District of Columbia Council Period 24 Status: Enacted

PR 24-1035 — Society for Science and the Public Revenue Bonds Project Approval Resolution of 2022

Last action — Resolution R24-0688, Effective from Dec 06, 2022 Published in DC Register Page 015316

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Council
  4. ✓
    To Executive
  5. 5
    Enacted

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

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

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High

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  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 1 recorded vote so far.

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Bill Text

What changed in the latest version

306 added · 527 removed

Plain-language change summary

The bill has been amended to authorize the issuance of up to $25 million in revenue bonds to assist the Society for Science and the Public with funding for a project. Previously, the limit for the bonds was only $5 million. This change is significant because it allows for a larger financial investment in the project, which is aimed at enhancing STEM education and research opportunities, potentially leading to greater educational benefits for the community.

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m &S MURIELBOWSER MAYOR October 28,2022 The Honorable Phil Mendelson ohn.WilonBidigcil oftheDistrictofColumbia 150Pnsyvaiaveue,NW,Sie504 Washington, DC 20004 DearChairman Mendelson:
ENROLLED ORIGINAL A RESOLUTION 24-688 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA December 6, 2022 To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to exceed $25 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 Society for Science and the Public 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.
ncoedfrcnsdrainandapovlbytheonclofteDititofClubiasaprpoed eouionie,“ScetyorceneandhePbicRveueBondsoetAproalRsltinof 2022” (the“Resolution”).
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “Society for Science and the Public Revenue Bonds Project Approval Resolution of 2022”.
heRsouionuhrieshessac,sl,andeivrynagrgtepicplamontntto exeed$5mllonfitrctofColumbeenebodsinnermoreeisanduhoiesnd prvdesorheoaofthercedsfsuhbodsoasstoceyforceneinheianig, reiacng,rrimurigocostsscitdwihanatoizdpojctusuntoscion90 ofteDsrctfColumbiaHomleAt.
SoityfrSieceSF)isedctedoepadigsiniicieay,ffcieSTEMeucton, andcetfcrserh.SFSsannpoit51c(3)emerhipognzainfouedon prmoinghendrtadngadaprcitoofcieceadtheilroetpasinhuman adanemn:toifrm,dcae,ndisie.
Theroosdbodprcedswl eusdtoupottepuchseadrnoaiosfanewbuling lcaedt800"StetNW, asintonDC,nWard.Albondroeeswllbesedocver cssreaedotheuchs,reoaio,euipng,ndfrnsigoftenewbidng,swllas flof223andheaiiyisxecedobeoeabeinanay204.worknthslctoninhe Inaccordance with Section 490of the Home Rule Act, ithas been determined thatthebonds, when, as,and ifissued, shall be without recourse tothe District.
The bonds shallnot be general powofthe District;shallnotconstituteadebtoftheDistrict;andshallnotconstitutea lendofpublieitorrvaeundertaksprhbtednsection602)ftheHome Rule Act.
The bonds shall not give risetoany pecuniary liabilityof the Districtand the District s alhaenooliaiowihrepctotepuchsoftheods.
Ifndhttepopsedinningilassinroiingceneeuctonhrendarudthe wrl,andemploymopruntesoresdnsotheiticofolmba.IugeheCucilo tkepomtandavrbeacinonteRsluin.
Snerl, rl Bot e w V atheeuetofheMayorlson A a r a C A PROPOSED RESOLUTION iW I TE COUCILOF TH DITRIC OFCOLUMBI T atoizanproidfothisune,sl,nddlieyianagrgtepicplamuntntt exed$25miloofDititofClubiarveuebodsi oeormoeseisan t auhrzean poid frtelonon,reianigooreibrsngoacssasoite wihanatorzdprjcpuruattsetin40otheDstitoColmbaHomeRue Ac.
RESOVED, BYTHE COUNIL OF TE DISRICTOF COLMBIA,Tha ti rsltinmaybecie a te“Scet frSceneandth PbicReene Bnd Prjc AprvaResltino202” Se.2Deiiios Fothpurosoftireouinthter:
gt”measthMayoorthDeptyMaorfrPlnin (1 “utorzdDee adEcoomi Dvlomet,o ayofieoremloeeotheEectveOfieofheMyort who teMaorhadeegtdortwhomthfoegiginiiulshvesbelgteanyoth sfncinundrtiresltopusuntoscto42(6otheHoe RleAt Myor () “BndConsl”mensa fr o frsofatony dsinteasbon ouslfromietoimeytheaor.
19487BAEIAS (3) “Bonds” means te Disric of Columbia revenue bonds,notes,or other obligaions (inluding reunding bonds, ntes, and othr obligtios), in one or more seres, athorize tobe isuedpursuanttothi rsoluion (4) “Borrower” means the owner of the asets finaced or refianced with Loan, which shll be Society for Sciece and the Pubic, a non-rofit proeeds from the atedat1719 N St.
