Bill > PR26-0144

This resolution authorizes the District of Columbia to issue up to $675 million in revenue bonds to help Georgetown University finance, refinance, and reimburse various capital projects and initiatives. The bonds will support a wide range of activities, including refunding previous bond series, constructing and renovating academic facilities like a science center and academic buildings, upgrading technology infrastructure, funding capital expenditures, and supporting working capital needs. The resolution specifies that these are special obligation bonds without recourse to the District's general funds or credit, meaning the District is not financially liable for repayment. The bonds will be issued through a complex process involving the Mayor's office, with specific provisions for bond details, sale, payment, and security. Georgetown University, a nonprofit educational institution, is the primary beneficiary, and the project is deemed to contribute to the District's economic development and educational infrastructure. The resolution includes extensive legal protections for the District and provides a framework for the bond issuance, with a three-year window to complete the bond transaction and various safeguards to protect the District's interests.

https://lims.dccouncil.gov/Legislation/PR26-0144