Protection of District funds at risk.

The Mayor, or the CFO pursuant to § 47-351.02(c), may take the action provided for in subsection (b) of this section to protect District funds if: A financial institution fails to return a deposit upon demand or upon the termination of or pursuant to the terms of an agreement; A financial institution fails to pay a valid check, draft, or warrant issued by the Mayor, or the CFO pursuant to § 47-351.02(c); A financial institution fails to honor a request for the electronic transfer of District funds; A financial institution fails to account for a check, draft, warrant, order, deposit, certificate, or money that the District entrusts to it; A financial institution fails to return an investment under the terms of an agreement or upon the termination of an agreement; A financial institution fails to perform under the terms of an agreement involving banking business; A financial institution fails to maintain the required collateral pursuant to § 47-351.08; A court or a federal, District, or state banking regulator orders a financial institution to refrain from making payments on its liabilities; A court or a federal, District, or state banking regulator appoints a conservator or receiver for the financial institution; The Mayor, or the CFO pursuant to § 47-351.02(c), determines that the financial institution is financially unsound; A financial institution fails to comply with this subchapter; or Any other action has occurred or is impending which the Mayor, or the CFO pursuant to § 47-351.02(c), decides would place District funds in jeopardy. If the Mayor, or the CFO pursuant to § 47-351.02(c), determines that any condition under subsection (a) of this section exists, the Mayor, or the CFO pursuant to § 47-351.02(c), may, without any further action: Withdraw or demand the return of District funds immediately; Take action to seize all collateral provided under section 9; Liquidate collateral and retain proceeds in the amount equal to District funds held by the financial institution plus liquidation costs; Direct the financial institution to immediately stop performing any financial services for the District; Terminate any agreement relating to banking business; Remove the financial institution from the eligible bidder’s list; or Take other action deemed necessary for the protection of District funds.