District of Columbia Council Period 25 Status: Enacted

PR 25-0804 — American Association of Colleges and Universities, Revenue Bonds Project Approval Resolution of 2024

Last action — Resolution R25-0569, Effective from Jul 09, 2024 Published in DC Register Page 008576

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    Introduced
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    To Executive
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    Enacted

This bill has been enacted into law. Introduced May 13, 2024. Enacted.

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Likely to advance 70% · moderate confidence

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  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

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Bill Text

What changed in the latest version

300 added · 407 removed

Plain-language change summary

The main change in the resolution is that specific definitions were added to clarify terms such as "Authorized Delegate," "Bond Counsel," and "Borrower." This is important because it helps define who is responsible for carrying out tasks related to the bond issuance and ensures there is a clear understanding of the roles involved. Additionally, the added details specify that the bonds will not be a debt obligation for the District, which protects the city's finances while allowing for private financing of projects.

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MURIEL BOWSER MAYOR May 13, 2024 The Honorable Phil Mendelson Chairman Council of the District of Columbia Pennsylvania Avenue, N.W.
ENROLLED ORIGINAL A RESOLUTION 25-569 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA July 9, 2024 To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to exceed $12 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 American Association of Colleges and Universities 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.
Suite 504 Washington, DC 20001 Dear Chairman Mendelson:
RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “American Association of Colleges and Universities, Revenue Bonds Project Approval Resolution of 2024”.
Enclosed for consideration and adoption by the Council of the District of Columbia is a proposed resolution entitled “American Association of Colleges and Universities, Revenue Bonds Project Approval Resolution of 2024, ” the “Resolution”.
The Resolution authorizes the issuance, sale, and delivery of tax-exempt revenue bonds, notes, or other obligations in an aggregate principal amount not to exceed $12,000,000.
These bonds will be used for the financing, refinancing, or reimbursing of costs incurred by the American Association of Colleges and Universities for the projects located at 1816 and 1818 R Street NW, in Ward 2.
In accordance with Section 490 of the Home Rule Act, we have determined that the bonds, when, as, and if issued, 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 full faith and credit or the taxing power of the District;
shall not constitute a debt of the District;
and shall not constitute a lending of public credit for private undertakings as prohibited in section 602 (a) (2) of the Home Rule Act.
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.
I urge the Council to take prompt and favorable action on the measure.
Sincerely, Muriel E.
Bowser Enclosures 2 airman Phil Mendelson at the requestthe Mayor 5 7 A PROPOSED RESOLUTION 9 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 $12 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 American Association of Colleges and Universities, 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 "American Association ofColleges and Universities, Revenue Bonds Project Approval Resolution2024".
2.Definitions.
2.
For the purpose ofthis resolution, the term:
Definitions.
(1) "Authorized Delegate" means the Mayor or the Deputy Mayor for Planning and Economic Development, or any officer or employee ofthe Executive Office ofthe Mayor to whom the Mayor has delegated or whom the foregoing individuals have subdelegated any ofthe Mayor's functions under this resolution pursuant to section 422(6) ofthe Home Rule Act.
For the purpose of this resolution, the term:
(2) "Bond Counsel" means a firm or firms ofattorneys designated as bond counsel from time to time by the Mayor.
(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.
(5) “Chairman” means the Chairman of the Council of the District of Columbia.
(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, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.
(6) “Closing Documents” means all documents and agreements other than Financing Documents that may be necessary and appropriate to issue, sell, and deliver the Bonds and to make the Loan, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar instruments.
ENROLLED ORIGINAL (6) “District” means the District of Columbia.
(7) “District” means the District of Columbia.
(7) “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.
(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.
(8) “Home Rule Act” means the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat.
(9) “Home Rule Act” means the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat.
(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.
(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, together with financing fees, costs, and expenses, including program fees and administrative fees charged by the District, fees paid to financial institutions and insurance companies, initial letter of credit fees (if any), compensation to financial advisors and other persons (other than full-time employees of the District) and entities performing services on behalf of or as agents for the District.
(11) “Loan” means the District’s lending of proceeds from the sale, in one or more series, of the 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.
(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:
(11) “Project” means the financing, refinancing, or reimbursing of the Borrower for all or a portion of the Borrower’s costs incurred in connection with the:
(A) (i) the costs of the acquisition, renovation, expansion, and construction of the Borrower’s headquarters facility located at 1816 and 1818 R Street, N.W., Washington, D.C.
(A) Costs of the acquisition, renovation, expansion, and construction of the Borrower’s headquarters facility located at 1816 and 1818 R Street, NW, Washington, DC (Square 0134, Lot 0169) (“Facility”);
(Square 0134, Lot 0169) (the “Facility”);
(B) Purchase of certain equipment and furnishings for the Facility, together with other property, real and personal, functionally related and subordinate thereto;
(ii) the purchase of certain equipment and furnishings for the Facility, together with other property, real and personal, functionally related and subordinate thereto;
(C) Financing the costs of re-locating the Borrower from temporary administrative space;
(iii) financing the costs of re-locating the Borrower from temporary administrative space;
(D) Funding any credit enhancement costs, liquidity costs, or debt service reserve fund relating to the Bonds;
(iv) funding any credit enhancement costs, liquidity costs or debt service reserve fund relating to the Bonds;
and (E) Funding of certain Issuance Costs.
and (B) the funding of certain Issuance Costs.
78 (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.