coporatin organizd and eistin underthe law of te Stae ofDelaware,loc NW, Wahington, DC 2006, duly auhorize to tansat buiness a a foeign crporaton inthe Ditrit ofColumbia, and exempt from fedral incometaxes asan organzationdescribe in 26 US.C.
§ 51(c)().
hairman” means th Chairman oftheCounciloftheDistrctof‘Colubia.
(5 “C agrements, othrtha n (6 “Closing Documents” means al documents and Financig Documen tsthatm ay benecessaryand apprpriateto isue se ,and deiverthe Bonds and tomak ethe Loa, and incudes areements cerifiate, lttrs opiions,forms,recepts and othersimlarinstrments.
“istrct”means theDisrictofColumbia.
(7) cument, other than Closing, (8) “inancing Documents” means, te do Documents, tht rlat tothefinaning,refinacingor reimbusement oftranactios tobeeffeted through te issance,sal, and dliver of te Bonds and th making of th Loan, inludingany offerig documentand anyrequire supplemets toany suh document.
(9) “Hom eRule Act”me anstheDistictofColu mbiaH ome Rule At, aproved Code §1-201.0 etseq).
Dec ember24, 1973(87 Sat 774;D.C.
Oficil id o (10) “Isuance Costs” means al fes, cots, chrges, and expenses pa incurredinconnectionwith th autorizaion,prepaation pritin, isuance sae,and delivry of 109449876AMERICAS teBnd adtemainofthLon,icudn,btntliietounewrtn,lglaccutng rtn aecyandalote fs,css cags,an epnssinure iconetinwihth metainofteFiacigDoumnt,thCloinDocmetsandtos dveopenandiml ohrdocmetsnecsar o apopit i cnncio wthth atoizto,prprain pitn,isunesaemakeig,addeieyofteBndsadthmakngo teLantogte nncnfescot,adexene,inldigpogamfeandamiitatvfescaredb wthf teDsrc,fepaitofnnilisiuinandisuacecmanesintalteofceifes(f ay,copesaiotofiacaadvsr adoteperos(ohrthnflltmempoye oth niisprfrinsevieonbehalf aagntfothDitit Dsrc)ane (1 “Lan man teDsrctslnintothBoroerofteprcedfro thsaeioneomorseisotheBnd.
(2 “Poec”manstefiacn,reinnigorrimusigofteBoroer foa oapotonothBoroerscstinureincnecinwih ane (A theaqiiio,rdeeopet,rnoaioandeqipigof rtrsbidiglcteat008"SrtNW,Wasigtn,DC2001 hedqa (B_ thfuninof dbtsriereevefn,ian;
fouptotreyerfro te n (C tefudngoineetonteBons B isuacteroor,flaeoneyaratrtePojcispaedisevc;an (D) Payngfo IsaneCotsan ohereltdcot ttheexet pemssbe Sc3.Fndns The Council findsthat:
9493BAMERICAS 7B (1 Scio 40oftheHom Rue Atprvie ta teConclmayby rsltinathrz teisuneofDsrcrevnebons ntsoroteoblgtos(icudn rfudngbns,nts,ooterolgton)tborowmoeytofnne,rfnnc,oreibrs ig rfnnin,o ribusigoftecotofunetaigsi css adtoaisinthfian cranaradeigaediseto490anmayafettefnacn,rfiacn,orrimuseen b lan mdedietyorinietyt ayindvda o lglett,byth prhaeofan mrtag,nt,orthrscrt,obythpucas,laeorsloanyprpry.
() Th Brrwe hsrqusedteDstittisu,sl,addeierrvnu re,inaaggeatpricplamun ntt eced$2 anrefninbons ioneomores mlloandtmaketeLonfoth prosoffiacn,reiacigoreibusngcssoth Pojc.
() Th Prjc iloatdinteDititan wl cntiuetothheat, edctonsaeyorwlfroforthcrainorpeevainofobfo,rsdnsofteDsrc, ortecnoicdveopenotheDsrc.
() Th Pojcisa udetkigintearaoffaiii ue thoueand eqipoertosreae tth suy dvlomet apiaio,o poucinofsoilsrics wihnthmeninofscto49ofheHomeRueAt.
() Theathrzto,isune,sl,addelvr oth Bnd adthLoan ithpubi itrs,wlproot teprpseadinenof toteBoroerardeiabear seton40ofteHom RleAt,adwilaisthPrjct Sc4,Bndauhrzton () ThMayo iathrzepusuntoteHom RleAtandtireouintasit infnnin,rfnncn,orembrsnthcotsfhePrjcby 19493BAMERICAS (1) th issunce,sale and delvery oftheBonds, in oneor more seies inan aggregatepricipalamount nottoexceed $5 millon;and (2) th making oftheLoan.
(b) Th e Mayor is athorize to make the Loan to th Borrower for th purpose of financig,refinacing,orreimbursin thecoss oftheProjctand estalishng anyfundwith repect to te Bonds a reqiredby theFinancin Documents.
(©) TheM ayor may chare aprogram feetothe Brrower, inludig, bt notlimied t, ‘namo unt sffiientto covr coss and expense incurrd by theDistictin conection wih the isuance sae,and deiveryofeach sriesf theBonds, th Ditrit'spartcipaioninthemonitoring ofthe use ofthe Bond proceeds and complianc with any publi beneft agreements wth the il Ditrit,and maintining oficalrecord of eah bond trasacton andassisingin te redeption, reprchase,and rmarketingoftheBonds.
5 Bond dtais.
2.
(@) The Mayor and each Authorized Delegae i athorize t tae any acton essar or approriate inaccordance wit tis rsoluion in cnnection wit te 11S reasoably nec isuanc, sal, deiver, secrityfor,and payment of theB onds ofeach prepratio, exection, butnotlimitd t,determiationsof:
Definitions.
