Bill > PR26-0146

This resolution authorizes the District of Columbia to issue up to $25 million in revenue bonds to assist Society for Science and the Public in financing a project located at 1776 Massachusetts Avenue NW. The project involves acquiring, redeveloping, renovating, and equipping a property and related parking facilities, with the goal of contributing to education, health, and welfare of District residents. The bonds are special obligations of the District, meaning they do not involve the city's faith, credit, or taxing power, and are solely payable from the proceeds of the bond sale and loan revenues. The Mayor is authorized to determine the specific terms of the bonds, including interest rates, payment schedules, and redemption conditions, and to execute necessary financing documents. The resolution includes important protections for the District, explicitly stating that the city has no financial liability beyond the specific bond proceeds and that the bonds do not constitute a general debt obligation. The authorization for issuing the bonds will expire if they are not sold within three years of the resolution's adoption, and the resolution was adopted after a public hearing as required by federal tax regulations.

https://lims.dccouncil.gov/Legislation/PR26-0146