District of Columbia Council Period 25 Status: Enacted

PR 25-0261 — Launchpad Development Three DC, LLC Revenue Bonds Project Approval Resolution of 2023

Last action — Resolution R25-0321, Effective from Nov 07, 2023 Published in DC Register Page 015019

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This bill has been enacted into law. Introduced June 02, 2023. Enacted.

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Bill Text

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Plain-language change summary

The recent amendment to the "Launchpad Development Three DC, LLC Revenue Bonds Project Approval Resolution of 2023" allows for the issuance of up to $32 million in revenue bonds to finance costs associated with a project by the Launchpad Development organization. This change is significant because it provides financial support for a non-profit charter school developer aimed at improving educational opportunities for students from low-income families in Washington, DC. The amendment clarifies the roles of city officials involved in this process and updates the terminology used in the bill to ensure proper execution and understanding of the funding initiative.

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MURIEL BOWSER MAYOR June 2, 2023 The Honorable Phil Mendelson Chairman, Council ofthe District ofColumbia John A.
ENROLLED ORIGINAL A RESOLUTION 25-321 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA November 7, 2023 To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to exceed $32 million of District of Columbiarevenuebonds in oneormore series pursuant to a plan of finance and to authorize and provide for the loan of the proceeds of such bonds to assist Launchpad Development Three DC, LLC, 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 “Launchpad Development Three DC, LLC Revenue Bonds Project Approval Resolution of 2023”.
Enclosed for consideration and approval by the Council ofthe District ofColumbia is a proposed resolution titled, "Launchpad Development Three DC, LLC Revenue Bonds Project Approval Resolution of2023".
The Resolution authorizes the issuance, sale, and delivery oftax-exempt revenue bonds, notes, or other obligations in aggregate principal amount not to exceed $32,000,000 to assist Launchpad in the financing, refinancing, or reimbursing of costs associated with an authorized project pursuant to section 490 ofthe District of Columbia Home Rule Act.
The project is in Ward 5.
The Launchpad Development Company was formed in California on November 16th, 2009.
Launchpad Development Three DC, LLC is a non-profit charter school developer that was created in Delaware on November 20th, 2017.
Launchpad Development Co.
is a supporting organization ofRocketship Education, a California nonprofit public benefit corporation that has opened schools in Washington, DC and around the country.
In 2016, Rocketship opened its first school in Washington DC in Ward 8 known as Rise Academy and its second, known as Legacy Prep, in 2017.
Rocketship focuses on educating students from low-income families to eliminate the achievement gap.
Proceeds from the proposed bond financing will be used to finance, refinance, or reimburse the Borrower for certain cost ofrenovating and equipping their school, Infinity Community Prep, (a Rocketship school), located at 5450 3rd St NE, in Ward 5.
The bonds, when, as, and ifissued, shall be without recourse to the District.
In accordance with Section 490 ofthe Home Rule Act, the bonds shall not be general obligations ofthe District;
shall not be a pledgeofor involve the full faith and credit or the taxing power of the District;
shall not constitute a debt ofthe District;
and shall not constitute a lending ofpublic credit for private undertakings as prohibited in section 602(a)(2) ofthe Home Rule Act.
The bonds shall not give rise to any pecuniary liabilityfthe District and the District shall have no obligation with respect to the purchase ofthe bonds.
I find that the proposed financing will assist in furthering the efforts ofthe Launchpad Development Three DC, LLC in providing education and employment opportunities to the citizens ofthe District ofColumbia.
I urge the Council to take prompt and favorable action on the measure.
Should your staffhave any questions about this proposal, William Liggins, the Director ofthe Revenue Bond Enterprise Program, would be happy to answer them.
He can be reached at 202.724.6199 or William.liggins@dc.gov.
2 'chairmanPhil Mendelson at the request ofthe Mayor 5 7 A PROPOSED RESOLUTION IN THE COUNCIL OF THE DISTRICT OF COLUMBIA To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to exceed $32 million ofDistrict ofColumbia revenue bonds in one or more series pursuant to a plan of finance and to authorize and provide for the loan ofthe proceeds of such bonds to assist Launchpad Development Three DC, LLC, 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.
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the "Launchpad Development Three DC, LLC Revenue Bonds Project Approval Resolution of 2023".
(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.
(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.
(2) "Bond Counsel" means a firm or firms of attorneys designated as bond counsel from time to time by the Mayor.
(2) “Bond Counsel” means a firm or firms of attorneys designated as bond counsel from time to time by the Mayor.
(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.
(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.
(4) "Borrower" means the owner, operator, manager and user ofthe assets financed, refinanced, or reimbursed with proceeds from the Bonds, which shall be Launchpad Development Three DC, LLC, a single member limited liability company and a disregarded entity ofLaunchpad Development Company, an organization exempt from federal income taxes under 26 U.S.C § 501(a) as an organization described in 26 U.S.C.
(4) “Borrower” means the owner, operator, manager, and user of the assets financed, refinanced, or reimbursed with proceeds from the Bonds, which shall be Launchpad Development Three DC, LLC, a single member limited liability company and a disregarded entity of Launchpad Development Company, an organization exempt from federal income taxes under 26 U.S.C § 501(a) as an organization described in 26 U.S.C.
(5) "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.
(5) “Closing Documents” means all documents and agreements, other than Financing Documents, that may be necessary and appropriate to issue, sell, and deliver the ENROLLED ORIGINAL Bonds and to make the Loan contemplated thereby, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.
(6) "District" means the District ofColumbia.
(6) “District” means the District of Columbia.
(7) "Financing Documents" means the documents, other than Closing Documents, that relate to the financing or refinancingransactions to be effected through the issuance, sale, and delivery ofthe Bonds and the making ofthe Loan, including any offering document, and any required supplements to any such documents.
