Bill Summary – FastDemocracy

ENROLLED ORIGINAL

                                        A RESOLUTION

                                             25-636

                   IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

                                      September 17, 2024

To approve, on an emergency basis, the borrowing of funds by the District through the issuance

       and sale of income tax secured revenue bonds, notes, or other obligations and general

       obligation bonds, notes or other obligations in an aggregate principal amount not to

       exceed $2,410,577,362, and to approve the execution and delivery of documents

       connected to the issuance, sale, and delivery of the bonds or notes.

        RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, that this

resolution may be cited as the "Fiscal Year 2025 Income Tax Secured Revenue Bond, General

Obligation Bond and General Obligation and Income Tax Secured Bond Anticipation Note

Issuance Authorization Emergency Approval Resolution of 2024".

        Sec. 2.(a) Pursuant to and in accordance with D.C. Official Code § 47-335.01, the

General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 1999 -2004

Authorization Act of 1999, effective July 29, 1999 (D.C. Law 13-22; D.C. Official Code § 1-

204.61, note); the General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 2002

-2007 Authorization Act of 2002, effective March 25, 2003 (D.C. Law 14-214; D.C. Official

Code § 1-204.61, note); the General Obligation Bonds and Bond Anticipation Notes for Fiscal

Years 2007-2012 Authorization Act of 2006, effective March 6, 2007 (D.C. Law 16-212; D.C.

Official Code § 1-204.61, note), the General Obligation Bonds and Bond Anticipation Notes for

Fiscal Years 2013-2018 Authorization Act of 2012, effective March 19, 2013 (D.C. Law 19-

231), the General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 2018-2023

Authorization Act of 2017, effective March 29, 2018 (D.C. Law 22-80), and any successor acts

thereto, (“Bond Acts”), the General Obligation Bonds and Bond Anticipation Notes for Fiscal

Years 2023-2028 Authorization Act of 2023, effective June 13, 2023 (D.C. Law 25-9; 70 DCR

6095) and Subchapter II-D of the District of Columbia Official Code (§ 47-340.26 et seq.)

("Income Tax Bond Act"), the Council approves the issuance and sale of:

                       (1) Income tax secured revenue bonds and general obligation bonds in an

aggregate principal amount not to exceed, when aggregated with the principal amount of any

bond anticipation notes pursuant to paragraph (2) of this subsection, $2,410,577,362, to fund the

following capital projects, as that term is defined in the Income Tax Bond Act or the Bond Acts,

                                                1

                                                                      ENROLLED ORIGINAL

plus all costs and expenses authorized by the Income Tax Bond Act or the Bond Acts, including,

but not limited to, reimbursing amounts temporarily advanced from the General Fund of the

District of Columbia, any enterprise fund or other fund or account of the District, and all costs

and expenses of issuing and delivering the bonds, including, but not limited to, underwriting,

rating agency fees, legal fees, accounting fees, financial advisory fees, bond insurance and other

credit enhancements, liquidity enhancements, printing costs and expenses, capitalized interest,

establishment of debt service or other reserve funds related to the bonds, the payment of costs of

contracts described in the Income Tax Bond Act or the Bond Acts, and the payments of other

debt program-related costs as provided in the related agreements:

 Project Category                                              Total Borrowing Plan $

 Building Systems Assessments and Improvements                                    $17,825,460

 Correctional Facilities                                                              28,500,000

 Environmental                                                                            35,659

 Equipment                                                                            44,360,501

 Fire/EMS Stations                                                                    10,825,000

 Fleet                                                                              135,015,991

 General Support Facilities                                                         137,009,219

 Housing                                                                              50,774,439

 Information Technology                                                               89,421,888

 Local and Regional Transportation                                                  387,715,914

 Parks                                                                                30,901,423

 Police Stations                                                                      30,000,000

 Public Health Facilities                                                             22,500,000

 Pools                                                                                43,171,914

 Public Libraries                                                                     15,435,600

 Recreation Centers                                                                 211,106,659

