceptions. -- The conditions applicable under subsection (b)(2) of this section (other than paragraph (2)(B) of subsection (a)) shall apply with respect to making advances on or after February 1, 1996, and before October 1, 1996, in the same manner as such conditions apply to making advances under such subsection, except that:
(i) In applying subparagraph (C) of subsection (a)(2) (as described in subsection (b)(2)(B)(i)(I)), the reference to “September 30, 1995” shall be deemed to be a reference to “September 30, 1996”;
(ii) Subparagraph (C)(iii) of subsection (b)(2) shall apply as if the reference to “60%” were a reference to “40%”; and
(iii) No advance may be made unless the Secretary has been provided the certifications and information described in § 47-3401.02(b)(3) through (6).
(d) Transitional short-term advances made on or after October 1, 1996, and before October 1, 1997. --
(1) In general. -- If the conditions in paragraph (2) of this subsection are satisfied, the Secretary shall make an advance of funds from time to time, out of any money in the Treasury not otherwise appropriated, for the same purpose as advances are made under subsection (a) of this section.
(2) Terms and conditions. --
(A) In general. -- Except as provided in subparagraph (B) of this paragraph, paragraphs (2), (4), and (5) of subsection (a) of this section (other than subparagraphs (B) and (F) of paragraph (2)) shall apply to any advance made under this subsection.
(B) Exceptions. --
(i) New conditions precedent to making advances. -- The conditions described in subsection (a)(2) of this section shall apply with respect to making advances on or after October 1, 1996, and before October 1, 1997, in the same manner as such conditions apply with respect to making advances before October 1, 1995, except that:
(I) Subparagraph (C) of this paragraph (relating to the last day on which advances may be made) shall be applied as if the reference to “September 30, 1995” were a reference to “September 30, 1997”;
(II) Subparagraph (E) of this paragraph (relating to the Secretary's determination of reasonable assurance of reimbursement from the annual federal payment appropriated to the District of Columbia) shall be applied as if the reference to “September 30, 1996” were a reference to “September 30, 1998”;
(III) The Secretary may not make an advance under this subsection unless all advances made under subsections (b) and (c) of this section are fully reimbursed by withholding from the annual federal payment appropriated to the District of Columbia for the fiscal year ending September 30, 1997, under title V of the District of Columbia Home Rule Act, and applying toward reimbursement for such advances an amount equal to the amount needed to fully reimburse the Treasury for such advances; and
(IV) The Secretary may not make an advance under this subsection unless the Secretary has been provided the certifications and information described in § 47-3401.02(b)(3) through (6).
(ii) New latest permissible maturity date. -- The provisions of subsection (a)(4) of this section shall apply with respect to the maturity of advances made under this subsection, in the same manner as such provisions apply with respect to the maturity of advances made before October 1, 1995, except that subparagraph (B) of such subsection (relating to the latest permissible maturity date) shall apply as if the reference to “October 1, 1995” were a reference to “October 1, 1997”.
(C) New maximum amount outstanding. --
(i) In general. -- Except as provided in sub-subparagraph (iii) of this subparagraph, if the conditions described in sub-subparagraph (ii) of this subparagraph are satisfied, each advance made under this subsection shall be in the amount designated by the Mayor in the Mayor's requisition for such advance.
(ii) Conditions applicable to designated amount. -- Sub-subparagraph (i) of this subparagraph applies if the Mayor determines that the amount designated in the Mayor's requisition for such advance is needed to accomplish the purpose described in paragraph (1) of this subsection, and the Authority approves such amount.
(iii) Aggregate maximum amount outstanding. -- The sum of the anticipated principal and interest requirements of all advances made under this paragraph may not be greater than 100% of the fiscal year 1997 limit.
(iv) Fiscal Year 1997 limit described. -- In this subparagraph, the term “Fiscal Year 1997 limit” means the amount authorized to be appropriated to the District of Columbia as the annual Federal payment to the District of Columbia under title V of the District of Columbia Home Rule Act for the fiscal year ending September 30, 1998.