(7) “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.
(8) "Home Rule Act" means the District ofColumbia Home Rule Act, approved December 24, 1973 (87 Stat.
(8) “Home Rule Act” means the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat.
Official Code§ 1-201.01et seq.).
Official Code § 1-201.01 et seq.).
(9) "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 ofthe 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 ofthe Financing Documents, the Closing Documents, and those other documents necessary or appropriate in connection with the authorization, preparation, printing, issuance, sale, marketing, and delivery ofthe Bonds and the making ofthe 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 ofcredit fees (ifany), compensation to financial advisors and other persons (other than full-time employees ofthe District) and entities performing services on behalfof or as agents for the District.
(9) “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.
(l0) "Loan" means the District's lending ofproceeds from the sale, in one or more series, ofthe Bonds to the Borrower.
(10) “Loan” means the District’s lending of proceeds from the sale, in one or more series, of the Bonds to the Borrower.
(11) "Project" means the financing, refinancing or reimbursing ofall or a portion ofthe Borrower's costs of:
(11) “Project” means the financing, refinancing, or reimbursing of all or a portion of the Borrower’s costs of:
(A) Financing the acquisition of the leasehold interest in the real property (including all improvements), and the improvement, equipping, furnishing, and developmentan educational facility located at 5450 3d Street, N.E., Washington, D.C., and certain parking facilities and other personal property, related thereto (together, "Facility"), which will be owned and/or operated by the Borrower;
(A) Financing the acquisition of the leasehold interest in the real property (including all improvements), and the improvement, equipping, furnishing, and development of an educational facility located at 5450 3rd Street, NE, Washington, DC, and certain parking facilities and other personal property, related thereto (together, “Facility”), which will be owned and/or operated by the Borrower;
Sec.
ENROLLED ORIGINAL Sec.
(1) Section 490 ofthe Home Rule Act provides that the Council may, by resolution, authorize the issuanceofDistrict 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.
(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.
(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 $32 million, and to make the Loan for the purpose of financing, refinancing, or reimbursing costs ofthe Project.
(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 $32 million, and to make the Loan for the purpose of financing, refinancing, or reimbursing costs of the Project.
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(3) The Project is located in the District and will contribute to the health, education, safety, or welfare of, or the creation or preservation ofjobs for, residents ofthe District, or to economic development ofthe District.
(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 ofthe Home Rule Act.
(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 ofthe Bonds and the Loan to the Borrower are desirable, are in the public interest, will promote the purpose and intent of section 490 ofthe Home Rule Act, and will assist the Project.
(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.
94 Sec.
Sec.
(a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist in financing, refinancing or reimbursing the costshe Project by:
(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 delivery ofthe Bonds, in one or more series, in an aggregate principal amount not to exceed $32 million;
(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an aggregate principal amount not to exceed $32 million;
(b) The Mayor is authorized to make the Loan to the Borrower for the purpose of financing, refinancing or reimbursing the costs ofthe Project and establishing any fund with respect to the Bonds as required by the Financing Documents.
(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 ofthe 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 recordsach bond transaction, and assisting in the redemption, repurchase, and remarketingofthe Bonds.
(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.
(d) The Bond authorization set forth in this resolution includes the authorization to issue refunding Bonds to refinance any Bonds previously issued under this resolution to finance the Project;
(d) The Bond authorization set forth in this resolution includes the authorization to issue ENROLLED ORIGINAL refunding Bonds to refinance any Bonds previously issued under this resolution to finance the Project;
provided that the maximum principal amount of Bonds outstanding at any time does not exceed the maximum principal amount ofBonds authorized hereunder.
provided that the maximum principal amount of Bonds outstanding at any time does not exceed the maximum principal amount of Bonds authorized hereunder.
(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 ofthe Bonds ofeach series, including, but not limited to, determinations of:
(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:
(1) The final form, content, designation, and terms ofthe Bonds, including a determination that the Bonds may be issued in certificated or book-entry form;
(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;
(2) The principal amount ofthe Bonds to be issued and denominations of the Bonds;
(2) The principal amount of the Bonds to be issued and denominations of the Bonds;
(3) The rate or ratesf interest or the method for determining the rate or rates of interest on the Bonds;
(3) The rate or rates of interest or the method for determining the rate or rates of interest on the Bonds;
(4) The date or datesof 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 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;
(6) Provisions for the registration, transfer, and exchangehe Bonds and the replacement of mutilated, lost, stolen, or destroyed Bonds;
(6) Provisions for the registration, transfer, and exchange of the Bonds and the replacement of mutilated, lost, stolen, or destroyed Bonds;
(8) The time and place ofpayment of the Bonds;
(8) The time and place of payment of the Bonds;
(9) Procedures for monitoring the useofthe 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) 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;
(10) Actions necessary to qualify the Bonds under blue sky laws ofany jurisdiction where the Bonds are marketed;
(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 ofcredit enhancement under which the Bonds may be secured.
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 poweof the District, do not constitute a debt of the District, and do not constitute lendingfthe public credit for private undertakings as prohibited in section 602(a)(2) ofthe Home Rule Act.