 Redevelopment Infrastructure                                                       400,430,134

 School Facilities                                                                  525,534,847

                                                2

                                                                       ENROLLED ORIGINAL

 Supportive Housing                                                                   37,498,000

 University Facilities                                                                31,500,000

 WMATA CIP Contribution                                                              159,864,714

 Youth Rehabilitation Facilities                                                       1,150,000

 Total                                                                               $2,410,577,362

                        (2) Income tax secured federally tax-exempt and taxable bond anticipation

notes (or other obligations) or general obligation secured federally tax-exempt and taxable bond

anticipation notes (or other obligations) in an aggregate principal amount that when combined

with amounts issued pursuant to paragraph (1) of this subsection shall not exceed

$2,410,577,362, to fund the initial costs of capital projects, as those projects are, from time to

time, included in the District’s annual Budget and Financial Plan and defined in the Income Tax

Bond Act or the Bond Acts, plus all costs and expenses authorized by the Income Tax Bond Act

or the Bond Acts, including, but not limited to, reimbursing amounts temporarily advanced from

the General Fund of the District of Columbia, any enterprise fund or other fund or account of the

District and all costs and expenses of issuing and delivering the commercial paper, including, but

not limited to, underwriting, rating agency fees, legal fees, accounting fees, financial advisory

fees, bond insurance and other credit enhancements, liquidity enhancements, printing costs and

expenses, capitalized interest, establishment of debt service or other reserve funds related to the

commercial paper, the payment of costs of contracts described in the Income Tax Bond Act or

the Bond Acts, and the payments of other debt program-related costs as provided in the related

agreements.

        (b) The capital projects referenced in subsection (a) of this section have been authorized

pursuant to section 446 of the District of Columbia Home Rule Act, approved December 24,

1973 (Pub. L. No. 93-198; 87 Stat. 801; D.C. Official Code § 1-204.46); the Continuing

Appropriations Act, 2014, approved October 17, 2013 (Pub. L. No. 113-46; 127 Stat 558); the

Consolidated Appropriations Act, 2014, approved January 17, 2014 (Pub. L. No. 113-76; 128

Stat 5); the Continuing Appropriations Resolution, 2015, approved September 19, 2014 (Pub. L.

No. 113-164; 128 Stat 1867); Joint Resolution Making further continuing appropriations for

fiscal year 2015, and for other purposes, approved December 12, 2014 (Pub. L. No. 113-202;

128 Stat. 2069); Joint Resolution Making further continuing appropriations for fiscal year 2015,

and for other purposes, approved December 13, 2014 (Pub. L. No. 113-203, 128 Stat. 2070); the

Consolidated and Further Continuing Appropriations Act, 2015, approved December 16, 2014

(Pub. L. No. 113-235; 128 Stat. 2130); the Continuing Appropriations Act, 2016, approved

September 30, 2015 (Pub. L. No. 114-53; 129 Stat. 502); the Further Continuing Appropriations

Act, 2016, approved December 11, 2015 (Pub. L. No. 114-96; 129 Stat. 2193); the Joint

Resolution Making further continuing appropriations for fiscal year 2016, and for other purposes,

approved December 16, 2015 (Pub. L. No. 114-100; 129 Stat. 2202); the Consolidated

Appropriations Act, 2016, approved December 18, 2015 (Pub. L. No. 114-113; 129 Stat. 2242);

                                                  3

                                                                       ENROLLED ORIGINAL

the Fiscal Year 2017 Local Budget Act of 2016, effective July 29, 2016 (D.C. Law 21-142); the

Continuing Appropriations Act, 2017, as amended, approved September 29, 2016 (Pub. L. No.

