District of Columbia Council Period 24 Status: Enacted

PR 24-0740 — The Lab School of Washington Revenue Bonds Project Approval Resolution of 2022

Last action — Resolution R24-0495, Effective from Jun 07, 2022 Published in DC Register Page 007331

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  1. ✓
    Introduced
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  4. ✓
    To Executive
  5. 5
    Enacted

This bill has been enacted into law. Introduced April 28, 2022. Enacted.

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    1 primary, 0 co-sponsors signed on.

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Bill Text

What changed in the latest version

302 added · 441 removed

Plain-language change summary

The recent changes to the bill PR 24-0740 clarify how the District of Columbia plans to issue up to $35 million in revenue bonds specifically to aid The Lab School of Washington. The resolution now includes clear definitions of key terms, such as "Bond Counsel" and "Borrower," which help in understanding the parties involved in the bond issuance. This amendment is important because it enhances transparency and accountability in how the funds will be managed, ensuring that they are used appropriately for the intended project.

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MURIELBOWSER ‘MAYOR Arl28,2022 The Honorable Phil Mendelson Chairman, Councilofthe DistrictofColumbia John A.
ENROLLED ORIGINAL A RESOLUTION 24-495 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA June 7, 2022 To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to exceed $35 million of District of Columbia revenue bonds in one or more series and to authorize and provide for the loan of the proceeds of such bonds to assist The Lab School of Washington in the financing, refinancing, or reimbursing of costs associated with an authorized project pursuant to section 490 of the District of Columbia Home Rule Act.
Wilson Building Pennsylvania Avenue, NW, Suite 504 Washington, DC 20004 Dear Chairman Mendelson:
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as "The Lab School of Washington Revenue Bonds Project Approval Resolution of 2022".
Eclsedorouronieatonsteatahdreouionie,“TheLabcolofWshigtn RevenueBonrjctAprvalesltinof022”te“esltin”.
Sec.
Theesltinathrzsthesuac,sl,andelvryfta-eemtreenebnd,noesr ohrobiaiosinagegtepicplamountttoeced$3500,0.0,toasstheLb SholofWahigtn(te“LbScoo”)inheinnig,rfnacn,orrimurigofcss RleAt.TheLabcoolamusesrelctdat459RsevorRoadNW,4749iteavnme Parkway N W , and 1550 Foxhall Road, NW, all in Ward 3.
2.
TeLabScolwasfunedbySlyL.Sithn197asaaysholfrteKigsuryene, was locatedon Phelps nWashington, DC.
Definitions.
InAugustof 1982,The Lab School was icrprtedsanideedetnn-rfitdcainlintttonithsownBordofrses.
For the purpose of this resolution, the term:
InccranewihSeton40ofteHomeRleAt,wehvedtemnedhttebods,he, olgainofthestit;hlloteapldgefornvleteflfathndceitrtetaig powoftheitit;shallnotconstituteaitit;andshallnotconstitutealending ofulicrdtfrpivteneraknsaspoibtdinetin62()2)otheHomeulec.
(1) “Authorized Delegate” means the Mayor or the Deputy Mayor for Planning and Economic Development, or any officer or employee of the Executive Office of the Mayor to whom the Mayor has delegated or to whom the foregoing individuals have subdelegated any of the Mayor’s functions under this resolution pursuant to section 422(6) of the Home Rule Act.
Theonsshl otgveietoaypeuiaylaiiyofthesrctndteDititsal ae noblgtonwthrsettoheprcaeothebns, Ifndtatheprpoedfnacngwl asstnfuterngteefrtsfTheLabScoolin poidn,edctinl,clualademploymenpotntistohectznsofheDsrctof Clubi.
(2) “Bond Counsel” means a firm or firms of attorneys designated as bond counsel from time to time by the Mayor.
Iretheoucltotkeromtandavrbeacinontemesre.
(3) “Bonds” means the District of Columbia revenue bonds, notes, or other obligations (including refunding bonds, notes, and other obligations), in one or more series, authorized to be issued pursuant to this resolution.
Sneel, Mayor Sr Gui J e E atthe requestofthe Mayor R u a y A PROPOSED RESOLUTION IN THE COUNCIL OF THE DISTRICT OF COLUMBIA cat T atoizan poidfothisunc,slanddlieyianagrgtepicplamun ntt exee$35mlioofDsrcofCoumiareenebodsioneomorsereandt ofWshngonithefnnin,rfnacn,orribusiofcstsascitdwihanl auhrieproetprsantoscio49ofheDiticofClubiaHoe RleAt RESOVED,BYTHE CUNCILOFTHEDISTRCTOFCOLUMBI, tati, rsltinmybecieaste"heLa SholofashngonReeneBonsPrjcAppovl Rsouioof22".
(4) “Borrower” means the owner, operator, manager, and user of the assets financed, refinanced, or reimbursed with proceeds from the Bonds, which shall be The Lab School of Washington, a corporation organized under the laws of the District of Columbia, which is exempt from federal income taxes under 26 U.S.C § 501(a) as an organization described in 26 U.S.C.
Se.2Deiiios Fothpurosothsreouinthter:
§ 501(c)(3), and which is liable for the repayment of the Bonds.
(1 “Athrie DlgaemeasthMayo othDeut MyorfrPanigan EonoicDeeopen,orayofieoreplyeofteExctieOfiefteMayo twhom teMaorhadeegtdotowho tefreongidvdalhaesudeeatdayo te Myo'sfucinundrthresltopurunttscto42(6ofteHom RleAt (2)“BodCousl”mensfimorfimofatrnydeigaedaboncousl fomtmeotmebyheMyr.
(5) “Chairman” means the Chairman of the Council of the District of Columbia.
(3) “Bonds” means theDistrictofColumbia revenue bonds, notes,orother bigtonsinldigrefundingbooes,andherbiatos,inoneormoreis, authorizedtobe issuedpursuanttothisresolution.