(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 ENROLLED ORIGINAL 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.
(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:
(a) The Mayor and each Authorized Delegate is authorized to take any action reasonably necessary or appropriate in accordance with this resolution in connection with the preparation, execution, issuance, sale, delivery, security for, and payment of the Bonds of each series, including, ENROLLED ORIGINAL but not limited to, determinations of:
(c) The Bonds shall be executed in the name of the District and on its behalf by the manual or facsimile signature of the Mayor, and attested by the Secretary of State of the District of Columbia by the Secretary of State of the District of Columbia’s manual or facsimile signature.
(c) 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.
(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.
ENROLLED ORIGINAL (f) The Bonds may be issued at any time or from time to time in one or more issues and in one or more series.
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.
Each of the ENROLLED ORIGINAL 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.
(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 said executed Financing Documents and said 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 said executed Financing Documents and the executed Closing Documents.
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(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 (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.
Copies of the specimen Bonds and of the final Financing Documents and Closing Documents shall be filed in the Office of the Secretary of State of the District of Columbia.
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.
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.
The District gives no assurance and makes no representations that any portion of any limited amount of bonds or other obligations, the interest on which is excludable ENROLLED ORIGINAL from gross income for federal income tax purposes, will be reserved or will be available at the time of the proposed issuance of the Bonds.
12 Sec.
Sec.
This approval shall constitute the approval of the Council as required in section 147 (f) of the Internal Revenue Code of 1986, 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 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.
American Association of Colleges and Universities Revenue Bond Project FACT SHEET The American Association of Colleges and Universities (AAC&U) has requested that the District issue up to $12,000,000 in tax-exempt revenue bonds for costs associated with its headquarters located at 1816 and 1818 R Street NW, in Ward 2.
The Applicant Founded in 1915, the American Association of Colleges and Universities is a global membership organization dedicated to advancing the vitality and democratic purposes of undergraduate liberal education.
Through its programs and events, publications and research, public advocacy and campus-based projects, AAC&U serves as a catalyst and facilitator for innovations that improve educational quality and equity and that support the success of students.
Proposed Project The Project is comprised of the following:
(1) the acquisition, renovation, expansion, construction, furnishing, and equipping of AAC&U’s headquarters facility located at 1816 and 1818 R Street NW;
(2) financing the costs of re-locating from temporary administrative space;
and (3) financing the costs of issuance and credit enhancement costs and working capital Financing Plan A summary of the proposed sources and uses of funds is attached (see Table 1).
Feasibility/Structure/Security of the Bonds US Bank, trustee for the transaction, has reviewed the financial records and has deemed this transaction financially feasible.
The bonds will not be a general obligation of the District and will be the total responsibility of the American Association of Colleges and Universities.
Public Purpose Benefits Headquartered in Washington, DC, since 1948, the American Association of Colleges and Universities regularly brings visitors to the Washington, DC, metropolitan area.
Over the past several decades the annual meeting of the association has been held biennially in downtown Washington, attracting up to 2,000 faculty, staff, and administrators from colleges and universities across the United States and around the world.
Legal and Regulatory Affairs The law offices of Tiber Hudson, bond counsel to the DC Revenue Bond Program, has preliminarily determined that the applicant is a 501(c)(3) and this project constitutes a permissible undertaking under Section 490(a)(1) of the District of Columbia Home Rule Act.
Based on the foregoing, OAG, Bond Counsel, and the IRB program have determined that the proposed project complies with criteria for approval of a proposed financing through the District’s Revenue Bond Program, FINANCING PLAN TABLE 1 PROPOSED SOURCES AND USE OF FUNDS SOURCES OF FUNDS Bond Proceeds $12,000,000 Total Sources of Funds $12,000,000 USES OF FUNDS Building Renovation $11,635,000 Relocation $125,000 Cost of Issuance $240,000 Total Uses of Funds $12,000,000 GOVERNMENT OF THE DISTRICT OF COLUMBIA OFFICE OF THE ATTORNEY GENERAL Commercial Division Tax & Finance Section MEMORANDUM TO:
William Liggins Director, Revenue Bond Program Office of the Deputy Mayor for Planning and Economic Development FROM:
Patrick Allen Senior Assistant Attorney General Commercial Division DATE:
February 15, 2024 SUBJECT:
Legal Sufficiency Certification of the “American Association of Colleges and Universities Revenue Bonds Project Approval Resolution of 2024”.
This is to certify that the Commercial Division has reviewed the above-referenced resolution and found it to be legally sufficient.
If you have any questions in this regard, please do not hesitate to call me at (202) 724-7754.
_________________________________ Patrick Allen Senior Assistant Attorney General
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Action History

  1. Resolution R25-0569, Effective from Jul 09, 2024 Published in DC Register Page 008576

  2. Approved with Resolution Number R25-0569

  3. Final Reading, CC

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

  5. Committee Mark-up of PR25-0804 by the Business and Economic Development Committee

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

  7. Public Hearing on PR25-0804

  8. Public Hearing on PR25-0804

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

  10. Referred to Committee on Business and Economic Development

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

  12. Notice of Intent to Act on PR25-0804 Published in the District of Columbia Register

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

  14. PR25-0804 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
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 — Not Voting
Zachary Parker — Yea

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Subjects

finance education
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Frequently asked questions

Who sponsors PR 25-0804?
PR 25-0804 is sponsored by Phil Mendelson.
What is the current status of PR 25-0804?
This bill has been enacted into law. Introduced May 13, 2024. Enacted.
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