Section 26-C2801. AVAILABILITY OF DISTRICT MATCHING FUNDS

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2801.1The requirement in section 7(d)(2) of the Act that the Mayor shall deposit in the reserve account for each capital access loan made by a financial institution an amount equal to one hundred fifty percent (150%) of the total amount deposited by the financial institution and the borrower is only effective upon the availability of appropriated local funds sufficient to deposit this percentage. If sufficient funds are not available to pay one hundred fifty percent (150%), the Mayor shall deposit one hundred percent (100%) of the contributions deposited by the financial institution and the borrower under section 7(b).

2801.2The requirement in section 7(d)(3) of the Act that the Mayor shall deposit in the reserve account for each capital access loan made by the financial institution an amount equal to two hundred percent (200%) of the total amount deposited by the financial institution and the borrower is only effective upon the availability of appropriated local funds sufficient to deposit this percentage. If sufficient funds are not available to pay two hundred percent (200%), the Mayor shall deposit one hundred percent (100%) of the contributions deposited by the financial institution and the borrower under section 7(b).

authority

The Commissioner of the Department of Insurance, Securities and Banking (Department), pursuant to the authority set forth in Mayor’s Order 2011-91, dated May 6, 2011, and section 13 of the Capital Access Program Act of 2010 (Act), effective March 12, 2011 (D.C. Law 18-322; D.C. Official Code §§ 2-1210.01, et seq.)(Supp. 2011).

source

Notice of Emergency and Proposed Rulemaking published at 58 DCR 5343 (June 24, 2011)[EXPIRED]; as amended by Notice of Final Rulemaking published at 58 DCR 8364 (September 30, 2011).

                    
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