Bill > PR26-0473

This emergency resolution declares an urgent need to authorize up to $25 million in District of Columbia revenue bonds for Cesar Chavez Public Charter Schools for Public Policy. The resolution outlines the specific purposes for the bonds, which include refinancing a 2020 term loan, funding capital expenditures for school facilities at a specific address in Washington, DC (including classrooms, science labs, and a gymnasium), covering working capital costs, funding bond-related expenses, and paying issuance costs. The urgency stems from a pending term sheet with a bank lender that expires on December 31, 2025, and the potential financial burden of delaying the bond approval. By adopting this resolution on an emergency basis, the Council aims to enable the school to secure financing quickly, potentially saving money and avoiding less favorable market conditions. The resolution determines that the circumstances surrounding the bond issuance constitute an emergency, and it will take effect immediately upon adoption.

https://lims.dccouncil.gov/Legislation/PR26-0473