seres,inclding The fial frm, conent,designtion,and terms ofthe Bonds, icludinga (1) be isuedin crtiicatdor bok-entryform;
For the purpose of this resolution, the term:
determiationthattheBonds may The prncipl amount of te Bonds tobe issuedand denominatios of th (2) Bonds;
(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.
rtesofinteestorthe methodfordeterminingtherat orrateof (3) The rteor intereston the Bonds;
(2) “Bond Counsel” means a firm or firms of attorneys designated as bond counsel from time to time by the Mayor.
0944987KAMERICAS () Thedaeordtsofisune,sl,an dlvryo,an tepametof ntheons,adthmaurtdaeoratsothBons ineeto () Thetem udewhihth Bnd ma b pi,otinlyormndtriy tigbeoe redeed aclrte,tnerdcale,oputfrrdepio,reuchs,orrmak thirepctvsttdmtriis (6 Proiinsfrtereitaintrnfrandechng othBondandth aedlo,soe,odesryeBods repaemntomui (7 Thecrainofayreevfun,sninfud,ootefunwitrepett 132,theBnd;
(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.
(8 ThetieanplceopamenofteBod;
(4) “Borrower” means the owner of the assets financed or refinanced with proceeds from the Loan, which shall be Society for Science and the Public, a nonprofit corporation organized and existing under the laws of the State of Delaware, located at 1719 N Street, NW, Washington, DC 20036, duly authorized to transact business as a foreign corporation in the District of Columbia, and exempt from federal income taxes as an organization described in 26 U.S.C.
(9 Poedrsfomontrigthusofthprcedsrcivdfomtesaeo tenurthttepocesarprpelappidtthProetadusdtoccmpisth teBnds prpssotheHmeRulActadthsrslto;
§ 501(c)(3).
Bndsundrblu sy lw ofan (10 Atin neesaytoquliyth jrsitonherthBonsarmareedand (1 Th trsan tpsofceienhncmetunerwic teBodsmayb scue.
(5) “Chairman” means the Chairman of the Council of the District of Columbia.
(6 TeBonsshl cnaialegn,whchshlprviethtteBodsarspcal eorstothDitit aentaplegeo,addonot oliainso teDsrc,aewihotr inovetefatandceitothetxngpwerofteDirc,dono cnttt adbto te prhbtein Dirc,andono cntttlenigoftepblcceifopriaeudetkigas seto602a()ofteHmeRulAc.
(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 ENROLLED ORIGINAL and to make the Loan, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.
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19497AMERICAS () Th Bnd sa beeectdintenam otheDsrcandonisbhafbyte faciiesgntrofthMaor adatetdbtheScetrofSatofteDsrcof manalo ColmbabyteSertryftaeofteDsrcofClubi'smnulorfcimlsintr.The ’s Mayr' eeutoanddeieyofteBodssa cosiuecocusv eieneofteMyo aproa,onealofthDititoth faforandcntnofteBod.
(7) “District” means the District of Columbia.
() Th oicaselotheDsrc,oafaciieofishlbeimresd pitdor othrisreroucdo teBnd.
(8) “Financing Documents” means, the documents, other than Closing Documents, that relate to the financing, refinancing, or reimbursement 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.
() TheBodsofanseremaybeisueinacoracewihthtersofatrs bthBorowrsujctt insrmettbeeneeditbythDititadatrsetob slced theapovlofheMyo,anmaybesujctotetemofonormoeagreenseneedit bthMayopurunttseto49(a()ofheHmeRulAc.
(9) “Home Rule Act” means the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat.
() TheBndsma bisueatnytmeofrotimtotm ionormoeisusad ionormoeseis Se.6SaofthBons.
774;
(@ TheBodsofayseismybesodanegtaedocopeiivsaea,aoe,o blo prtooeormrepesnsoeniisanupo trsthtteMyorcnsdr tbeith bsineetoheDitit (b TheMayroraAutorzdDeegtemyexeueinconctowiteacsaeo ftheDsrc,maydeemfiaanysuh ofrn teBons ofeigdocmetsonbealo dcumntonbhafofteDsrcforprossofcmpiacewthfdralasandrguain th gvenigsuhmatrandma atorzthditrbtooftedoumntinconcto wt saleoftheBonds.
D.C.
19487NAMERICAS h () TheMayorisathriedtdelvetheeecte adseaedBods,onbealoft deierteBonstoth DsritforateniatonandaferteBodshavebenauhetcaedto seprc.
Official Code § 1-201.01 et seq.).
oignlpurhaesofthBond uonpaymntoftepucha isue utlthMayorreeiesanaproin oinonfro (@ Te Bndsshl ntbe l a t tevaiitoftheBods o schseisan,ifth itrs o teBondsis BondConse execedtob exmptfrm fdraincoetaxtontheteametofteinersontheBodsfor pupossffedraincom txto.
(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, 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.
Se.7.Pymen adseuiy.
(11) “Loan” means the District’s lending to the Borrower of the proceeds from the sale, in one or more series, of the Bonds.
