The Georgetown University Revenue Bonds Project Emergency Approval Resolution of 2025 authorizes the issuance of up to $675 million in revenue bonds by the District of Columbia to support Georgetown University in financing various projects. These projects include refinancing existing debt and funding the construction, renovation, and modernization of university facilities, such as a new science center and academic buildings. The resolution outlines the roles of key officials, including the Mayor and bond counsel, in managing the bond issuance and associated loans, while also emphasizing the economic benefits these projects will bring to the District, in line with the Home Rule Act.
The resolution specifies that the bonds will be special obligations of the District, secured by proceeds from their sale and other designated sources, without recourse to the District's credit or taxing power. It grants the Mayor the authority to determine the details of the bonds, including form and payment terms, and allows for the charging of a program fee to cover related costs. Additionally, the resolution includes provisions for the sale of the bonds, necessary documentation, and a public approval requirement, with the stipulation that the authorization will expire if the bonds are not issued within three years. Overall, the resolution aims to facilitate Georgetown University's growth while benefiting the local community and economy.