(6) “Closing Documents” means all documents and agreements other than Financing Documents that may be necessary and appropriate to issue, sell, and deliver the Bonds and to make the Loan contemplated thereby, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.
() “Borrower”meheownerertr,manageraneoftheses financed, refinanced, orreimbursed with proceeds from the Bonds, which shallbe The Lab School of Washington, acorporationorganiof the DistrictofColumbia, which is exempt from federal income taxesunder 26 U.S.C § 501(a) asan organizationdescribedin26 U.S.C.
ENROLLED ORIGINAL (7) "District" means the District of Columbia.
§ 501(c)(3), and which islofthe Bonds.epayment (5) “Chairman” means the Chairman ofthe Councilofthe DistrictofColumbia.
(8) “Financing Documents” means the documents other than Closing Documents that relate to the financing or refinancing of transactions to be effected through the issuance, sale, and delivery of the Bonds and the making of the Loan, including any offering document, and any required supplements to any such documents.
(6) “Closing Documents” means alldocuments and agreements otherthan il inncngDocumentatmaybeecssryandprorateoise,el,andlierheBonds and tomake theLoan contemplated thereby,and includesagreements,certificates,letters,opinions, formscit,andotheiiarisruets.
(9) “Home Rule Act” means the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat.
(7) “District"means the DistrictofColumbia.
774;
() “inncngDocuments”meaedocumentherhnCloingDocuments hateaetohefnncngoreinninotrnsctonsobeefctdthouhteisunc,sl, andeieryoftheBondsaemakinftheLan,icudnganyfeingdocument,andany eqirdsupplemenoanyuhdoumnt.
D.C.
(9) “Home Rule Act” means the DistrictofColumbia Home Rule Act, approved December 24, 1973 (87 Stat.774;
Official Code § 1-201.01 et seq.).
e 1-201.01etseq).d§ (10) “IssuanceCosts” means allfees,costs,charges, and expenses paid orincurred nconetinwihtheuhoiaio,peprtin,rntn,isune,sl,andeivroftheBonds adtheakigotheLon,icldng,utotlmtedo,nerriig,lgl,ccutig,rtng agency,al oheres,css,cage,andexpensenuredinconnectionwhedevelopment and implementationofthe Financing Documents, theClosing Documents, and those other documenteesaryorppopiaeincnnctonwihtheutorztin,peartin,pitig, isune,sl,marketing,aeivroftheBondsandemakingofheLoancontemplated terb,toeterwithfinancee,css,andexpenses,includingpesandmf administrativefeescharged by the District,fees paidto financialinstitutionsand insurance cmpaie,intaletrofreitfe(ifny,compensatiofiaciladisrsandthrpesos (terthanultieemployeoftheitic)andnttesperformieviesonbehaooras agentorheDsrct.
(10) “Issuance Costs” means all fees, costs, charges, and expenses paid or incurred in connection with the authorization, preparation, printing, issuance, sale, and delivery of the Bonds and the making of the Loan, including, but not limited to, underwriting, legal, accounting, rating agency, and all other fees, costs, charges, and expenses incurred in connection with the development and implementation of the Financing Documents, the Closing Documents, and those other documents necessary or appropriate in connection with the authorization, preparation, printing, issuance, sale, marketing, and delivery of the Bonds and the making of the Loan contemplated thereby, together with financing fees, costs, and expenses, including program fees and administrative fees charged by the District, fees paid to financial institutions and insurance companies, initial letter of credit fees (if any), compensation to financial advisors and other persons (other than full-time employees of the District) and entities performing services on behalf of or as agents for the District.
(11) “Loan” means the District'slendingofproceedsfrom the sale,inone ormore u sre,oftheBondsotheBorrower.
(11) “Loan” means the District’s lending of proceeds from the sale, in one or more series, of the Bonds to the Borrower.
(12)“Project”means the financing, refinancingorreimbursingofalloraportion of the Borrower's costsof:
(12) “Project” means the financing, refinancing, or reimbursing of all or a portion of the Borrower's costs of:
(A) Refunding the District ofColumbia Revenue Bonds (The Lab School of Washingtonse), eies 2014,rgnaly issuedntheaggregateicial amountof $18,235,000,suanttherovisionsheLabSchoolfashingtonevenueondsroject Approval Resolution of2014 (ResolutionNo.
(A) Refunding the District of Columbia Revenue Bonds (The Lab School of Washington Issue), Series 2014, originally issued in the aggregate principal amount of $18,235,000, pursuant to the provisions of The Lab School of Washington Revenue Bonds Project Approval Resolution of 2014, effective June 3, 2014 (Res.
20-493, adopted by the Council on June 3,2014);
20-493;
(B) Thequsiin, renovatiorisin, equipping, construction and installationofcertaincapital improvements tothe Borrower’s facilitiesand to supporteducational srvcesprogramminoatdattheBorrower’scampoatdat4759RsevoirRoad,N.W., Washington, D.C.
61 DCR 6127);
20007, the Borrower’s business office building located at 4749 Whitehaven Parkway, N.W., WashinC.o20007 and the Borrower's campus located at 1550 Foxhall Road, N.W., Washington, D.C.
(B) The acquisition, renovation, furnishing, equipping, construction, and installation of certain capital improvements to the Borrower’s facilities and to support educational services programming located at the Borrower’s campus located at 4759 Reservoir Road, N.W., Washington, D.C.
20007, the Borrower’s business office building located at 4749 Whitehaven Parkway, N.W., Washington, D.C.
20007, and the Borrower’s campus located at Foxhall Road, N.W., Washington, D.C.
(C)uningetinwrkngcptlcst,tohexentiacebereaig toheBnd;
