GOVERNMENT OF THE DISTRICT OF COLUMBIA
OFFICE OF THE CHIEF FINANCIAL OFFICER
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July 8, 2021
The Honorable Phil Mendelson
Chairman
Councilof the District of Columbia
1350 Pennsylvania Avenue, NW
Suite 504
Washington, D.C. 20004
Dear Chairman Mendelson:
This letter transmits my request for a Council emergency resolution approving the borrowing of
$1,361,500,000 via the issuance of income tax secured bonds or notes or general obligation
bonds or notes for capital projects previously approved in the District's Capital Improvement
Plan. The proposed resolution, the Fiscal Year 2022 Income Tax Secured Revenue Bond,
General Obligation Bond and General Obligation and Income Tax Secured Bond Anticipation
Note Issuance Authorization Emergency Approval Resolution of 2021, is enclosed and includes
a listingofthe projects to which the borrowed funds will be allocated. | have also enclosed the
corresponding emergency declaration resolution.
The General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 2018-2023
Authorization Act of 2017, D.C. Law 22-80, and any successor acts, and D.C. Official Code 1-
204.90 (together the Bond Acts) authorize the District to issue bonds or notes to pay for the
costofacquiring and constructing capital projects described therein and to pay costsofissuance.
The bonds or notes to be issued may be sold by competitive or negotiated sale and may be issued
on a tax-exempt or taxable basis. The funds used to pay debt service on the borrowing are
included in the Districts Proposed Fiscal Year 2022 Budget and Financial Plan. The Office of
the Attorney General has indicated in writing that this proposed legislation is legally sufficient.
A fiscal impact statement is also enclosed.
1 am available to discuss any questions you may have regarding this legislation at (202) 727-
2476.
rely,
dpg~Lee
Fitzfoy Lee
Enclosures
ce: Nyasha Smith, Secretary to the Councilofthe District of Columbia
wausune
Chairman Phil Mendelson
at the Requestof the Chief Financial Officer
A PROPOSED RESOLUTION
o
10 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA,
I
12 To approve, on an emergency basis, the borrowing of funds by the District through the issuance
13 and saleof income tax secured revenue bonds and notes and general obligation bonds and
14 notes in an aggregate principal amount not to exceed $1,361,500,000, and to approve the
15 execution and delivery of documents connected to the issuance, sale and delivery of the
16 bonds or notes.
17
18 RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
19 resolution may be cited as the "Fiscal Year 2022 Income Tax Secured Revenue Bond, General
20 Obligation Bond and General Obligation and Income Tax Secured Bond Anticipation Note
21 Issuance Authorization Emergency Approval Resolution of2021".
22
23 Sec. 2.(a) Pursuant to and in accordance with D.C. Official Code 47-335.01, the
24 General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 1999-2004
25 Authorization Act of 1999, effective July 29, 1999 (D.C. Law 13-22; D.C. Official Code 1-
26 204.61, note); the General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 2002
27 -2007 Authorization Act of 2002, effective March 25, 2003 (D.C. Law 14-214; D.C. Official
28 Code 1-204.61, note); the General Obligation Bonds and Bond Anticipation Notes for Fiscal
29 Years 2007-2012 Authorization Act of2006, effective March 6, 2007 (D.C. Law 16-212; D.C.
30 Official Code 1-204.61, note), the General Obligation Bonds and Bond Anticipation Notes for
31 Fiscal Years 2013-2018 Authorization Act of2012, effective March 19, 2013 (D.C. Law 19-
32 231), the General Obligation Bonds and Bond Anticipation Notes for Fiscal Years 2018-2023
33 Authorization Actof 2018, effective March 29, 2018 (D.C. Law 22-80), and any successor acts
34 thereto, (the Bond Acts), and Subchapter II-Dofthe District of Columbia Official Code ( 47-
35 340.26 et seq.) ("Income Tax Bond Act"), the Council approves the issuance and sale of:
36
37 (i) Income tax secured federally taxable or tax-exempt revenue bonds and federally
38 taxable or tax-exempt general obligation bonds in an aggregate principal amount not to exceed,
39 when aggregated with the principal amountofany bond anticipation notes pursuant to subsection
40 2(a)(ii), $1,361,500,000, to fund the following capital projects, as that term is defined in the
41 Income Tax Bond Act or the Bond Acts, plus all costs and expenses authorized by the Income
42 Tax Bond Act or the Bond Acts, including, but not limited to, reimbursing amounts temporarily
 advanced from the General Fundof the District of Columbia, any enterprise fund or other fund
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or accountof 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 9,430,000
Correctional Facilities 18,250,000
Equipment 36,700,000
Fire/EMS Stations 16,500,000
Fleet 96,005,000
General Support Facilities 39,100,000
Health Care Facilities 114,300,000
Information Systems 85,930,000
Local and Regional Transportation 156,000,000
Parks, Playgrounds, Athletic Fields 22,473,000
Police Stations 6,517,000
Public Libraries 3,055,000
Recreational Centers and Pools 68,350,000
Redevelopment 167,754,000
School Facilities 301,410,000
Supportive Housing 72,782,000
University Facilities 7,500,000
WMATA CIP Contribution 138,294,000
Youth Rehabilitation Facilities 1,150,000
Total 1,361,500,000
10 (ii) Income tax secured federally tax-exempt and taxable bond anticipation notes or
ll general obligation secured federally tax-exempt and taxable bond anticipation notes in an
12 aggregate principal amount that when combined with amounts issued pursuant to subsection
13 2(a)(i) shall not exceed $1,361,500,000, to fund the initial costsofcapital projects, as those
14 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 costsofcontracts 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 subsections (a)(i) and (a)(ii) 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);
the Fiscal Year 2017 Local Budget Actof 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 Actof 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. 116-260; 134 Stat. 1182), and
the Fiscal Year 2022 Local Budget Act of 2021, introduced May 27, 2021 (D.C. Bill 24-275),
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
3
 secured revenue bonds, general obligation bonds, or bond anticipation notes or other notes
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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)ofthis section. If notes are issued to finance the
capital projects described in subsection (a)ofthis 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
ll agency, the excess funds shall be made available to finance other capital projects approved by a
12 prior or subsequent Council bond issuance resolution or act.