(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 behalfby the manual or facsimile signature of the Mayor, and attested by the Secretary of the District of Columbia by the Secretary ofthe District of Columbia's manual or facsimile signature.
ENROLLED ORIGINAL (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 the District of Columbia by the Secretary 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 ofthe Bonds.
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 sealf the District, or a facsimile ofit, shall be impressed, printed, or otherwise reproduced on 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 ofa 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.
(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 .
(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.
m one or more senes.
Sale ofthe Bonds.
Sale of the Bonds.
(a) The Bonds ofany 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 ofthe District.
(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.
(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of the Bonds, offering documents on behalfofthe District, may deem final any such offering document on behalfofthe District for purposes of compliance with federal laws and regulations governing such matters and may authorize the distribution ofthe documents in connection with the saleofthe Bonds.
(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 behalfofthe District, for authentication, and, after the Bonds have been authenticated, deliver the Bonds to the original purchasers ofthe Bonds upon payment ofthe purchase price.
(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 ofthe Bonds of such series and, ifthe interest on the Bonds is expected to be exempt from federal income taxation, the treatment ofthe interest on the Bonds for purposes of federal income taxation.
(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 principalof, premium, ifany, and interest on, the Bonds shall be payable solely from proceeds received from the sale ofthe Bonds, income realized from the temporary investment ofthose proceeds, receipts and revenues realized by the District from the Loan, income realized from the temporary investment ofthose receipts and revenues prior to payment to the Bond owners, other moneys that, as provided in the Financing Documents, may be made 181 available to the District for the payment ofthe Bonds, and other sources of payment (other than from the District), all as provided for in the Financing Documents.
(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 ENROLLED ORIGINAL 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 ofthe Bonds shall be secured as provided in the Financing Documents and by an assignment by the District for the benefit the Bond owners ofcertain 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) 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) The Mayor is authorized to execute, in the name ofthe 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.
(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) Ifrequired, 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.
(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.
(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 ofthe Mayor's approval, on behalfofthe District, ofthe final form and content ofthe executed Financing Documents and the executed Closing Documents.
(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 behalfofthe District, prior to or simultaneously with the issuance, sale, and deliveryof the Bonds, and to ensure the due performance of the obligations ofthe District contained in the executed, sealed, and delivered Financing Documents and 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.
Authorized delegation ofauthority.
Authorized delegation of authority.
To the extent permitted by District and federal laws, the Mayor may delegate to any Authorized Delegate the performance ofany function authorized to be performed by the Mayor under this resolution.
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.
(a) The Bonds shall be special obligationsfthe District.
(a) The Bonds shall be special obligations of the District.
The Bonds shall not be general obligationsfthe District, shall not be a pledge of, or involve the faith and credit or the taxing power, the District, shall not constitute a debt of the District, and shall not constitute lending ofthe public credit for private undertakings as prohibited in section 602(a)(2) ofthe Home Rule Act.
The Bonds shall not be general obligations of the District, shall not be a ENROLLED ORIGINAL 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 ofthe District and the District shall have no obligation with respect to the purchase ofthe Bonds.
(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 ofthe District to make payments with respect to the Bonds from sources other than those listed for that purpose in section 7.
(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 ofany Issuance Costs or for any transaction or event to be effected by the Financing Documents.
(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 ofthe District to the fullest extent authorized by law, and each ofthose covenants, obligations, and agreements shall be binding upon the District, subject to the limitations set forth in this resolution.
(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 anyf 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 ofany 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.
(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.
(a) Except as otherwise provided in section l0(f), the elected or appointed officials, officers, employees, or agentsofthe District shall not be liable personally for the payment ofthe 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 ofthe District contained in this resolution, the Bonds, the Financing Documents, or the Closing Documents.
(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 deliverythe 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.
ENROLLED ORIGINAL Sec.12.
Maintenance ofdocuments.
Maintenance of documents.
Copies ofthe specimen Bonds and ofthe final Financing Documents and Closing Documents shall be filed in the Office of the Secretary of the District of Columbia.
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.
Within 3 days after the Mayor's receiptfthe transcript ofproceedings relating to the issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the Council.
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.
(a) The issuanceofBonds is in the discretion ofthe District.
(a) The issuance of Bonds is in the discretion of the District.
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 ofthe Borrower.
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.
The District gives no assurance and makes no representations that any portion of any limited amount ofbonds 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 ofthe Bonds.
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.
