Bill > PR26-0251

This resolution authorizes the District of Columbia to issue up to $88 million in revenue bonds to assist the National Community Reinvestment Coalition, Inc. (NCRC), a nonprofit organization, in refinancing its existing 2018 revenue bonds and funding costs related to its office building located at 740 15th Street NW in Washington, DC. The bonds are special obligations of the District, meaning they do not involve the city's faith, credit, or taxing power, and are specifically designed to help NCRC refinance its previous bond issuance for an 11-floor, 22-unit office building of approximately 175,508 square feet. The resolution provides detailed provisions for how the bonds can be issued, sold, and delivered, including authorizing the Mayor or designated officials to determine specific bond terms, and includes provisions that limit the District's liability, ensure the bonds are solely payable from bond proceeds and loan revenues, and require certain documentation and reporting. The resolution also emphasizes that the bond issuance is discretionary and does not obligate the District to provide financial assistance, and it includes standard legal provisions such as severability and an immediate effective date.

https://lims.dccouncil.gov/Legislation/PR26-0251