(@ Th pinialo,prmiu,ifny,an itreto,thBondssalbepaybl slly fro pocedsrceve fomthsalofthBond,incoereaiedfomth tmprarinvstmnt ofthseprceds rcipsandreenusreliedb thDisrctfrmtheLon,incmereaied fromtetemorryinesmenofthsercepsandrvenespiotopamentttheBodownes, Dstit othrmonystha,aprovde itheFnacinDocuent, my b mae aalaletthe hanfrmtheDitit,alas fortepaymntofth Bnds adothrsouceofpaymnt(ote t proideforitheFnacigDocuens.
(12) “Project” means the financing, refinancing, or reimbursing of the Borrower for all or a portion of the Borrower’s costs incurred in connection with:
thBond salbeseurdasprviedinteFianingDcumetsand (b Paymntof ssinmntbythDitrcfortebeeitofteBon onerofcrtinofisrgtsuderte by aa FnacigDocumntsandClsigDocuent,incudngaseuitintrs icetancoltrl,i ay,tth tutefotheBndspusuntttheFnaninDocuent.
(A) The acquisition, redevelopment, renovation and equipping of a new headquarters building located at 800 8 Street, NW, Washington, DC 20001;
(c ‘Tetrsteiautorze tdeoitinvs,anddsbrs teprcedsreeve fom tesaeotheBodspuruattoteFianingDcumnts Sc 8FinncnganClosngDcumnts 1044837VMERICAS () TheMayorisauhoizdtoprscib tefia frmandcotetofal Fnacig Doumets adal CosngDocment t wichth Dsrctia prt ta my beneesar o aprprattoisu,sl,an dlvetheBodsandt mketheLontothBorrwe.
(B) The funding of a debt service reserve fund, if any;
Echofth Fnanin Dcumntsandeahofth CosngDoumens twhihtheDititisntapatyshl b aprve,astofrmandcntn,bythMayo.
(C) The funding of interest on the Bonds for up to three years from the issuance thereof or, if later, one year after the Project is placed in service;
() TeMayorisathrie texeue,ithenae otheDsritanonitbehl,th Fianin DoumetsandanyClsigDocumntstowichth Dsrctiaparybyth Myors maualorfcsmlesgntre () IreuiedtheofiilsalofteDitic,o afasmiefit salbeimpesed prnedoroteris rprduedonthFinncigDocment adtheCosigDocment twhic thDiticisaprt.
and (D) Paying for Issuance Costs and other related costs to the extent permissible.
(4 Th Maor’ eectinanddelvryofthFinncigDocuentsan thCloin ocment towhchtheDiticisaparyshalcositt cncusveevieneoftheMaor’ D aproal onbehlfofth Dsrct o tefialfom an cotntofsai eectedFianin ocuentsansaiexeuteCloingDcuent.
D TheMayo iautorze tdelvetheeecuedan saldFinncigDocuent (© ent,onbhafoftheDsritprortorsiulanoulywihth isane sl, andClsigDocu ad tensreth de prfrmaceofth oliaiosofth Dsrit anddeivryofth Bnd, le,anddeivre Fnacig DcumetsandCloingDoumets.
conaiedinth eectd,se ainfauhoit.
Se.9.Auhoizddelg Ditrc an fdea las,th Maor ma deegtetoany To te etntpemite by rfomaneofanyfuntinauhoizdtobeperfrmd b teMayor 1 ‘AuhoiedDeegaethepe under thisresolution.
194937AMERICAS Sec, 10.Limited liability.
shallespecialligationseistrict.Bondsshallithout (a) TheBonds recoursetheistrict.BondsshalltbegeneralligationseDistrict,lltea pledgefr nvlvehefithandrdt rthetxigpowerofheDstit,salnotcntiue a dbtofte itit,andhalnotonttueledig ofheubiccedtfr rvaeunerakngsas prohibitedection(a)(2)heHomeRulect.
theDsrit andhe () TheBondssal otgie ie o anypcuiay ibliyof otheurcaseftheBonds.
Dstitshllhaveooliaionithrsect (c) Nothingontainedtheonds,ntheFinancingcuments,intheClosing DocumentshallreateobligationheartftheDistrictakepaymentsthespect theBondsromsourcesheranhoseistedrhaturposesection (@ TheDsritsallhaveolaiiy orhepaymentfanyIssuancetsrfrany transactionentobeeffectedheFinancinguments.
oftheDistrictntained this 10} Allcovenants,ligations,agreements andtheexecuted,led,ddeliveredancingcumentsndClosing resolution,nds, DocumentswhichheDistrictarty,alleconsideredthecovenants,igations, agreementsheDistricthefullestentuthorizedaw,andeachfthoseovenants, bigtin, andgreementslbebindingonteDitit,sbjcto helmtainsstfrthn thisresolution.
andnyBondowner,hall () No person,cluding,notimited,heBorrower ginttheisrctoranyfiseecedorappointedil,ofies,employees, havenyclaims oragentsmonetaryamagesfeedasarsltfthefiueofhe itictranyoftsletd orapoite o iil,ofies,emloyes oragnt t prfrmanycovnat,unerakng o 194937WAMERICAS oblgatinunderthi rsoltio,theBonds,theFinacingDocuments,ortheClosng Dcuments,or asa rsul o th inorretnes o anyrepesenatin i oromisionfrom th FinncingDocuments ‘o th Closin Dcuments, unlss th Disric or it elcte or apponted ofiias, ofiers employes, o aentshaveacte i awilfu andfrudulntmanner.
Sec.11.Ditrctoffcils (@) Except a othewiseprovidd insectin 10f) th eletedor appintedoffcils offcer, eployee, oragens oftheDisrit sal notbe labe prsonllyforthepaymentof th Bonds orbesubjcttoany prsonl labliybyreasonfthe issanc, sleordelveryf te Bons, or for any rpreenttion, warantes, coenans, oblgatons or agreemnts of theDistict contaied i tisreoltio,theBonds,theFinacingDocuments,ortheClosng Dcuments.