(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.
Ifany 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.
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.
If any particular provision of this resolution or the application thereofto 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 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.
Ifany 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.
If any action or inaction contemplated under this resolution is determined to be contrary to the requirements of ENROLLED ORIGINAL 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.
This approval shall constitute the approval ofthe Council as required in section 147(f) of the Internal Revenue Code of 1986, as amended, and section 490(k) ofthe Home Rule Act, for the Project to be financed, refinanced, or reimbursed with the proceeds ofthe Bonds.
This approval shall constitute the approval of the Council as required in section 147(f) of the Internal Revenue Code of 1986, as amended (“Code”), 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 ofthe Bonds for the Project has been adopted by the Council after a public hearing held at least 7 days after publication ofnotice in a newspaper of general circulation in the District.
This resolution approving the issuance of the Bonds for the Project has been adopted by the Council after a public hearing in accordance with section 147(f) of the Code, as such section may be amended, and the corresponding regulations promulgated by the United States Department of the Treasury.
The Secretaryto the Council shall transmit a copy ofthis resolution, upon its adoption, to the Mayor.
The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor.
The Council adopts the fiscal impact statement ofthe budget director as the fiscal impact statement required by section 4a ofthe General Legislative Procedures Act of 1975, approved October 16, 2006 (120 Stat.
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.
Official Code§ 1-301.47a).
Official Code § 1-301.47a).
Launchpad Development Two DC, LLC Revenue Bond Project FACT SHEET Launchpad Development Three DC, LLC has requested that the District issue up to $32,000,000 in tax-exempt bonds to LDC (the "Borrower"), in connection with the financing ofits facility, Infinity Community Prep charter school, part of the Rocketship Local Education Agency (LEA), located at 5450 yd St NE, Washington, in Ward 5.
The Applicant th The Launchpad Development Company was formed in California on November 16 •2009.
Launchpad Development Three DC, LLC is a non-profit charter school developer that was created in Delaware on November 20 1\ 2017.
Launchpad Development Co.
is a supporting organization of Rocketship Education, a California non-profit public benefit corporation that has opened schools in Washington, DC and around the country.
In 2016, Rocketship opened its first school in Washington DC in Ward 8 known as Rise Academy and its second known as Legacy Prep, in 2017.
Rocketship uses a "hybrid" model of learning using individualized online learning as well as classroom teaching and small-group tutoring.
Rocketship focuses on educating students from low-income families to eliminate the achievement gap.
Rocketship's mission is to catalyze transformative change in low-income communities through a scalable and sustainable public-school model that propels student achievement, develops exceptional educators, and partners with parents who enable high-quality public schools to thrive in their community.
Rocketship uses four different learning blocks consisting ofHumanities, STEM, Leaming Lab, and Enrichment.
This model allows them to improve student outcomes by developing teachers who specialize in STEM or Humanities.
Content specializing also means that the teachers collaborate to develop classroom management strategies, create lesson plans, and engage parents.
Proposed Proiect The proposed project shall be comprised ofapproximately $32,000,000 to finance, refinance, or reimburse all or a portion ofLaunchpad Development Company's cost ofthe acquisition ofa facility located at 5430yd Street NE, Washington D.C., for use by Rocketship Education D.C.
Public Charter School, Inc.
Feasibility/Structure/Security ofthe Bonds Clifton, Larson, Allen LLP, independent financial advisors to Launchpad Development Three DC, LLC has deemed the project financially feasible.
Legal andRegulatory Affairs The law firm, Orrick, Herrington and Sutcliff, bond counsel to the Industrial Revenue Bond Program, has determined that the applicant is a 501(c) (3) organization, and the project constitutes a permissible undertaking in the area.
Based on the foregoing, we have determined that the proposed project complies with criteria for approval of a proposed financing through the District's Revenue Bond Program and that the proposed project will enhance employment opportunities and contribute to community betterment.
Financing Plan A summary of the proposed sources and uses of funds is attached (see Table 1).
Table 1:
FINANCING PLAN 1.
Please indicate the estimated sources and uses ofproject funds:
Total Cost Tax-Exempt Taxable Equity Economic Bond Proceeds Loan Life Land and building (Acquisition) $27,726,198 40 Cost ofIssuance $247,571 $452;524 Underwriter/Placement Fee $343,385 $338,524 Debt Service Reserve Fund $2,682,845 $93,952 Contingency TOTALS:
$31,115,000 $885,000 GOVERNMENT OF THE DISTRICT OF COLUMBIA Office of the Attorney General Commercial Division *** Tax and Finance Section - MEMORANDUM TO:
William Liggins, Director D.C.
Revenue Bond-Enterprise Zone Program Office ofthe Deputy Mayor for Planning and Economic Development FROM:
Andrea R.
Littlejohn#J_ Senior Assistant Attorney General DATE:
May 24, 2023 SUBJECT:
Legal Sufficiency Review:
The Launchpad Development Three DC, LLC Revenue Bonds Project Approval Resolution of2023 This responds to a request from your office to review for legal sufficiency the attached draft ofthe above-referenced proposed resolution.
For purposesofthis review, this Office premises its conclusion on the assumption that your office has determined that the Borrower as defined in the aforementioned resolution is a "qualified applicant" within the meaning ofSection 490 ofthe District ofColumbia Home Rule Act.
A review ofthe attached draft ofthe above-referenced proposed resolution indicates that the draft proposed resolution conforms with the Model Revenue Bond Resolutionjointly drafted and determined to be legally sufficient by the General Counsel ofthe Council, the Office ofthe Attorney General, and the District's bond counsel.
Accordingly, we find the attached draft above referenced proposed resolution legally sufficient.
Please contact me at 724-7761 ifyou have further questions or concerns.
Attachment:
Launchpad Development Three DC, LLC Revenue Bonds Project Approval Resolution of2023 ARL/arl Sixth StreN.W., Suite 9100, Washington, DC 20001 Tel.:
(202) 724-7761 Fax:
(202) 730-0486
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Action History