(D) Deposit of advances. -- As provided in § 47-392.04(b), each advance made under this subsection for the account of the District shall be deposited by the Secretary into an escrow account held by the Authority.
CREDIT(S)
(Aug. 17, 1937, 50 Stat. 692, ch. 690, title VII, § 2; May 16, 1938, 52 Stat. 369, ch. 223, § 7; July 26, 1939, 53 Stat. 1118, ch. 367, title VI; Mar. 2, 1940, 54 Stat. 39, ch. 37, § 3; June 27, 1942, 56 Stat. 460, ch. 452, § 11; June 28, 1944, 58 Stat. 533, ch. 300, § 14; Apr. 17, 1995, 109 Stat. 120, Pub. L. 104-8, § 204(c); enacted, Apr. 9, 1997, D.C. Law 11-254, § 2, 44 DCR 1575; Aug. 5, 1997, 111 Stat. 767, Pub. L. 105-33, §§ 11403(a), 11404.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-3401.
1973 Ed., § 47-2501.
References in Text
The District of Columbia Financial Responsibility and Management Assistance Act of 1995, referred to in (a)(2)(B), is Pub. Law 104-8, 109 Stat. 97, which is codified primarily as §§ 1-204.24a et seq. and 47-391.01 et seq.
“Title V of the District of Columbia Home Rule Act,” referred to in (a)(3)(D), (b)(2)(B)(i)(III), (b)(2)(E), (d)(2)(B)(i)(III), and (d)(2)(C)(iv), is title V, § 501 et seq., Pub. L. 93-198, 87 Stat. 774, approved December 24, 1973, codified as §§ 47-3405 and 47-3406.
Title V of the District of Columbia Home Rule Act, referred to in this section, is title V of Pub.L. 93-198, 87 Stat. 812, repealed by § 11601 (a) of Pub. L. 105-33, 111 Stat. 778.
Delegation of Authority
Delegation of authority under D.C. Act 8-246, the “Tax Revenue Anticipation Notes Act of 1990.”, see Mayor's Order 90-118, September 27, 1990.
Delegation of authority under D.C. Law 9-46, the “General Fund Recovery Act of 1991.”, see Mayor's Order 91-147, October 4, 1991.
Delegation of authority under D.C. Act 8-246, the “Tax Revenue Anticipation Notes Act of 1990”, see Mayor's Order 90-118, September 27, 1990.
Delegation of authority under D.C. Law 9-46, the “General Fund Recovery Act of 1991”, see Mayor's Order 91-147, October 4, 1991.
Miscellaneous Notes
Tax revenue anticipation notes authorized: D.C. Law 6-47, effective July 16, 1985, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1986.
D.C. Act 7-77, effective October 16, 1987, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1988.
D.C. Act 7-246, effective November 15, 1988, as amended by D.C. Act 8-38, effective June 8, 1989, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1988.
D.C. Act 8-63, effective July 24, 1989, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1989.
D.C. Act 8-214, effective June 12, 1990, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1989.
D.C. Act 8-246, effective July 18, 1990, as amended by D.C. Act 8-285, effective December 14, 1990, and D.C. Law 9-46, effective August 17, 1991, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1990.
Section 401 of D.C. Law 9-46 provided that “(a) title I shall not apply during the fiscal year ending September 30, 1991, if tax revenue anticipation notes are issued pursuant to title II.
“(b) Title I shall not apply during the fiscal year ending September 30, 1992, if tax revenue anticipation notes are issued pursuant to title III.
“(c) No tax revenue anticipation notes shall be issued pursuant to this act after the issuance of general obligation bonds to finance the accumulated deficit of the District.”
D.C. Law 9-46, effective August 17, 1991, authorized the issuance of general obligation tax revenue anticipation notes of the District of Columbia to finance general governmental expenses for fiscal year 1992.
Issuance of general obligation revenue anticipation notes of District to finance its general governmental expenses for fiscal 1987 authorized: See D.C. Act 6-213, approved October 10, 1986, 31 DCR 6506.