114-223; 130 Stat. 857); the Consolidated Appropriations Act, 2017, approved May 5, 2017

(Pub. L. No. 115-31; 131 Stat. 135); the Fiscal Year 2018 Local Budget Act of 2017, effective

August 29, 2017 (D.C. Law 22-16); the Continuing Appropriations Act, 2018, as amended,

approved September 8, 2017 (Pub. L. No. 115-56; 131 Stat. 1129); the Consolidated

Appropriations Act, 2018, approved March 23, 2018 (Pub. L. No. 115-141; 132 Stat. 348); the

Fiscal Year 2019 Local Budget Act of 2018, effective August 29, 2018 (D.C. Law 22-158), the

Consolidated Appropriations Act, 2019, approved February 15, 2019 (Pub. L. No. 116-6; 133

Stat. 13), the Fiscal Year 2020 Local Budget Act of 2019, introduced March 20, 2019 (D.C. Bill

23-208) effective August 31, 2019 (D.C. Law 23-11), the Consolidated Appropriations Act,

2020, approved December 20, 2019 (Pub. L. No. 116-93; 133 Stat. 2317), the Fiscal Year 2021

Local Budget Act of 2020, effective October 20, 2020 (D.C. Law 23-136), the Consolidated

Appropriations Act, 2021, approved December 27, 2020 (Pub. L. No. 116-260; 134 Stat. 1182),

the Fiscal Year 2022 Local Budget Act of 2021, effective November 3, 2021 (D.C. Law 24-43),

the Fiscal Year 2022 Local Budget Act of 2021, effective November 3, 2021 (D.C. Law 24-43),

the Consolidated Appropriations Act, 2022, approved March 15, 2022 (Pub. L. No. 117-103; 136

Stat. 49), the Fiscal Year 2023 Local Budget Act of 2022, effective September 9, 2022(D.C. Law

24-166), the Consolidated Appropriations Act, 2023, approved December 29, 2022 (Pub. L. No.

117-328; 136 Stat. 4459), the Fiscal Year 2024 Local Budget Act of 2023, effective August 29,

2023 (D.C. Law 25-47), Further Consolidated Appropriations Act, 2024, approved March 23,

2024 (Pub. L. No. 118-47; 138 Stat. 460), the Fiscal Year 2025 Local Budget Act of 2024,

enacted July 15, 2024 (D.C. Act 25-501; 71 DCR 8366), and are capital projects for which the

District of Columbia is authorized to incur indebtedness under the Bond Acts and the Income

Tax Bond Act.

        (c) The Chief Financial Officer is further authorized to determine whether income tax

secured revenue bonds, general obligation bonds, or bond anticipation notes or other notes or

obligations authorized by the Income Tax Bond Act or the Bond Acts, will be issued to finance

or refinance the capital projects described in subsection (a) of this section. If notes or other

temporary obligations are issued to finance the capital projects described in subsection (a) of this

section, the Chief Financial Officer shall determine when and whether income tax secured

revenue bonds or general obligation bonds will be issued to refund or refinance the outstanding

notes in accordance with the Income Tax Bond Act, the Bond Acts, and other applicable laws.

        Sec. 3. If the funds allocated to any agency pursuant to this resolution exceed the amount

required by that agency to complete any authorized capital project listed in section 2 for that

agency, the excess funds shall be made available to finance other capital projects approved by a

prior or subsequent Council bond issuance resolution or act.

                                                 4

                                                                      ENROLLED ORIGINAL

       Sec. 4. Pursuant to sections 7 and 8 of the Bond Acts, section 2 of the Income Tax Bond

Act, and other applicable law, the Council approves the execution and delivery by the Mayor, or

the Chief Financial Officer, on behalf of the District, of any agreement, document, contract and

instrument (including any amendment of or supplement to any such agreement, document,

contract, or instrument) in connection with the issuance, sale and delivery of District of

Columbia general obligation bonds or notes or income tax secured revenue bonds or notes

pursuant to the Bond Acts or the Income Tax Bond Act.

       Sec. 5. The Council shall submit a copy of this resolution, upon its adoption, to the Mayor.

        Sec. 6. The Council adopts the fiscal impact statement of the Chief Financial Officer as

the fiscal impact statement required by section 4a of the General Legislative Procedures Act of

1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a)..

       Sec. 7. This resolution shall take effect immediately.

                                                5