§ 47–3401.03. Security for advances.

(a) In general. — The Secretary shall require the District government to provide such security for any advance made under §§ 47-3401 through 47-3401.04, as the Secretary determines to be appropriate.

(b) Authority to require specific security. — As security for any advance made under §§ 47-3401 through 47-3401.04, the Secretary may require the District government to:

(1) Pledge to the Secretary specific taxes and revenue of the District government, if such pledging does not cause the District government to violate existing laws or contracts; and

(2) Establish a debt service reserve fund pledged to the Secretary.

(July 26, 1939, 53 Stat. 1118, ch. 367, title VI, § 603; as added 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; renumbered as § 604, Aug. 5, 1997, 111 Stat. 765, Pub. L. 105-33, § 11402(1).)

Prior Codifications

1981 Ed., § 47-3401.3.

Section References

This section is referenced in § 47-392.05.

Cross References

Budget and financial management, existing provisions and procedure and practice preserved, borrowing and spending limitations, see § 1-206.03.

Budget and financial management, suspension of activities upon payment of Authority obligations, see § 47-391.07.

District government, financial plan and budget, control periods described, initiation under certain sections, see § 47-392.09.

District government, financial plan and budget, deposit of annual federal contribution with Authority, exception, see § 47-392.05.

District government, financial plan and budget, restrictions on borrowing during control year, application to certain sections, see § 47-392.04.

District government, financial plan and budget, special rules for Fiscal Year 1996, prohibition against allocation of advances if certification in effect, see § 47-392.08.