46 1 U.S.C. 24), to deal in, underwrite, purchase and sell 2 obligations of the United States, States, or political subdivi3 sions thereof. All Federal building and loan associations 4 and Federal savings and loan associations; and banks, trust 5 companies, building and loan associations, and savings and 6 loan associations, domiciled in the District of Columbia, may 7 purchase, sell, underwrite, and deal in, for their own account 8 or for the account of others, all bonds or notes issued pur9 suant to this title: Provided, That nothing contained in this 10 section shall be construed as relieving any person, firm, 11 association, or corporation from any duty of exercising due 12 and reasonable care in selecting securities for purchase or 13 investment. 14 15 16 17 18 19 TITLE VII-FINANCIAL AFFAIRS OF THE DISTRICT PART 1-FINANCIAL ADMINISTRATION SURETY BONDS SEC. 701. Each officer and employee of the District re quired to do so by the District Council shall provide a bond 20 with such surety and in such amount as the Council may 21 require. The premiums for all such bonds shall be paid out 22 of appropriations for the District. 23 24 FINANCIAL DUTIES OF THE MAYOR SEC. 702. The Mayor, through his duly designated sub25 ordinates, shall have charge of the administration of the 26 financial affairs of the District and to that end he shall— · 47 (1) prepare and submit in the form and manner prescribed by the Council under section 502 the annual budget estimates and a budget message; (2) supervise and be responsible for all financial transactions to insure adequate control of revenues and resources and to insure that appropriations are not ex ceeded; (3) maintain systems of accounting and internal control designed to provide (A) full disclosure of the financial results of the District government's activities, (B) adequate financial information needed by the District government for management purposes, (C) effective control over and accountability for all funds, property, and other assets; (4) submit to the Council a monthy financial statement, by appropriation and department, and in any further detail the Council may specify; (5) prepare, as of the end of each fiscal year, a complete financial statement and report; (6) supervise and be responsible for the assessment of all property subject to assessment within the corporate limits of the District for taxation, make all special assess ments for the District government, prepare tax maps, and give such notice of taxes and special assessments as may be required by law; 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 48 (7) supervise and be responsible for the assessment and collection of all taxes, special assessments, license fees, and other revenues of the District for the collection of which the District is responsible and receive all money receivable by the District from the Federal Government, or from any court, or from any agency of the District; (8) have custody of all public funds belonging to or under the control of the District, or any agency of the District government, and deposit all funds coming into his hands, in such depositories as may be designated and under such terms and conditions as may be prescribed by act of the Council; (9) have custody of all investments and invested funds of the District government, or in possession of such government in a fiduciary capacity, and have the safekeeping of all bonds and notes of the District and the receipt and delivery of District bonds and notes for transfer, registration, or exchange. CONTROL OF APPROPRIATIONS SEC. 703. The Council may provide for (1) the trans21 fer during the budget year of any appropriation balance 22 then available for one item of appropriation to another item 23 of appropriation, and (2) the allocation to new items of 24 funds appropriated for contingent expenditure. 1 2 49 ACCOUNTING SUPERVISION AND CONTROL SEC. 704. The Mayor, through his duly authorized 3 subordinates, shall (1) prescribe the forms of receipts, vouchers, bills, and claims to be used by all the agencies of the District government; (2) examine and approve all contracts, orders, and other documents by which the District government incurs financial obligations, having previously ascertained that moneys have been appropriated and allotted and will be available when the obligations shall become due and payable; (3) audit and approve before payment all bills, invoices, payrolls, and other evidences of claims, demands, or charges against the District government and with the advice of the legal officials of the District determine the regularity, legality, and correctness of such claims, demands, or charges; and (4) perform internal audits of central accounting and department and agency records of the District gov ernment, including the examination of any accounts or records of financial transactions, giving due considera tion to the effectiveness of accounting systems, internal 4 SEC. 705. The general fund of the District shall be 5 composed of the revenues of the District other than the 6 revenues applied by law to special funds. All moneys received 7 by any agency, officer, or employee of the District in its or 8 his official capacity shall belong to the District government 9 and shall be paid promptly to the Mayor, or his duly author10 ized subordinates, for deposit in the appropriate funds. 11 12 13 CONTRACTS EXTENDING BEYOND ONE YEAR SEC. 706. No contract involving expenditure out of an appropriation which is available for more than one year 14 shall be made for a period of more than five years; nor shall 15 any such contract be valid unless made pursuant to criteria 16 established by act of the Council. 17 PART 2-ANNUAL POST AUDIT BY GENERAL ACCOUNTING 18 19 20 21 222 OFFICE INDEPENDENT ANNUAL POST AUDIT SEC. 721. (a) The financial transactions shall be audited by the General Accounting Office in accordance with such 22 principles and procedures and under such rules and regula tions as may be prescribed by the Comptroller General of the United States. In the determination of the auditing pro cedures to be followed and the extent of the examination of |