() Thesigntur, cuntesignture fasimie sinatre,orfacsmilecounersinatur ofany oficalappearig on te Bonds,the FnancingDocuments, ortheClosingDocuments sallbevalidandsuffcintforal puposesnotwihstandng te fctthttheindivdualsigatory asestohold tatoffcebefor delveryoftheBonds,theFinancin Document, ortheClosin ce Documnts.
Sec12.Maintenancof documets.
he specmen Bonds ad of the fial Fnancin Docuents ad Cosing Copis of t le i te Oficofthe Seretay o te DstictofColmbia.
Documentsshalbe f Sec13.Infomatio reortng ayor’s rceit ofthetrancrit o proceding reltin tothe Withi 3 daysafte th M r shal tansmt acopy ofthetrancritto th Secetar tothe issanceof te Bond, theMayo Coucil.
14, Disclaimer.
3.
1944937BAMERICAS (@ The issunce o Bonds i inthedisretin oftheDitrct Nothingcontaind inths resoltion theBonds, te Finaning Documents,or theClosingDocument sshal be cnstruedas obligaingtheDisticttoissu anyBonds forthebenfitofthe Brrower ortopartcipteinor asis the Borrowerin anyway with fnancng, rfinacing orreimbursig thecoss oftheProjct.
Findings.
The Borrowershal have no caims fo damages orfor anyotherlega or eqitabe reiefagaist te Dstrct,it elctedor appinted ofiial, ofiers employes, oragents a a cosequence ofany t isueany Bonds frthebeneft othe Borroer.
The Council finds that:
falur reseres the riht to isue the Bonds in th order or proriy it (b) T he Ditrit n The Dstrct gves no assurace and makes no detemines in issole and abslute dscreio ofbondsor oter oligtion, te iterston reresenation tht anyporton ofany lmite amount wllbe resevedor wil b which i ecludablefrom grss incomeforfedeali ncometaxpurposs, avaiableatthetimeoftheproposedissuanc oftheBonds.
(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 costs, and to assist in the financing, refinancing, or reimbursing of the costs of undertakings in certain areas designated in section 490 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.
() The Dstrct by adptingthisreslutin orby taingany othe acionin cnnection with fnancng,refinncin, orreimbrsingcostsoftheProjet,does nt proide anyassurace tat theProjet i vibleor sond, tatthe Borower isfinncillysound,or tatamounts owing onthe Bonds or prsuanttothe Loanwillbe pid.Neithe theBorrower,any purhaserof te Bonds nor any othr prson sallrel upontheDistictwithrespcttothesemattrs.
ENROLLED ORIGINAL (2) The Borrower has requested the District to issue, sell, and deliver revenue and refunding bonds, in one or more series, in an aggregate principal amount not to exceed $25 million and to make the Loan for the purpose of financing, refinancing or reimbursing costs of the Project.
Se.
(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.
15 Expratin.
(4) The Project is an undertaking in the area of facilities used to house and equip operations related to the study, development, application, or production of social services within the meaning of section 490 of the Home Rule Act.
Ifany Bondsare no issed,sol, anddeliveed t theoriina purchaer wihin 3yearsof the dte ofths rsoltion th autorizaionprovidedinthi reolutin wih resectto te isuanc, sle anddelivryofthe Bondsshal exire.
(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.
16.Severability.
4.
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Bond authorization.
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(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:
Sc.1,Fsclipatstteet.
(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an aggregate principal amount not to exceed $25 million;
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and (2) The making of the Loan.
Se.2.Efetiedt.
(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.
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(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, maintaining official records of each bond transaction and assisting in the redemption, repurchase, and remarketing of the Bonds.
The Applicant SoieyfrScece(FS iachmponfrsiec,ddiatdtexpndngsiniilieay efetieSTE edctinanscetfcnestndngadaprcitoofsceceadthvia roeiplyinhuanadvncmntttinor,euct,aninpr.
Sec.
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5.
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Bond details.
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(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, but not limited to, determinations of:
Bseuponteifomainsefotinteapiato,teReenuBondPrgrmstfancn.
(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;
