PR 26-0145 — Society for Science and the Public Revenue Bonds Project Emergency Declaration Resolution of 2025

MURIEMAYORSERENROLLED MarchORIGINAL 19,A RESOLUTION 26-94 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA April 1, 2025 TheTo Honorabledeclare Philthe Mendelsonexistence Chairmanof Councilan emergency with respect to the need 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 JohnHome A.Rule Act.

WilsonRESOLVED, BuildingBY PennsylvaniaTHE Avenue,COUNCIL NW,OF SuiteTHE 504DISTRICT Washington,OF DCCOLUMBIA, 20001That Dearthis Chairmanresolution Mendelson:may be cited as the “Society for Science and the Public Revenue Bonds Project Emergency Declaration Resolution of 2025”.

Enclosed for consideration and adoption by the Council of the District of Columbia is a proposed resolution titled “Society for Science Public Revenue Bonds Project Emergency Approval Resolution of 2025”, and the accompanying emergency declaration resolution.

The proposed resolution authorizes the issuance, sale, and delivery of tax-exempt revenue bonds, notes, or other obligations in aggregate principal amount not to exceed $25,000,000.

The bonds will be used for the financing and refinancing of the acquisition, improvement, expansion, equipping, furnishing, and development of the real estate located at 1776 Massachusetts Avenue, NW, in Ward 2.

In accordance with section 490 of the Home Rule Act, it has been 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 a private undertaking 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 enclosed measure.

Sincerely, Muriel E.

Bowser Enclosures 2 ~ ~ at the request ofthe Mayor 5 7 A PROPOSED RESOLUTION 9 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA To declare the existence ofan emergency with respect to authorizing and providing 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.

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 Emergency Declaration Resolution of 2025".

(a) Society 1776 Mass Ave LLC (the "Borrower"),“Borrower”), is a limited liability company solely owned by Society for Science and the Public, a nonprofit corporation organized and existing under the laws of the District of ColumbiaColumbia, which seeks to have District of Columbia revenue bonds issued and receive a loan of the proceeds thereof (the "Loan") for:

(1) The acquisition, redevelopment, renovation, equipping and furnishing of a property located at 1776 Massachusetts Avenue, NW, Washington, DC 20036 and certain parking facilities and other property, real and personal, related thereto;

1103786378\3\AMERICAS (b) The planned financing will make available funds critically needed to finance, refinance, or reimburse the Borrower for costs of the Project.

(c) Due to the current economic uncertainty in the financial markets, it is important for the Council to expedite the process for the issuance of the Bonds and avoid any delay that may adversely affect the ability of the Borrower to market the Bonds to investors and/oror to obtain an interest rate within the range contemplated by the Project budget.

(d) Council approval of the bond resolution authorizing the issuance of up to $25 million of District of Columbia revenue bonds would permit the revenue bonds to be issued promptly to provide maximum savings for the Borrower and enable the project described in sectionsubsection 2(a)(a) of this section to be completed.

ENROLLED ORIGINAL Sec.

The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the Society for Science and the Public Revenue Bonds Project Emergency Approval Resolution of 2025 be adopted afteron aan singleemergency reading.basis.

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