Page:United States Statutes at Large Volume 109 Part 1.djvu/144

 109 STAT. 128 PUBLIC LAW 104-8—APR. 17, 1995 not at any time be greater than 100 percent of applicable limit. "(B) SPECIAL RULE FOR FISCAL YEAR 1997. —The unpaid principal balance of all advances made under this section in fiscal year 1997 of the District government shall not at any time be greater than the difference between— "(i) 150 percent of the applicable limit for such fiscal year; and " (ii) the unpaid principal balance of any advances made under section 601(d). "(C) APPLICABLE LIMIT DEFINED.— In this paragraph, the 'applicable limit' for a fiscal year is the amount authorized under title V of the District of Columbia Self-Government and Governmental Reorganization Act for appropriation as the Federal payment to the District of Columbia for the fiscal year following the fiscal year in which the advance is made. "(d) MATURITY OF ANY SHORT-TERM ADVANCE.— "(1) IN GENERAL.— Except as provided in paragraph (3), if the condition in paragraph (2) is satisfied, each advance made under this section shall mature on the date designated by the Mayor in the Mayor's requisition for such advance. " (2) CONDITION APPLICABLE TO DESIGNATED MATURITY. — Paragraph (1) applies if the Authority determines that the reimbursement obligation of the District government for an advance made under this section having the maturity date designated in the Mayor's requisition is consistent with the financial plan for the year. " (3) LATEST PERMISSIBLE MATURITY DATE.— Notwithstanding paragraph (1), the maturity date for any advance made under this section shall not be later than 11 months after the date on which such advance is made. "(e) INTEREST RATE. —Each advance made under this section shall bear interest at an annual rate equal to a rate determined by the Secretary at the time that the Secretary makes such advance taking into consideration the prevailing yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the maturity of such advance, plus Vs of 1 percent. "(f) 10-BUSINESS-DAY ZERO BALANCE REQUIREMENT. —After the expiration of the 12-month period beginning on the date on which the first advance is made under this section, the Secretary shall not make any new advance under this section unless the District government has— "(1) reduced to zero at the same time the principal balance of all advances made under this section at least once during the previous 12-month period; and "(2) not requisitioned any advance to be made under this section in any of the 10 business days following such reduction. "(g) DEPOSIT OF ADVANCES. —As provided in section 204(b) of the District of Columbia Financial Responsibility and Management Assistance Act of 1995, advances made under this section for the account of the District government shall be deposited by the Secretary into an escrow account held by the Authority.

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