The Maret School, Inc. Revenue Bonds Project Emergency Approval Resolution of 2025 authorizes the issuance of up to $37 million in revenue bonds by the District of Columbia to support Maret School, Inc. in financing various projects, including the renovation and development of educational and athletic facilities, as well as refinancing existing bonds. The resolution outlines the roles of key officials, such as the Mayor and bond counsel, and establishes a framework for the issuance, sale, and delivery of the bonds, ensuring adherence to the District of Columbia Home Rule Act. Importantly, the bonds are designated as special obligations of the District, meaning they do not constitute a debt against the District's general funds or taxing power.
The resolution further details the procedures for bond sale, payment arrangements, and necessary documentation, while emphasizing that the District is not liable for any costs associated with the bond issuance beyond those explicitly stated. It protects District officials from personal liability related to the bonds and limits claims against the District unless there is evidence of willful misconduct. The resolution also stipulates that the bond authorization will expire if not executed within three years and mandates compliance with public approval requirements. It takes effect immediately upon adoption and includes a fiscal impact statement to be transmitted to the Mayor.