D.C. Mun. Regs. r. 1-4803
Both the principal and interest of any public funds invested in repurchase agreements shall be fully secured by obligations of the United States government or its agencies.
The Chief Financial Officer of the District of Columbia shall receive the required collateral at or before the close of the business day on which the investment is made.
No collateral shall be returned to a financial institution except upon the repayment of the public funds invested with such financial institution.
Any financial institution may, with the approval of the Chief Financial Officer of the District of Columbia, substitute different and acceptable collateral of the type specified in § 4803.1.
Each financial institution shall give the Chief Financial Officer of the District of Columbia a power of attorney authorizing him or her to transfer any collateral or any part of the collateral for the purpose of repaying any investment made under this chapter.
Upon the default or insolvency of any financial institution, or if the Chief Financial Officer of the District of Columbia believes that the liquidity or safety of any public funds invested with any financial institution will be jeopardized by delay, he or she shall immediately take all steps consistent with applicable law to sell as much collateral as may be necessary to recover all public funds, including interest accrued thereon, invested with that financial institution.
D.C. Mun. Regs. r. 1-4803