(C) Funding certain working capital costs, to the extent financeable relating to the Bonds;
(D)uningaycedtehaceentoss,iudtyot,caiaied itrs,ordbterierseveundeatngoteBnd;and (©)ayngalwaleIsaneCss.
(D) Funding any credit enhancement costs, liquidity costs, capitalized interest, or debt service reserve fund relating to the Bonds;
ec..inigs.
and (E) Paying allowable Issuance Costs.
Theonclfnsta:
() Scin49oftheHomeueActrvieshtteCunilmayyreouion uhrieteisuneofititreeuebns,nts,roherbiains(nldigrfudng ods,oe,orterolgton)oborowmoneyoiac,rfnac,orembrsendoasst u ntefnnin,rfnnin,orembringfudrtkigsncranaeaseigaednscton 90admayefctheianig,eianig,rremuremntbyoasmadeietyor inietytonyidvdulorealniy,ytepucasefanyotgge,oe,rohrscrt, rbyheurhse,es,oraeofanyoet.
() TheorowrhaseustdteDsrctoise,el,ndeierevnue ods,noeormorere,innagrgtericplamuntotoexeed35mlin,ndto makeeLoanrtepupoeofiacig,eiacig,rrimusigcssotheroet.
().
ThrjctslctednheDsrctndil otiuetoheelt,euaio, aey,rwlfref,rtecetonorrsrvtonfjbso,rsdetsfteDsrc,oro coomcdeelpmntftheitit.
() Therjctsanndrakngntearaoflmetr,seonayandolee and university facilitieswithin the meaning ofsection490ofthe Home Rule Act.
(5) The authorization,issuance,sale,anddeliveryoftheBonds andtheLoan tothe Borrower are desirable,areinthepublic interest,willpromote the purpose and intentofsection490 ofthe Home Rule Act, andwillassisttheProject.
3.
Findings.
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ENROLLED ORIGINAL The Council finds that:
(1) Section 490 of the Home Rule Act provides that the Council may by resolution authorize the issuance of District revenue bonds, notes, or other obligations (including refunding bonds, notes, or other obligations) to borrow money to finance, refinance, or reimburse and to assist in the financing, refinancing, or reimbursing of undertakings in certain areas designated in section and may effect the financing, refinancing, or reimbursement by loans made directly or indirectly to any individual or legal entity, by the purchase of any mortgage, note, or other security, or by the purchase, lease, or sale of any property.
(2) The Borrower has requested the District to issue, sell, and deliver revenue bonds, in one or more series, in an aggregate principal amount not to exceed $35 million, and to make the Loan for the purpose of financing, refinancing, or reimbursing costs of the Project.
(3) The Project is located in the District and will contribute to the health, education, safety, or welfare of, or the creation or preservation of jobs for, residents of the District, or to economic development of the District.
(4) The Project is an undertaking in the area of elementary, secondary and college and university facilities within the meaning of section 490 of the Home Rule Act.
(5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to the Borrower are desirable, are in the public interest, will promote the purpose and intent of section 490 of the Home Rule Act, and will assist the Project.
Sec.
(a)The Mayor isauthorized pursuanttothe Home Rule Act and thisresolutiontoassistin fnncng,efnacng,orreimburshecssoftherjetby:
(a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist in financing, refinancing, or reimbursing the costs of the Project by:
(1)The issuance, sale,and deliveryofthe Bonds, inone ormore series,inan agrgaeprncpalamounottoexceed$3ilin;and 2)ThemakioftheLoan.
(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an aggregate principal amount not to exceed $35 million;
()TheMayorsauthorizomakeheLoanotheBorroweorhepurposeonncng, rfnacig,oreimuringhecstsftheroectandsabihiganyfndwihresettote BondssreuiedbyteFiancngDocuments.
and (2) The making of the Loan.
()TheMayormaychargeaprogreeotheBorrowencuin,butnotmiedt,an withhe amountufficientverostsndexpensescurredheDistrictnnection isunc,sle,andeieryofeacereoftheBonds,thsritspatciatonnthemonitoring ofheusoftheBondroeesandcompliancthanypblcbeeitagreementthte District,and maintainingofficialrecordsofeach bond transaction and assistingintheredemption, repurchase, and remarketingoftheBonds.
(b) The Mayor is authorized to make the Loan to the Borrower for the purpose of financing, refinancing, or reimbursing the costs of the Project and establishing any fund with respect to the Bonds as required by the Financing Documents.
(c) The Mayor may charge a program fee to the Borrower, including, but not limited to, an amount sufficient to cover costs and expenses incurred by the District in connection with the issuance, sale, and delivery of each series of the Bonds, the District’s participation in the monitoring of the use of the Bond proceeds and compliance with any public benefit agreements with the District, and maintaining official records of each bond transaction and assisting in the redemption, repurchase, and remarketing of the Bonds.
5.
()TheMayorandeachAuthorizedDelsauthoriotakeanycinreasonably necessaryproriteinaccordancewhsrsoutoninconnectionweprpaato, execution, issuance, sale,delivery, security for,and payment ofthe Bondsofeach series,including, butnotlimitedto,determinationsof:
(a) The Mayor and each Authorized Delegate is authorized to take any action reasonably necessary or appropriate in accordance with this resolution in connection with the preparation, execution, issuance, sale, delivery, security for, and payment of the Bonds of each series, including, ENROLLED ORIGINAL but not limited to, determinations of:
1.
(1) The final form, content, designation, and terms of the Bonds, including a determination that the Bonds may be issued in certificated or book-entry form;
