Section 10-B4899. DEFINITIONS

 

4899.1When used in this chapter, the following words and phrases shall have the meaning ascribed:

 

Default or insolvency -

 

(a)The inability of failure of a financial institution to repay any public funds invested with such financial institution upon demand or at maturity;

 

(b)The acknowledgement by a financial institution of such inability or failure to repay; or

 

(c)The issuance of an order from the appropriate regulatory agency advising a stipulated regulatory agency to arrange for the supervision of the portfolio of a financial institution which falls under paragraph (a) or (b) of this subsection.

 

District - the District of Columbia government or any agency, board, commission, institution, committee, office, officer, or instrumentality thereof; or, if required by the context, the word "District" means the geographical area of the District of Columbia.

 

Eligible financial institution -

 

(a)Any bank which is insured by the federal government pursuant to chapter 16 of Title 12 of the Unites States Code (64 Stat. 873) and which has been approved by the Deputy Mayor for Financial Management pursuant to §4801; and

 

(b)Any securities dealer which is insured by the Securities Investor Protection Corporation and which has been approved by the Deputy Mayor for Financial Management to §4801.

 

Obligations of agencies of the United States - instruments issued by agencies of the United States government, and not directly by the United States Treasury, which are guaranteed both as to principal and interest by the full faith and credit of the United States government.

 

Obligations of the United Stated government - an instrument of the United States public debt that is issued by the United States Treasury and is guaranteed both as to principal and interest by the full faith and credit of the United States government, including United States Treasury bills, United States Treasury notes, and United States Treasury bonds.

 

Public funds - all monies belonging to or under the control of the District except funds appropriated pursuant to the act of July 2, 1862, 7 U.S.C. 301-305, 307, 308, D.C. Code §31-1408 (1981), and the District of Columbia Retirement Reform Act, Public Law 96-122, March 17, 1979, 93 Stat. 866, D.C. Code §1-701 et seq. (1981).

 

Repurchase agreements - contracts for the sale or purchase of securities subject to the condition that, after a stated period of time, the original seller will buy back such securities at an agreed price plus interest at an agreed rate.

 

source

Final Rulemaking published at 32 DCR 5098, 5101 (September 6, 1985).