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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: Phil Mendelson (Democratic)

Became Law

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Bill Overview

Analyzed Economic Effects

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

Taxpayers not liable for these bonds

These bonds are special obligations of the District, not general debt. The District does not pledge its taxes or full faith and credit. Payments come only from bond proceeds, loan receipts, investment income, and other non‑District sources named in the financing papers. Each bond must state these limits in a legend. District officials are not personally liable, except for willful fraud.

$675 million in Georgetown bonds

The District authorizes up to $675 million in revenue bonds for Georgetown University. Money can refinance older bonds and a 2018 loan, and fund new campus buildings. Projects include a building at 111 Massachusetts Ave NW, a law building at 120 F Street NW, a lab at 3950 Reservoir Rd NW, and campus grounds. The District may also issue refunding bonds later, as long as the total stays within the $675 million cap. If no bonds are issued within 3 years, this authorization expires.

Bond sale rules and public approvals

The Mayor sets the final bond terms, like interest rates, dates, and credit support, and may delegate. Bonds can be sold by negotiation or competition, at, above, or below par. If interest is to be tax‑exempt, the Mayor gets an approving Bond Counsel opinion before issuing. The Mayor signs and delivers all financing and closing papers. Copies of specimen bonds and final documents are filed with the District’s Secretary, and within 3 days of getting the transcript, the Mayor sends it to the Council Secretary. The Council’s approval and public hearing satisfy the federal public‑approval rule for private‑activity bonds.

Fee charged to Georgetown for bonds

The Mayor may charge Georgetown a program fee for each bond series. The fee covers issuance, monitoring, recordkeeping, and compliance costs. Georgetown pays these fees, not District taxpayers.

Sponsors & Cosponsors

Sponsor

  • Phil Mendelson

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

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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