Page:United States Statutes at Large Volume 111 Part 1.djvu/789

 PUBLIC LAW 105-33—AUG. 5, 1997 111 STAT. 765 the District of Columbia's cash flow and financial condition and on its ability to improve its credit rating. (6) It is not feasible to carry forward such a debt with an expectation of paying it off gradually from future budget surpluses. (7) Financing the accumulated deficit would improve the District's cash management position and allow more normal cash management techniques. SEC. 11402. AUTHORIZATION FOR INTERMEDIATE-TERM ADVANCES OF FUNDS BY THE SECRETARY OF THE TREASURY TO LIQ- UIDATE THE ACCUMULATED GENERAL FUND DEFICIT OF THE DISTRICT OF COLUMBIA. Title VI of the District of Columbia Revenue Act of 1939 (DC Code, sec. 47-3401 et seq.) is amended— (1) by redesignating sections 602 through 605 as sections 603 through 606, respectively; and (2) by inserting after section 601 the following: " SEC. 602. INTERMEDIATE-TERM ADVANCES FOR LIQUIDATION OF DEFICIT. "(a) IN GENERAL.—I f the conditions in subsection (b) are satisfied, the Secretary shall make an advance of funds from time to time, out of any money in the Treasury not otherwise appropriated and to the extent provided in advance in annual appropriations Acts, for the purpose of assisting the District government in liquidating the outstanding accumulated operating deficit of the general fund of the District government existing as of September 30, 1997. "(b) CONDITIONS TO MAKING ANY INTERMEDIATE-TERM ADVANCE. — The Secretary shall make an advsmce under this section if— "(1) the Mayor delivers to the Secretary the following instruments, in form and substsmce satisfactory to the Secretary— "(A) a financing agreement in which the Mayor agrees to procedures for requisitioning advances; "(B) a requisition for an advance under this section; and "(C) a promissory note evidencing the District government's obligation to reimburse the Treasury for the requisitioned advance, which note may be a general obligation bond issued under section 461(a) of the District of Columbia Self-Government and Governmental Reorganization Act by the District government to the Secretary if the Secretary determines that such a bond is satisfactory; "(2) the date on which the requisitioned advance is requested to be made is not later than 3 years from the date of enactment of the Balanced Budget Act of 1997; "(3) the District government delivers to the Secretary— "(A) evidence demonstrating to the satisfaction of the Secretary that, at the time of the Mayor's requisition for an advance, the District government is effectively unable to obtain credit in the public credit markets or elsewhere in sufficient amounts and on sufficiently reasonable terms to meet the District government's need for financing to accomplish the purpose described in subsection (a); and

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