Bill > PR26-0293

This resolution authorizes the District of Columbia to issue up to $25 million in revenue bonds to support The Field School, Inc.'s campus improvement project in Washington, DC. Specifically, the bonds will help finance the construction of a 15,000 square foot Innovation Center, renovate existing buildings, develop new athletic fields and parking facilities, and cover associated working capital and issuance costs. The bonds are special obligations of the District, meaning they do not pledge the city's full faith and credit or taxing power, and are solely payable from the proceeds of the bond sale and loan repayments. The resolution allows the Mayor or designated officials to determine the specific terms of the bonds, including interest rates, payment schedules, and other financial details. The project is intended to contribute to the educational infrastructure and economic development of the District, and the bonds will be issued under Section 490 of the District of Columbia Home Rule Act. The authorization will expire if the bonds are not issued within three years of the resolution's passage.

Business and Industry

https://lims.dccouncil.gov/Legislation/PR26-0293