Bill > PR26-0034

This resolution authorizes the District of Columbia to issue revenue bonds in an amount not exceeding $80 million to support the National Links Trust Inc., a nonprofit organization that operates golf course facilities in Washington, DC. The bonds will help finance the renovation, construction, and equipping of three existing golf course facilities located at different addresses in the city, including clubhouses, maintenance facilities, and driving ranges. The resolution specifies that these bonds are special obligations of the District, meaning they are not backed by the city's full faith and credit or taxing power, and the District bears no direct financial liability for their repayment. The bonds can be issued in one or more series and will be used to cover project costs, working capital, interest payments, and issuance expenses. The Mayor is granted broad authority to determine the specific terms of the bonds, including interest rates, maturity dates, and sale conditions, with the requirement that a bond counsel review and approve the bonds' validity. The resolution includes extensive provisions protecting the District from financial risk and ensuring that the project contributes to the economic development and recreational opportunities in Washington, DC.

Business and Industry

https://lims.dccouncil.gov/Legislation/PR26-0034