§ 47-351.05. Competition for banking business.

Current through October 23, 2012

(a) Except as otherwise provided by §§ 47-351.09, 47-351.10, and 47- 351.11, the Mayor, or the CFO pursuant to § 47-351.02(c), shall select eligible financial institutions with which to conduct the banking business of the District based on the highest composite score for a bid. If 2 or more eligible financial institutions receive the highest composite score, the Mayor, or the CFO pursuant to § 47-351.02(c), shall select the eligible financial institution with the highest community development score calculated under § 47-351.07.

(b) The Mayor, or the CFO pursuant to § 47-351.02(c), shall calculate the composite score of an eligible financial institution in the following manner:

(1) Eighty percent based upon a financial score, calculated under § 47- 351.06; and

(2) Twenty percent based upon a community development score, calculated under § 47-351.07.

                
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(Mar. 18, 1998, D.C. Law 12-56, § 2(c), 44 DCR 6933.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 47-351.5.

Emergency Act Amendments

See Historical and Statutory Notes following § 47-351.01.

Legislative History of Laws

For legislative history of D.C. Law 12-56, see Historical and Statutory Notes following § 47-351.01.