Theialformotet,esgato,andteroftheBonds,includinga determinationthattheBonds may be issued incertificatedorbook-entryform;
(2) The principal amount of the Bonds to be issued and denominations of the Bonds;
() TherncplamountfteBondsobeisedandenmiatonsofhe Bonds;
(3) The rate or rates of interest or the method for determining the rate or rates of interest on the Bonds;
(3) The rateorratesofinterestorthe method forrates ofingtherate interestontheBonds;
(4) The date or dates of issuance, sale, and delivery of, and the payment of interest on the Bonds, and the maturity date or dates of the Bonds;
(4) The date ofissuance, sale,and deliveryofofinterestayment on theBonds, and the maturity dateordatesoftheBonds;
(5) The terms under which the Bonds may be paid, optionally or mandatorily redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before their respective stated maturities;
() TheermsunderwhiheBondsmaybai,otinllyrmadaorly ul redeemeceertd,tnerd,cle,orptfrreemtin,rpucas,orrmakeingefre hirrseciesttdmtuiie;
(6) Provisions for the registration, transfer, and exchange of the Bonds and the replacement of mutilated, lost, stolen, or destroyed Bonds;
(6) Provisions fortheregistration,tofthe Bonds and thee replacementiaed,ot,tln,ordestroyedBonds;
(7) The creation of any reserve fund, sinking fund, or other fund with respect to the Bonds;
() Thecetinofanyeevefnd,sinking,orterfundithepcttohe Bonds;
(8) The time and place of payment of the Bonds;
() ThetmeandlaeofpaymentoeBonds;
(9) Procedures for monitoring the use of the proceeds received from the sale of the Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish the purposes of the Home Rule Act and this resolution;
(9)Proceduresonitoringesetheproceedsceivedmthealefhe BondsonsretathepocedsrepoeryaplidtohePoectanduseoacoplshte prpseoftheHomeRuleActaniseolto;
(10) Actions necessary to qualify the Bonds under blue sky laws of any jurisdiction where the Bonds are marketed;
(10)ctionscessaryalfytheondsnderluekylawsanyursitin where the Bonds aremarketed;
and (11) The terms and types of credit enhancement under which the Bonds may be secured.
and 11)TheersandtpeofcreditenhancementunderheBondsmaybe secured.
(b) The Bonds shall contain a legend, which shall provide that the Bonds are special obligations of the District, are without recourse to the District, are not a pledge of, and do not involve the faith and credit or the taxing power of the District, do not constitute a debt of the District, and do not constitute lending of the public credit for private undertakings as prohibited in section 602(a)(2) of the Home Rule Act.
b)TheBondshllcontaingnd,whichallprovihatheBondsarpeil obligaofthe District,arewithoutrecoursetothe District,are nota pledgeof,and do not involvethe faithand creditorthetaxingpower oftheDistrict,do notconstituteadebtofthe District,and do notconsof the public creditforprivateundertakings asprohibitedin ecion602(a)(2heHomeRuleAct.
(c) The Bonds shall be executed in the name of the District and on its behalf by the manual or facsimile signature of the Mayor, and attested by the Secretary of State of the District of Columbia by the Secretary of State of the District of Columbia’s manual or facsimile signature.
c)TheBondsallbeexecutnthenameftheitictandonsbhafbythemanual orfacsimile signatureoftheMayor, and attestedbof the DistrictofState ColumbiaytheecretarytatefheDistrictlumbia'snualrfacsimilenature.
The Mayor’s execution and delivery of the Bonds shall constitute conclusive evidence of the Mayor’s approval, on behalf of the District, of the final form and content of the Bonds.
u Mayor’s execution and delivery oftheBonds shallconstitute conclusiveevidenceoftheMayor's approval, onafte District,ofthe final foofthe Bonds.nt (d)The officialsealofthe District,,shallbe impressed,printed,or otherwisereproduceBonds.
(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the Bonds.
(c)The Bonds ofany seriesmay be issued inaccoof a trustinstrument tobeenteredtoyheDistrictatrusteeeselectedheBorrowerbjectthepproval ofheMayor,andmaybebectotheersofoneormoregremntseteeditobyteMayor pursuanttosection 490(a)(4)ofthe Home Rule Act.
(e) The Bonds of any series may be issued in accordance with the terms of a trust instrument to be entered into by the District and a trustee to be selected by the Borrower subject to the approval of the Mayor, and may be subject to the terms of one or more agreements entered into by the Mayor pursuant to section 490(a)(4) of the Home Rule Act.
(£)The Bonds may be issued atany time orfrom time totime inone ormore issuesand in ‘oneormore series.
ENROLLED ORIGINAL (f) The Bonds may be issued at any time or from time to time in one or more issues and in one or more series.
6.Saleofthe Bonds.
6.
a)TheBondsofanys eiesmaybesoldatnegotiatedorcompetitialet,above,or belowpr,tooneormorepersonsoreniie,andupontermsthattheMayorconsidersobeinthe bestinterethe District.
Sale of the Bonds.
b)TheMayoro ranAuthorizedDelegatemayxecue,inconnectionwitheachleofthe Bonds,ffeingdocumentsonbeho aftfeDitrct,maydeemf ialanysuchoffringdocumenton behaofthe Districtforpurposes ofcompliance with federal laws and regulationsgoverning such matters and may authorize the distributionofthe documents inconnectionwith the saleofthe Bonds.
(a) The Bonds of any series may be sold at negotiated or competitive sale at, above, or below par, to one or more persons or entities, and upon terms that the Mayor considers to be in the best interest of the District.
