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District of Columbia Code Division VIII. General Laws. § 47-351.04. Eligibility requirements; bidding; awards process.

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

(a) To become eligible to submit a bid under this subsection:

(1) An insured institution shall provide the Mayor, or the CFO pursuant to § 47-351.02(c), with information from which the Mayor, or the CFO pursuant to § 47-351.02(c), can calculate a community development score under § 47-351.07. This information may include, but need not be limited to, current community development data, Community Reinvestment Act statement and evaluation with a minimum of “satisfactory” rating on its latest Community Reinvestment Act examination, and Home Mortgage Disclosure Act reports.

(2) A noninsured institution shall submit to the Mayor, or the CFO pursuant to § 47-351.02(c), a statement of Equal Employment Opportunity or Affirmative Action.

(b) Each year the Mayor, or the CFO pursuant to § 47-351.02(c), shall compile a list of eligible financial institutions that submit the information pursuant to the requirements of subsection (a) of this section.

(c) The Mayor, or the CFO pursuant to § 47-351.02(c), shall send the solicitations for bids to all financial institutions that are eligible. The Mayor, or the CFO pursuant to § 47-351.02(c), shall remove from the eligible list those financial institutions that the Mayor, or the CFO pursuant to § 47-351.02(c), has deemed to be financially unsound and those bidders that have put District funds at risk pursuant to § 47-351.13(a).

(d) In solicitations for bids, the Mayor, or the CFO pursuant to § 47-351.02(c), shall include the following information:

(1) In the case of deposits or investments:

(A) The term of the deposit or investments;

(B) The approximate amount available for deposit or investment;

(C) The evaluation criteria; and

(D) All other information required by the Mayor, or the CFO pursuant to § 47-351.02(c), or that is necessary for compliance with this subchapter.

(2) In the case of financial services:

(A) A list of the financial services needed;

(B) The evaluation criteria; and

(C) All other information required by the Mayor, or the CFO pursuant to § 47-351.02(c), or that is necessary for compliance with this subchapter.

(e) The Mayor, or the CFO pursuant to § 47-351.02(c), may solicit bids for either single financial services or groups of financial services.

(f) If applicable, a bidder shall provide the following information in a bid:

(1) The identity of the bidder;

(2) The minimum and maximum amount of District funds the bidder will accept;

(3) The rate of return;

(4) The type of financial services to be provided and the cost to the District for the financial services;

(5) The amount of the compensating balances, if any, and the rate of return on any deposit used for a compensating balance;

(6) A description of the experience and capacity of the financial institution to perform the banking business for which the bid is submitted;

(7) Information necessary to assess risk and liquidity; and

(8) Any other information required by the Mayor, or the CFO pursuant to § 47-351.02(c).

(g) The Mayor, or the CFO pursuant to § 47-351.02(c), shall make available to each bidder the notice of the bid award including the terms of the bid award.

(h) Two or more eligible financial institutions may submit a joint bid.

(i) The Mayor, or the CFO pursuant to § 47-351.02(c), may at any time prior to the notice of award withdraw a bid solicitation for good cause. The Mayor, or the CFO pursuant to § 47-351.02(c), shall notify any financial institution that has submitted a bid prior to the withdrawal of the bid solicitation.

(j) The Mayor, or the CFO pursuant to § 47-351.02(c), may retain or maintain deposits, investments, or financial services agreements at a financial institution which is a successor to the contractual agreement.

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Cite this article: FindLaw.com - District of Columbia Code Division VIII. General Laws. § 47-351.04. Eligibility requirements; bidding; awards process. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-viii-general-laws/dc-code-sect-47-351-04/

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