Bill > PR26-0355

This resolution authorizes the District of Columbia to issue up to $22 million in revenue bonds to support Richard Wright Public Charter School's facility-related financial needs. Specifically, the bonds will help the school refinance existing debt, fund construction and renovation of its 65,000 square foot school facility located at 475 School Street SW in Washington DC, cover working capital costs, fund bond-related expenses, and pay issuance costs. The bonds are special obligations of the District, meaning they do not involve the city's full faith and credit or taxing power, and are payable solely from the bond proceeds and related revenues. The Mayor is authorized to execute the necessary financing documents, determine the bond details such as interest rates and payment terms, and make the loan to the charter school. The resolution includes provisions ensuring the District has limited liability for the bonds and that the issuance is discretionary. The bonds must be issued within three years of the resolution's passage, and the approval constitutes the required public review under federal tax regulations. The ultimate goal is to support the charter school's educational facility improvements while protecting the District's financial interests.

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https://lims.dccouncil.gov/Legislation/PR26-0355