(c)The Mayor isauthorizedtodeliverthe executedand sealed Bonof the behalf District,forauthentication, and, aftertheBonds have been authenticated, todelivertheBonds tothe uW rignalpurhasesoftheBondsuponpayment fthep urhaseprce.
(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of the Bonds, offering documents on behalf of the District, may deem final any such offering document on behalf of the District for purposes of compliance with federal laws and regulations governing such matters and may authorize the distribution of the documents in connection with the sale of the Bonds.
@)The Bondsshllnotbeissuedntl theayor rceies anapprovingpinionromBond 1, Counselastothealidityftheondsofsuch seriesnd,fhe interesttheBondsisexpectedo beexemptfromfederalncometaxation,etreatmentthe interesttheBondsforpurposesf federalincometaxation.
(c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds to the original purchasers of the Bonds upon payment of the purchase price.
Sc.7.Paymentandsecuit.
(d) The Bonds shall not be issued until the Mayor receives an approving opinion from Bond Counsel as to the validity of the Bonds of such series and, if the interest on the Bonds is expected to be exempt from federal income taxation, the treatment of the interest on the Bonds for purposes of federal income taxation.
a)The pincpalo, premium,fany,anditeeston,theBondssallbepayableoley from proceedseceivedromthesaleftheBonds,incomerealizedromthetemporarynvestmentf thoseproceeds,ceiptsndrevenuesealizedytheDistrictomtheLoan,incomerealizedom thetemporarynvestmentthosereceiptsndrevenuesrioropayment toheBond owners,ther moneys ta,asprovidd i teFinancngDocuments,may bemade aailbletoth Dstrctfothe paymenftheBonds,antersourcesofpaymoterthanfromthsrc),al sprovided orinheFnaningDocuments.
Sec.
b)PaymentoheBondshllbesecuresprovidntheFinancingDocumentsandby an assignmentby the Districtforthe benefitofthe Bond owners ofcertainofitsrightsunder the Financing Documents and Closing Documents, including asecurity interestincertaincollateral,if ny,tohetuteeorheBondsuruattoteFinncngDocuments.
7.
(c)The trusteeisauthorizedtodeposit, invest,and disburse the proceedsreceived from the saleofthe Bonds pursuant tothe Financing Documents.
Payment and security.
Sc.,FinancingandClosingDocuments.
(a) The principal of, premium, if any, and interest on, the Bonds shall be payable solely from proceeds received from the sale of the Bonds, income realized from the temporary investment of those proceeds, receipts and revenues realized by the District from the Loan, income realized from the temporary investment of those receipts and revenues prior to payment to the Bond owners, other moneys that, as provided in the Financing Documents, may be made available to the District for the payment of the Bonds, and other sources of payment (other than from the District), all as provided for in the Financing Documents.
a)TheMayorsauthorizedecrbetefnalformndcontentllFinancing i Documents and allClosing Documents thatmay be necessary orappropriatetoissue,sell,and delivertheBonds and tomake the Loan totheBorrower.
(b) Payment of the Bonds shall be secured as provided in the Financing Documents and by an assignment by the District for the benefit of the Bond owners of certain of its rights under the Financing Documents and Closing Documents, including a security interest in certain collateral, if any, to the trustee for the Bonds pursuant to the Financing Documents.
(b)heMayorisuthorizedxecute,henametheDistrictdnitsehalf,e FnaningDocumentsndnyCosngDocuments whicheDstitisapry byheMayor's manualrfcimlesgntre.
(c) The trustee is authorized to deposit, invest, and disburse the proceeds received from the sale of the Bonds pursuant to the Financing Documents.
(c)frequired,fficiall theistrict,acsimile,shallimpressed, printed,therwiseproducedheFinancingumentsndthelosingcumentsowhich teDitictsaprt.
Sec.
(@)heMayor’sxecutiondeliveryheFinancingcumentsdthelosing DocumentswhichheDstitisaaryshllontiuecoclsivevieneofhe Mayor's approval,ehaloftheistrict, finalrmndcontentheexecutednancing.
8.
Documents and the executedClosing Documents.
Financing and Closing Documents.
©)TheMayosutoizdtoeierheeeutdandeledinningDocumennda ClsigDoumnt,onbehoftfeitit,roroorimlanoslyithhesunc,sl,ad deieryfteBnd,andoenuetedueproraneftheolgtonsfteDsrctonaned inteeeutd,ele,addeierdFnacngDocumentdClsngDcuens.
(a) The Mayor is authorized to prescribe the final form and content of all Financing Documents and all Closing Documents that may be necessary or appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower.
Sc..Athriedelgtonofuhrt.
ENROLLED ORIGINAL (b) The Mayor is authorized to execute, in the name of the District and on its behalf, the Financing Documents and any Closing Documents to which the District is a party by the Mayor’s manual or facsimile signature.
ToheetnteritedyDsritadfdralas,heMayormaelgteoany AuhoizdDeeateheeroraneofnyfncinathrzedobeeroredbyheMayor unertiseouin.
(c) If required, the official seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the Financing Documents and the Closing Documents to which the District is a party.
Sc.0.imtedibiy.
(d) The Mayor’s execution and delivery of the Financing Documents and the Closing Documents to which the District is a party shall constitute conclusive evidence of the Mayor’s approval, on behalf of the District, of the final form and content of the executed Financing Documents and the executed Closing Documents.
a)Theonssalbeseilobiaiosofheitit.TheBondhlbewthut eouseoteDsrc.TheBondsalntbegnrlobiaiosofheitit,hlnotea ef ldgofornvletheathndrdtorhetxngpowotheDsrc,salntcosiuea etofheDsrc,adsalnotosiueledngftheulccedtfrpiaeudetkigss rhiiednscton0(a()otheHomeulec.
