Bill > PR26-0158

This resolution authorizes the District of Columbia to issue revenue bonds up to $37 million to support Maret School, Inc., a nonprofit educational institution. The bonds will be used to refinance previous school bonds from 2003 and 2004, fund capital improvements at the school's campuses on Cathedral Avenue and Utah Avenue in Washington, DC, and cover associated costs like interest payments and issuance expenses. The resolution emphasizes that these are special obligation bonds without recourse to the District's general funds or credit, meaning the District is not financially liable if the school cannot repay the bonds. The Mayor is granted broad authority to determine the specific terms of the bonds, including interest rates, payment schedules, and other financial details. The bonds are intended to support the school's educational facilities and contribute to the welfare of District residents by assisting an educational institution. The authorization for issuing the bonds will expire if they are not issued within three years of the resolution's adoption, and the resolution includes provisions to ensure compliance with federal tax regulations and public approval requirements.

https://lims.dccouncil.gov/Legislation/PR26-0158