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District of ColumbiaPR26-0144Council Period 26 (2025-2026)HouseWALLET

Georgetown University Revenue Bonds Project Emergency Approval Resolution of 2025

Sponsored By: Sponsor information unavailable

Adopted

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 2 benefits, 2 costs, 1 mixed.

District taxpayers do not guarantee Georgetown bonds

The bonds are not general District debt, and District taxes, general funds, and credit are not pledged for repayment. Payments come only from named sources, including bond proceeds, investment earnings, Georgetown loan payments, and other available non-District sources. The District has no duty to buy the bonds or pay issuance costs. Its promises in the resolution and financing documents remain binding within these limits.

Georgetown gets $675 million financing authority

The resolution immediately authorizes up to $675 million in District revenue bonds, with the money lent to Georgetown University. Georgetown must remain a District nonprofit exempt from federal income tax, and money must cover the defined project. Uses include refinancing 2010 and 2017 bonds and a 2018 Truist Bank loan, plus campus construction and upgrades. Projects include academic buildings at 111 Massachusetts Avenue NW and 120 F Street NW, and research labs at 3950 Reservoir Road NW. The financing also covers work at 3700 O Street NW, housing, libraries, performing arts, business school facilities, parking, and utilities. Money can cover working capital, bond interest, hedge termination, credit and liquidity support, a repayment reserve, and issuance costs. The Mayor or an authorized delegate sets bond terms and sale methods within the cap and signs financing documents. Council approval followed a public hearing; issuance requires completed documents and Bond Counsel approval of validity and applicable federal tax treatment.

Georgetown can face bond program fees

The Mayor can charge Georgetown a program fee, but charging one is optional and no amount is set. The fee can cover bond issuance, recordkeeping, tracking money use, and checking compliance with public benefit agreements. It can also cover help with bond redemption, repurchase, and resale. Fees and issuance costs come from bond proceeds or Georgetown payments, not a required District payment.

Georgetown financing faces discretion and deadline

The District does not have to issue bonds or help finance Georgetown's project, and it alone sets issuance priorities. Georgetown cannot seek damages or other court relief when bonds are not issued. The District does not promise tax-exempt financing will be available or vouch for the project's finances or Georgetown's repayment ability. Authorization expires unless bonds are issued, sold, and delivered to the first buyer within three years of the resolution date. No calendar deadline is provided.

Bond claims limited; District officials protected

People, including Georgetown and bond owners, generally cannot collect money damages from the District or its representatives for bond-related failures. This also covers incorrect statements or missing information in the resolution and bond documents. District officials, workers, and agents are protected from personal liability for bond repayment, issuance, sale, delivery, and related District promises. These protections do not apply to conduct that is both willful and fraudulent.

Sponsors & Cosponsors

Sponsors

There is no primary sponsor on record.

Cosponsors

  • Phil Mendelson

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 11 • No: 0

House vote • 4/1/2025

Final Reading

Yes: 11 • No: 0 • Other: 1

Actions Timeline

  1. Resolution R26-0093, Effective from Apr 01, 2025 Published in DC Register Vol 72 and Page 004111

    4/11/2025House

  2. Approved with Resolution Number R26-0093

    4/1/2025House

  3. Legislative Meeting

    4/1/2025House

  4. Retained by the Council with comments from the Committee on Business and Economic Development

    4/1/2025House

  5. PR26-0144 Introduced by Chairman Mendelson at Office of the Secretary

    3/19/2025House

Bill Text

  • Enrollment

    4/1/2025

    PDF

  • Introduced

    3/19/2025

    PDF

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