dtrmnethtthprpoedpoeccoplondPrgrmandwlasitteBoroerin frhrigisrgnzainlmisonenuB Fact Sheet(SF02) September2022 TABLE 1 PROPOSEDSOURCESAND USEOFFUNDS SOURCESOFFUNDS Bondrceds $5,0000 Equity 7,9000 Ttaloucesofunds $2,9000 USESOFFUNDS $6,00000 ‘Bilingenvtin $2,00000 Mchney/Eqipent $00000 Acitcual/ninerng $50000 Cstofssace $00000 Netaitlzedneet $,76000 CToalUesofFunds $2,90000 G O V E R N M E N T O F T H E DISTRICT O F COLUMBIA.
(2) The principal amount of the Bonds to be issued and denominations of the Bonds;
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(3) The rate or rates of interest or the method for determining the rate or rates of interest on the Bonds;
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ENROLLED ORIGINAL (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;
Anrea.Ltljon“7 SeirAsstnttoreyenrl DATE:
(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;
October7,2022 SUBJECT:
(6) Provisions for the registration, transfer, and exchange of the Bonds and the replacement of mutilated, lost, stolen, or destroyed Bonds;
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(7) The creation of any reserve fund, sinking fund, or other fund with respect to the Bonds;
poosdrsltincnorswthheMdelevnueondesltononlyrfedndrat dtrmndtoelglysufiibtteGnralonslotheonilteOfceothetoney Gnrl,adteDsrcsbndcusl.Acrdnl,wefndhetahedatothebv- rfrncdpoosdrsltonealyufcn.
(8) The time and place of payment of the Bonds;
Pleasecontactme at724-7761 ifyouhave furtherquestionsorconcems.
(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;
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(10) Actions necessary to qualify the Bonds under blue sky laws of any jurisdiction where the Bonds are marketed;
and (11) The terms and types of credit enhancement under which the Bonds may be 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.
(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.
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.
(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or otherwise reproduced on the Bonds.
(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.
(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.
Sec.
6.
Sale of the 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.
ENROLLED ORIGINAL (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.
(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.
(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.
Sec.
7.
Payment and security.
(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.
(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.
(c) The trustee is authorized to deposit, invest, and disburse the proceeds received from the sale of the Bonds pursuant to the Financing Documents.
Sec.
8.
Financing and Closing Documents.
(a) The Mayor is authorized to prescribe the final form and content of all Financing Documents and all Closing Documents to which the District is a party that may be necessary or appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower.
Each of the Financing Documents and each of the Closing Documents to which the District is not a party shall be approved, as to form and content, by the Mayor.
(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.
(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.
ENROLLED ORIGINAL (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.
(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.
Sec.
9.
Authorized delegation of authority.
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.
Sec.
10.
Limited liability.
(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 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.
ENROLLED ORIGINAL 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.12.
Maintenance of documents.
Copies of the specimen Bonds and of the final Financing Documents and Closing Documents shall be filed in the Office of the Secretary of the District of Columbia.
Sec.13.
Information reporting.
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.
Sec.
14.
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 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.
ENROLLED ORIGINAL 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 of 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, approved October 2, 1986 (100 Stat.
2635;
26 U.S.C.
§147(f)), as amended, 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 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;
D.C.
Official Code § 1-301.47a).
Sec.
20.
Effective date.
This resolution shall take effect immediately.
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Action History