(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, and delivery of the Bonds, and to ensure the due performance of the obligations of the District contained in the executed, sealed, and delivered Financing Documents and Closing Documents.
()TheBondhlnotiveieoanyecnaryibltofheDsrctndteDsrct hlhaveoobiaionihrepctotepucasefteBods.
Sec.
()NthngcnaiednteBods,nteFiacigDoumnt,ornthelsig DocumenhlcraeanolgtinonheartfteDsrctomakeayenswihrsecto heBondromsucsoterhanhseitdfrtaturosenscin7.
9.
(@TheititsalhaenolaltyorhepymntofnyIsaneCotsrfrany rnacinorvettoeefetdbyteFnacigDcumnt.
Authorized delegation of authority.
()Alcveats,biains,ndaremntsfteDsrctcnaiedntiseouin, teBod,an teeeutdsele,addeierdFnncngDcumntandCosngDcuentto whictheDistriapartshalbeconsidetoe thcovenanobligatiandagreentof thDistrtothfulleexttauthoribylawandeach thosovenantobligatiand, areeens hllbebndnguponheDsrit,ubectote iittonsetfrhintiseoltion.
To the extent permitted by District and federal laws, the Mayor may delegate to any Authorized Delegate the performance of any function authorized to be performed by the Mayor under this resolution.
f)Nopesn,inldig,btnotlmtedo,heBorowerndanyBondoner,halhae ay lamsagistteDitictranyoftsletdor poitedf cas,ofcrs,mpoyes,or aensforonearydamgessffredsa eutofte alreftheDsrictranyfiselcedor apontedfiias,ficr,empoyesoragntsopeformay ovnat,udetaing,r olgaionnderhiseolton,heBnds,heFiancngDoumets,orheClsig ocuents, nras esutftheinoretnssfany ereenatoninromssinfromteFianing Doumens rthelosngDoumets,ules heisrctortsletd rapoitedofcas, ofcrs,mplyes,oraenshaveatednawllulad raduentannr.
Sec.
Sc.1.Ditictfiils.
10.
()Exeptasotrwiserovidedscton1(),heeecedorapointediil,ofies, employees,gntsofheDsritsal otbeialeeronllyortepayentofheBondsr e 1S sbjcttonyperoallaiiybyresonofheisune,sleorelveyofheBons,orfrany rprsntton,waratis,cveans,oliaios,orageementsheDitictonaiedinhs l Documen.s rsluio,theBon, heinacig ocuments,the osng Th sinau counteratre,facsimileaue,orfasmileoutersnaureof () e e, anyffcalapeaingonteBons,theFnancingocumes,orteCloingDocumes hal bevaidad sffientorllurosesnotwitaningtheactatte invdul signatory ceasesooldhatoffecforedelryefte Bod, heFnancingocumes,orteCloing Documents.
Limited liability.
i Sec.
(a) The Bonds shall be special obligations of the District.
The Bonds shall be without recourse to the District.
The Bonds shall not be general obligations of the District, shall not be a pledge of or involve the faith and credit or the taxing power of the District, shall not constitute a debt of the District, and shall not constitute lending of the public credit for private undertakings as prohibited in section 602(a)(2) of the Home Rule Act.
(b) The Bonds shall not give rise to any pecuniary liability of the District and the District shall have no obligation with respect to the purchase of the Bonds.
(c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing Documents shall create an obligation on the part of the District to make payments with respect to the Bonds from sources other than those listed for that purpose in section 7.
(d) The District shall have no liability for the payment of any Issuance Costs or for any transaction or event to be effected by the Financing Documents.
(e) All covenants, obligations, and agreements of the District contained in this resolution, the Bonds, and the executed, sealed, and delivered Financing Documents and Closing Documents to which the District is a party, shall be considered to be the covenants, obligations, and agreements of the District to the fullest extent authorized by law, and each of those covenants, obligations, and agreements shall be binding upon the District, subject to the limitations set forth in this resolution.
(f) No person, including, but not limited to, the Borrower and any Bond owner, shall have any claims against the District or any of its elected or appointed officials, officers, employees, or ENROLLED ORIGINAL agents for monetary damages suffered as a result of the failure of the District or any of its elected or appointed officials, officers, employees, or agents to perform any covenant, undertaking, or obligation under this resolution, the Bonds, the Financing Documents, or the Closing Documents, or as a result of the incorrectness of any representation in or omission from the Financing Documents or the Closing Documents, unless the District or its elected or appointed officials, officers, employees, or agents have acted in a willful and fraudulent manner.
Sec.
11.
District officials.
(a) Except as otherwise provided in section 10(f), the elected or appointed officials, officers, employees, or agents of the District shall not be liable personally for the payment of the Bonds or be subject to any personal liability by reason of the issuance, sale, or delivery of the Bonds, or for any representations, warranties, covenants, obligations, or agreements of the District contained in this resolution, the Bonds, the Financing Documents, or the Closing Documents.
(b) The signature, countersignature, facsimile signature, or facsimile countersignature of any official appearing on the Bonds, the Financing Documents, or the Closing Documents shall be valid and sufficient for all purposes notwithstanding the fact that the individual signatory ceases to hold that office before delivery of the Bonds, the Financing Documents, or the Closing Documents.
Sec.
Maintenance ofdocuments.
Maintenance of documents.
Copiofthe specimen Boofthe finalFinancing Documents and Closing Documents shallbe filedintheOfficeofthe SecretaryofStateofthe DistrictofColumbia.
