District Of Columbia § 47-351.03 - General deposit and investment requirements.
Full text of District Of Columbia D.C. Code § 47-351.03 — General deposit and investment requirements., with citation guidance and answers to common questions.
§ 47-351.03. General deposit and investment requirements.
47-351.03Unless otherwise provided by law, the Mayor, or the CFO pursuant to , shall invest and deposit District funds in, and obtain financial services from, eligible financial institutions.
The Mayor, or the CFO pursuant to , shall determine what amount of District funds are needed immediately and maintain deposit funds in amounts great enough to satisfy that need. The Mayor, or the CFO pursuant to , shall invest all other funds.
The Mayor, or the CFO pursuant to , shall invest District funds in:
Bonds, bills, notes, or other obligations issued by the United States government;
Federally insured negotiable certificates of deposit or other insured or uninsured evidences of deposit at a financial institution;
Bonds, bills, notes, mortgage-backed or asset-backed securities, or other obligations of a quasi-governmental corporation;
Prime banker acceptances that do not exceed 270 days maturity;
Prime commercial paper that does not:
Have a maturity that exceeds 180 days; and
Exceed 10% of the outstanding commercial paper of the issuing corporation at the time of purchase;
Investment grade obligations of the District or a state or local government;
Repurchase agreements for the sale or purchase of securities by the District under the condition that, after a stated period of time, the original seller or purchaser will buy back or sell the securities at an agreed price that shall include interest;
Investment grade asset-backed or mortgaged-backed securities; or
Money market funds registered with the Securities and Exchange Commission and which meet the requirements of Rule 2(a)(7) of the Investment Company Act of 1940, approved August 22, 1940 (54 Stat. 789; 15 U.S.C. et seq.).
The Mayor, or the CFO pursuant to , shall not allow the amount of District funds deposited or placed for the provision of financial services in a single eligible financial institution to exceed the lesser of either:
Twenty-five percent of the total assets of the eligible financial institution, exclusive of District funds; or
Twenty-five percent of the total District funds available for deposit or investment as of the date of such deposit or placement and as of the end of each fiscal quarter thereafter.
Annotations
Source: official District Of Columbia text · Last verified 2026-08-27
Frequently Asked Questions About District Of Columbia § 47-351.03
What does D.C. Code § 47-351.03 cover?
Section 47-351.03 ("General deposit and investment requirements.") is part of the D.C. Code, the codified statutory law of District Of Columbia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite District Of Columbia § 47-351.03?
A common citation format is "D.C. Code § 47-351.03" (District Of Columbia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of District Of Columbia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the District Of Columbia official source linked on this page or consult a licensed District Of Columbia attorney.
How does District Of Columbia § 47-351.03 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in District Of Columbia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in District Of Columbia.