Bill > PR26-0345

This resolution authorizes the District of Columbia to issue up to $15 million in revenue bonds to help the Early Childhood Academy Public Charter School finance, refinance, or reimburse costs associated with its school facility located in Washington, DC. Specifically, the bonds can be used for refinancing existing debt related to the school's approximately 37,700 square foot facility, funding construction and equipment, covering working capital costs, paying bond-related expenses, and covering issuance costs. The bonds are special obligations of the District, meaning they do not involve the District's faith, credit, or taxing power, and carry no direct financial liability for the city. The Mayor is authorized to execute the necessary financing documents, determine the bond details such as interest rates and payment terms, and sell the bonds through negotiated or competitive sale. The resolution includes provisions to protect the District from financial risk and sets a three-year expiration on the bond authorization if the bonds are not issued within that timeframe. The purpose of the resolution is to support the school's facility needs while maintaining clear legal boundaries around the District's financial commitment.

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https://lims.dccouncil.gov/Legislation/PR26-0345