Bill > PR26-0474

This joint resolution authorizes the District of Columbia to issue up to $25 million in revenue bonds to assist Cesar Chavez Public Charter Schools for Public Policy in financing and refinancing various projects, including refinancing an existing bank loan, making capital improvements to their school facilities located at 3701 Hayes Street NE, funding working capital costs, and covering bond-related expenses. The resolution specifies that these are special obligation bonds without recourse to the District's general funds or credit, meaning the District is not financially liable if the borrower cannot repay the bonds. The Mayor is granted broad authority to determine the specific terms of the bond issuance, including interest rates, payment schedules, and other financial details, and can delegate certain responsibilities to authorized officials. The bonds are intended to support educational infrastructure and development in the District, and the resolution includes provisions to ensure transparency, such as requiring the Mayor to transmit a copy of the bond transaction proceedings to the City Council within three days of receipt. The resolution will take effect immediately and expires if the bonds are not issued within three years of its adoption.

https://lims.dccouncil.gov/Legislation/PR26-0474