- (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).
History
Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933
Emergency Legislation
See Historical and Statutory Notes following § 47-351.01.
Prior Codifications
1981 Ed., § 47-351.10.
Section References
This section is referenced in § 47-351.05.