PUBLIC LAW 104-8 —APR. 17, 1995
109 STAT. 129
" SEC. 603. SECURITY FOR ADVANCES.
"(a) IN GENERAL.—The Secretary shall require the District
government to provide such security for any advance made under
this title as the Secretary determines to be appropriate.
"(b) AUTHORITY TO REQUIRE SPECIFIC SECURITY. —AS security
for any advance made under this title, the Secretary may require
the District government to—
"(1) pledge to the Secretary specific taxes and revenue
of the District government, if such pledging does not cause
the District government to violate existing laws or contracts;
and
"(2) establish a debt service reserve fund pledged to the
Secretary.
"SEC. 604. REIMBURSEMENT TO THE TREASURY.
"(a) REIMBURSEMENT AMOUNT.—
"(1) IN GENERAL.— Except as provided in paragraph (2),
on any date on which a reimbursement payment is due to
the Treasury under the terms of any advance made under
this title, the District shall pay to the Treasury the amount
of such reimbursement payment out of taxes and revenue collected for the support of the District government.
"(2) EXCEPTIONS FOR TRANSITIONAL ADVANCES. —
"(A) ADVANCES MADE BEFORE OCTOBER i, 1995. —
"(i) FINANCIAL PLAN AND BUDGET APPROVED. — If
the Authority approves a financial plan for the District
government before October 1, 1995, the District government may use the proceeds of any advance made under
section 602 to discharge its obligation to reimburse
the Treasury for any advance made under section
601(a).
"(ii) FINANCIAL PLAN AND BUDGET NOT APPROVED.—
If the Authority has not approved a financial plan
and budget for the District government by October
1, 1995, the annual Federal payment appropriated to
the District government for the fiscal year ending
September 30, 1996, shall be withheld and applied
to discharge the District government's obligation to
reimburse the Treasury for any advance made under
section 601(a).
"(B) ADVANCES MADE ON OR AFTER OCTOBER 1, 1995. —
"(i) FINANCIAL PLAN AND BUDGET APPROVED. — If
the Authority approves a financial plan and budget
for the District government during fiscal year 1996,
the District may use the proceeds of any advance made
under section 602 to discharge its obligation to
reimburse the Treasury for any advance made under
section 601(b).
"(ii) FINANCIAL PLAN AND BUDGET NOT APPROVED.—
•I
If the Authority has not approved a financial plan
and budget for the District government by October
1, 1996, the annual Federal payment appropriated to
the District government for the fiscal year ending
September 30, 1997, shall be withheld and applied
to discharge the District government's obligation to
reimburse the Treasury for any advance made under
section 601(b).
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