  1. Resolution R24-0688, Effective from Dec 06, 2022 Published in DC Register Page 015316

  2. Approved with Resolution Number R24-0688

  3. Final Reading, CC

  4. Committee Report Filed, Includes Hearing Record

  5. Committee Mark-up of PR24-1035

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

  7. Public Hearing on PR24-1035

  8. Notice of Public Hearing Published in the District of Columbia Register

  9. Notice of Intent to Act on PR24-1035 Published in the District of Columbia Register

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

  11. Referred to Committee on Business and Economic Development

  12. PR24-1035 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.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Final Reading, CC

Passed 12 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 12001
Total 12001
% of votes cast 92%0%0%8%
How each member voted (13)
Member Party Vote
Anita Bonds — Yea
Brianne K. Nadeau — Yea
Brooke Pinto — Yea
Charles Allen — Yea
Christina Henderson — Yea
Elissa Silverman — Yea
Janeese Lewis George — Yea
Kenyan R. McDuffie — Yea
Mary Cheh — Yea
Phil Mendelson — Yea
Robert C. White, Jr. — Yea
Trayon White, Sr. — Yea
Vincent Gray — Not Voting

Subjects

education technology
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Frequently asked questions

Who sponsors PR 24-1035?
PR 24-1035 is sponsored by Phil Mendelson.
What is the current status of PR 24-1035?
This bill has been enacted into law. Introduced October 28, 2022. Enacted.
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