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Bill > PR26-0250
DC PR26-0250
DC PR26-0250National Community Reinvestment Coalition, Inc., Revenue Bonds Project Emergency Declaration Resolution of 2025
summary
Introduced
06/25/2025
06/25/2025
In Committee
Crossed Over
Passed
07/01/2025
07/01/2025
Dead
Signed/Enacted/Adopted
07/01/2025
07/01/2025
Introduced Session
26th Council
Bill Summary
July 1, 2025 To declare the existence of an emergency with respect to the need to authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to exceed $88 million of District of Columbia revenue bonds in one or more series, and to authorize and provide for the loan of the proceeds of such bonds to assist National Community Reinvestment Coalition, Inc. in the financing, refinancing, or reimbursing of costs associated with an authorized project pursuant to section 490 of the District of Columbia Home Rule Act.
AI Summary
This emergency resolution declares a critical need to authorize the issuance of up to $88 million in District of Columbia revenue bonds for the National Community Reinvestment Coalition, Inc. (NCRC), a local nonprofit organization. The bonds will be used to refinance previous 2018 revenue bonds that originally funded the acquisition and renovation of an 11-floor office building located at 740 15th Street, NW in Washington, DC. The resolution highlights the importance of expediting the bond issuance process due to current economic uncertainties in financial markets, with the goal of enabling NCRC to market the bonds to investors and potentially secure favorable interest rates. The resolution also allows for funding additional costs such as credit enhancement, capitalized interest, debt service reserves, and issuance expenses. By declaring an emergency, the DC Council aims to quickly approve the bond issuance to provide maximum financial flexibility and support for the NCRC's real estate project, with the resolution taking immediate effect upon passage.
Sponsors (1)
Last Action
Resolution R26-0165, Effective from Jul 01, 2025 Published in DC Register Vol 72 and Page 007646 (on 07/11/2025)
Official Document
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lims.dccouncil.gov/Legislation/PR26-0250 |
| BillText | https://lims.dccouncil.gov/downloads/LIMS/58035/Meeting1/Enrollment/PR26-0250-Enrollment1.pdf |
| BillText | https://lims.dccouncil.gov/downloads/LIMS/58035/Introduction/PR26-0250-Introduction.pdf |
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