Copies of the specimen Bonds and of the final Financing Documents and Closing Documents shall be filed in the Office of the Secretary of State of the District of Columbia.
Sc.1.Inoratinreotig.
Withihre()daysftrteMayor’seepofthetascitofproceedinlaigto theissuofthe Bonds, theMayor shalltransmitacopyofthetranscripttotheSecretarytothe Council.
14.Disclaimer.
13.
()TheissuanceofBosintheicetonftheDsrct.Nothingcontainhsi resolution,theBonds, the Financing Documents, orthe ClosingDocuments shallbe construed as u oliatngteDstittoisueanyBondortebeeitftheBorrowertopricpteinrasit teBorrowenanywaywithianin,reianin,orreimbursingotofthePoec.
Information reporting.
The Borrowehllhavenolimsfrdamagesrfranythrlealorqutalreieagintthe Dsrct,tslctdorapoitedficas,ficr,empoyes,orgetsasaconsequenceny failuretoissueany Bonds forthebenefitofthe Borrower.
Within 3 days after the Mayor’s receipt of the transcript of proceedings relating to the issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the Council.
()TheDstitreeresterghtoisuetheBondntheorderoiriyitdeterminesi issoleand absolutediscretion.The Districtgivesno assuranceand makes no representationsthat anyprionofanyiiedamounofbondsorherblgtin,thentrstonwhichsexcludable from grossincome forfederal income tax purposes, willbe reservedorwillbe available atthetime ofteproposessaneofteBonds.
()TheDsrit,bydotinghsreoltonorbyaknganyohracionnconecionith tathe fnacig,rfiacig,orreimbursingofhePrjct,doesotrovidenyssurance 2B Prjetisvaleo sun,thtthBorrwerifinnialsoud,orta aounsowin o te Bondsrpruattoheoanilbepi.Niterheorowr,ayprcasrofheons,nr anythrprsnsal lyponheitrctihrspctoteemter.
ec.5.xiato.
IfanyBondreotsud,od,addlieedoteoiialprhaeritinhee3) yersftedteofhseslto,teathrztonpovddinhsrsltinwthesettohe isune,ae,nddlveyftheBondhl xie, ec.6.eeailt.
faypatclrpovsonftiseouio,orheplcainhreftoayprsnor cicusaneisedivld,hermineofhiseoltonndteapictonfschpovson toohrprsnsrcicmsaceshl oteafetdterb.
fnyatonorncin toecotaytoheeqiemntsfapiabe u cotepltdunerhsrsouiniseerind a,schatonorncinsalnotencesryfrheprpsefisungheons,adte 3, vaiiyofheBondhlnoteadeseyafced.
Sc.7.omlincewthulicproaleqiemn.
Tisppoalsalcnttteheapovlftheouclasrqiedineton47f)fte nenlRevenueodef96,asmede,andeton40k)ftheHomeueAc,frte rjctobefnncd,eiane,oreibusdwihteprcedsfheBod.
hsrsouin benaopedytheonclatrapblc ppoinghessaceftheondsorherjctas herighldtlatseen7)aysferulcainofoicenanwsaprofenrlcrulton nteDsrc.
Sc.1.rasita.
Theereaytoheoucilhllrnmitaoyofhsreouin,pontsdpio,to 2B theayo.
19.Fiscal impact statement.
14.
The Council adoptsthefiscalimpactstatementinthecommittee reportasthefiscalimpact tteenteuiedbyscion4ftheGnealLgiltiePrceursActof95,approved October 16,2006 (120 Stat.2038;
Disclaimer.
(a) The issuance of Bonds is in the discretion of the District.
Nothing contained in this resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed as obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or assist the Borrower in any way with financing, refinancing, or reimbursing the costs of the Project.
The Borrower shall have no claims for damages or for any other legal or equitable relief against the District, its elected or appointed officials, officers, employees, or agents as a consequence of any failure to issue any Bonds for the benefit of the Borrower.
(b) The District reserves the right to issue the Bonds in the order or priority it determines in its sole and absolute discretion.
The District gives no assurance and makes no representations that any portion of any limited amount of bonds or other obligations, the interest on which is excludable ENROLLED ORIGINAL from gross income for federal income tax purposes, will be reserved or will be available at the time of the proposed issuance of the Bonds.
(c) The District, by adopting this resolution or by taking any other action in connection with financing, refinancing, or reimbursing costs of the Project, does not provide any assurance that the Project is viable or sound, that the Borrower is financially sound, or that amounts owing on the Bonds or pursuant to the Loan will be paid.
Neither the Borrower, any purchaser of the Bonds, nor any other person shall rely upon the District with respect to these matters.
Sec.
15.
Expiration.
If any Bonds are not issued, sold, and delivered to the original purchaser within 3 years of the date of this resolution, the authorization provided in this resolution with respect to the issuance, sale, and delivery of the Bonds shall expire.
Sec.
16.
Severability.
If any particular provision of this resolution, or the application thereof to any person or circumstance is held invalid, the remainder of this resolution and the application of such provision to other persons or circumstances shall not be affected thereby.
If any action or inaction contemplated under this resolution is determined to be contrary to the requirements of applicable law, such action or inaction shall not be necessary for the purpose of issuing the Bonds, and the validity of the Bonds shall not be adversely affected.
Sec.
17.
Compliance with public approval requirement.
This approval shall constitute the approval of the Council as required in section 147(f) of the Internal Revenue Code of 1986, as amended, (26 U.S.C.
§ 147(f)), and section 490(k) of the Home Rule Act, for the Project to be financed, refinanced, or reimbursed with the proceeds of the Bonds.
This resolution approving the issuance of the Bonds for the Project has been adopted by the Council after a public hearing held at least 7 days after publication of notice in a newspaper of general circulation in the District.
