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District of Columbia Code Division VIII. General Laws. § 47-3401.03. Security for advances.

Current as of January 01, 2024 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - District of Columbia Code Division VIII. General Laws. § 47-3401.03. Security for advances. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-viii-general-laws/dc-code-sect-47-3401-03/

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