  1. Resolution R25-0321, Effective from Nov 07, 2023 Published in DC Register Page 015019

  2. Approved with Resolution Number R25-0321

  3. Final Reading, CC

  4. Committee Report Filed by the Business and Economic Development Committee, Includes Hearing Record

  5. Committee Mark-up of PR25-0261 by the Business and Economic Development Committee

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

  7. Public Hearing on PR25-0261

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

  9. Notice of Intent to Act on PR25-0261 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. PR25-0261 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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Votes

Final Reading, CC

Passed 13 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 13000
Total 13000
% of votes cast 100%0%0%0%
How each member voted (13)
Member Party Vote
Anita Bonds — Yea
Brianne K. Nadeau — Yea
Brooke Pinto — Yea
Charles Allen — Yea
Christina Henderson — Yea
Janeese Lewis George — Yea
Kenyan R. McDuffie — Yea
Matthew Frumin — Yea
Phil Mendelson — Yea
Robert C. White, Jr. — Yea
Trayon White, Sr. — Yea
Vincent Gray — Yea
Zachary Parker — Yea

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Subjects

finance
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Frequently asked questions

Who sponsors PR 25-0261?
PR 25-0261 is sponsored by Phil Mendelson.
What is the current status of PR 25-0261?
This bill has been enacted into law. Introduced June 02, 2023. Enacted.
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