Sec.
18.
Transmittal.
The Secretary to the Council shall transmit a copy of this resolution, upon its adoption, to the Mayor.
Sec.
19.
Fiscal impact statement.
The Council adopts the fiscal impact statement in the committee report as the fiscal impact statement required by section 4a of the General Legislative Procedures Act of 1975, approved October 16, 2006 (120 Stat.
2038;
OfficialCode § 1-301.47a).
Official Code § 1-301.47a).
Effectivedate.
Effective date.
Tisrsouionhltakefetimedatly.
This resolution shall take effect immediately.
o The Lab School Revenue Bond Project F A C T S H E E T Lab School of Washington, (Lab School) has requested that the District issue up to $35,000,000 inrevenue bonds tosupporttheconstruction projects atthree Lab School campuses inthe Ward 3 neighborhood.
The schools are located at 4759 Reservoir Rd, NW, 4749 Whitehaven Parkway NW, and 1550 Foxhall Road, NW.
The Applicant 7aadaysholfrTh KigsurcCneradigosinadtuoigrsorefochldewitlernndiaiiisFor 15yar,tesholwa lcteonPhlsPlc,NW iWasinto,DC.IAugstof18, TheLbScholoWasintonwsincrortdasaindpndntnnprftedctonl intttowititownBorofTusee haddbyAn BadorMatis.
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Proposed Project Theprpoe bndprcedwilbeuedtsupotthcostutinpoecsttaeplcatte 3schocamuss,ithWard3neghohod.Thesholarelctdat759RsevirRad NW,4749WithavnPakwaNW, ad150FoxalRod,NW.Contucinischduedt bedeereovrseealsmmeswhletebiligsaesioprainaduinthfal FinancingPlan offndisatchd(eTabe1) ‘sumaryothproosdsorcsaduss Fcthetol Arl2022 Feasibility/Structure/SecurityoftheBonds $5,00000RevenueBoppiain.
asdonteasesmetofLabcholsfnacsand fnncngnes,Sielasavsedhecholtousittepblcofrigoftxexmptons, adbeivesuchinningsfaileudrcuretmrktcodtos.Asitetistoscrty popryloaedt150FohalRod,NW aseuityorhebonssac.beuinghelaed PublicPurposeBenefits TheLaScholo Wshngonprvdepubibenftfrbohmeber oth cmmnit ad memersfte srrudiggraeDC cmmuit.
Tescooserechide,whohveben dignsewitlanuaebaedlanigdsblte iradn,wrtn,anmatemtcs Th©LaIvtnlascommniynmeberbtofrdletrsraddisusin forprns ad poesinlonth ise opaenig mnain,andtecin suetswthlerig dfeece:
© Hsincommnit gopswh nedmetngsae:
+ mthdsoftasorainansatraiestthsinloccpatpecatrptandfrm sho:
© Cntnuntobeuifthscoo’camuseand Ehacigthlieosigtadlihigtkee tesholsevionen sf Tax Revenue and Employment TheLaScholcrrnlhas22emloee ithDitit OerhaofhoeempoyesaeDC reietsLabpas$4,1433iunemlomenta,an $400.5ininom txsfoitDC reidnempoee.
Legal and Regulatory Affairs ThelaoficoOrik,Herngo,anSucifeLP iasindabondcusettheReene andteprjccostttsaprmsibeunetaininteaeof“aprprtorpojcthtwl conrbtetthehat,edctin sft,orwlar,o cetono peevainofedcton saey,owelae,o cetono peevainofjbsforeiensofteDitit,wthnth meainofScton49()(ofte DsrcofCoumiaHomeRleAc.
atSethol pil022 Theffceoflnnn,OficefTaxandevnu,DeprtentofEmploymeevce,and DpatmntofConsumedReuatryAfisaealinhercesofppovngheppiaion dtemiedhttherpoedpoectopleswthcieiaorproalofarpoedfnncn.
tasctonhrughheitit'sRevenueBorgramndwllsitteBoroerin frhrigisrgnzainalison.
TheLabchol FctSeet Arl2022 TABLE 1 P R O P O S E D SOURCES A N D USE OF FUNDS SOURCES OF FUNDS Bond Proceeds $35,000,000.
Total Sources ofFunds $35,000,000 USES OF FUNDS Refinance/Refund $ 16,200,000 Building Renovation $16,000,000 Cost ofIssuance $400,000 Other Bond Financing Cost $ Contingency $2,400,000 Total Uses ofFunds $35,000,000 GOVERNMENT OFTHEDISTRICTOFCOLUMBIA f cofthetoreyGnerl O e e k Commercial DivisionS e e axadFncSecn S A R S M E M O R A N D I TO:
WilliamLiggins.Director ficoftheDeoutyMayrPanigrogram andEconomicDevelopment FROM:
ndeaR.Lttejhn“ eiorsisatAtoneyenrl DATE:
April 18,2022 SUBJECT:
eglSffcenyReiw:
TheabcholofasintonRveueBonds rjetAprvalesltinof222 Tisrsonstoaeustfomyurfietoeveworealufiinyteatahddatfthe cnluinonteasuptonhtyorofceasdtrmndtatheBrrwersdfndinhe aormntondrsltinisauliidapian”wtintemannofScton40othe DsrctfCoumiaHomeulec.
popsedeouionofomswthheModelveueBondeoutononlyrfedaddat dtemiedobeealyufiintyteGnealCuseoftheuni,thefiefthettrey Gnea,andheititsbndcusl.Acodngy,weidteatahddatofheboe- rfeecdprpoedeoltonealyufcet.
Please contactme at724-7761if you have furtherquestionsorconcerns.
Attcmet:
‘hLabScooofWahigtnReenuBondProetAprva Rsluinof ALal 40SitSte,NW,Sie90,WsintnDC200 T:(2272-61Fa:22)3008
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Action History

  1. Resolution R24-0495, Effective from Jun 07, 2022 Published in DC Register Page 007331

  2. Approved with Resolution Number R24-0495

  3. Final Reading

  4. Committee Report Filed, Includes Hearing Record

  5. Committee Mark-up of PR24-0740

  6. Mark-up on PR24-0740

  7. Notice of Mark-up filed in the Office of Secretary

  8. Public Hearing on PR24-0740

  9. Notice of Public Hearing filed in the Office of Secretary

  10. Notice of Intent to Act on PR24-0740 Published in the District of Columbia Register

  11. Referred to Committee on Business and Economic Development

  12. PR24-0740 Introduced by Chairman Mendelson at Office of the Secretary

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 13 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (13)

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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finance education
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PR 24-0740 is sponsored by Phil Mendelson.
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This bill has been enacted into law. Introduced April 28, 2022. Enacted.
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