§ 47-3401.03. Security for advances.

Current through October 23, 2012

(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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(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).)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 47-3401.3.