13
14 Sec, 4. Pursuant to sections 7 and 8of the Bond Acts, section 2 ofthe Income Tax Bond
15 Act, and other applicable law, the Council approves the execution and delivery by the Mayor, or
16 the Chief Financial Officer, on behalf
ofthe District, of any agreement, document, contract and
17 instrument (including any amendmentofor supplement to any such agreement, document,
18 contract, or instrument) in connection with the issuance, sale and delivery of District of
19 Columbia general obligation bonds or notes or income tax secured revenue bonds or notes
20 pursuant to the Bond Acts or the Income Tax Bond Act.
21
22 Sec. 5, The Secretary to the Council shall submit a copy of this resolution, upon its
23 adoption, to the Mayor.
24
25 Sec. 6. The Council adopts the fiscal impact statement of the ChiefFinancial Officer as
26 the fiscal impact statement required by section 4a of the General Legislative Procedures Act of
27 1975, approved October 16, 2006 (120 Stat. 2038; D.C. Official Code 1-301.47a).
28
29 Sec. 7. This resolution shall take effect immediately.
 Government of the District of Columbia
Office of the Chief Financial Officer
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Fitzroy Lee
Interim Chief Financial Officer
MEMORANDUM
TO: The Honorable Phil Mendelson
Chairman, Council of the District of Columbia
FROM: Fitzroy Lee
Interim Chief Financial Officer Lec
DATE: July 7, 2021
SUBJECT: Fiscal Impact Statement - Fiscal Year 2022 Income Tax Secured
Revenue Bond, General Obligation Bond and General Obligation and
Income Tax Secured Bond Anticipation Note Issuance Authorization
Emergency Approval Resolution of 2021
REFERENCE: Draft Resolution provided to the Office of Revenue Analysis on July 1,
2021
Conclusion
Funds are sufficient in the FY 2021 budget and proposed FY 2022 through FY 2025 budget and
financial plan to implement the resolution.
Background
The resolution authorizes the District to issue and sell tax-exempt and taxable income tax secured
revenue bonds, general obligation bonds, and general obligation bond anticipation notes in the
combined amount of approximately $1.361 billion in fiscal year 2021. The District will use proceeds
of the bonds to fund the capital projects outlined in the resolution, as well as the costs and expenses
associated with the bond issuance and sales, to the extent allowable under District laws.
The District's proposed fiscal year 2022 through fiscal year 2027 Capital Improvements Plan
includes $4.9 billion in planned borrowing using a combination of general obligation bonds, income
tax secured revenue bonds, and short-term bonds'. The Chief Financial Officer decides to issue
various types of bonds depending on market conditions at the time of issuance.
1 See table CA-3 in the District of Columbia FY 2022- FY 2027 Capital Improvements Plan for
a breakdown of
capital funding sources, (https://cfo.dc.gov/page/annual-operating-budget-and-capital-plan).
11350 Pennsylvania Avenue, NW, Suite 203, Washington, DC 20004 (202)727-2476
www.cfo.degov
The Honorable Phil Mendelson
FIS: Fiscal Year 2022 Income Tax Secured Revenue Bond, General Obligation Bond and General Obligation
and Income Tax Secured Bond Anticipation Note Issuance Authorization Emergency Approval Resolution of
2020," Draft resolution provided to the Office of Revenue Analysis on July 1, 2021.
The District of Columbia Home Rule Act? permits proceeds from notes or bonds issued by the
District of Columbia to be used for:
* Payment of the cost of acquiring, undertaking, or refinancing capital projects;
+ The reimbursing of capital project funding temporarily advanced from the General Fund of
the District of Columbia, any enterprise fund, or other fund or accountofthe District;
+ The refunding of outstanding debt, including, but not limited to, any treasury advances and
any notes issued pursuant to section 475 of the Home Rule Act; and
The payment of the costs and expensesofpreparation, execution, issuance, sale or delivery
of, or security for, the bonds and notes, including the paymentsof contracts or agreements
necessary and appropriate for issuing and delivering the bonds.
Financial Plan Impact
Funds are sufficient in the FY 2021 budget and proposed FY 2022 through FY 2025 budget and
financial plan to implement the resolution. The $1.361 billion additional borrowing authorized by
the resolution is consistent with the planned capital expenditures in the Districts proposed FY
2021 through FY 2027 Capital Improvements Plan, which includes $4.9 billion of planned
borrowing.
2 Approved December 24, 1973 (87 Stat. 774; D.C. Official Code 1-201.01 et seq).
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 GOVERNMENT OF THE DISTRICT OF COLUMBIA
OFFICE OF THE ATTORNEY GENERAL
kk
ATTORNEY GENERAL aes
Kandace ia
Commercial Division
Tax and Finance Section
MEMORANDUM
TO: Carmen Pigler