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District of ColumbiaPR26-0146Council Period 26 (2025-2026)HouseWALLET

Society for Science and the Public Revenue Bonds Project Emergency Approval Resolution of 2025

Sponsored By: Sponsor information unavailable

Adopted

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 1 costs, 0 mixed.

District taxpayers protected from project debt

Beginning April 1, 2025, these project bonds are not District debt and are not backed by its taxing power. Payments come only from specified financing sources, including loan repayments, bond proceeds, and investment income. The District’s general fund does not cover the bonds or their issuance costs. The District is not required to issue bonds, and failure to issue them creates no damages claim against it. District officers and employees have no personal liability except for willful and fraudulent conduct.

Science nonprofit gains project bond financing

Beginning April 1, 2025, the District may issue up to $25 million in bonds for an educational redevelopment project. The money is loaned to Society 1776 Mass Ave LLC, wholly owned by the nonprofit Society for Science and the Public. It covers buying, redeveloping, renovating, and furnishing 1776 Massachusetts Avenue NW and related property, plus eligible financing costs. The Mayor controls bond terms and may refinance the bonds, but outstanding principal cannot exceed $25 million. Issuance remains optional, requires bond counsel’s approval, and carries no District guarantee of tax-exempt interest or project success. Authorization for bonds not issued, sold, and delivered within three years of the resolution date expires; households receive no direct payment.

Science project borrower faces possible fees

Beginning April 1, 2025, the Mayor may charge Society 1776 Mass Ave LLC a fee for its bond financing. The fee may cover bond issuance, tracking money, checking public benefit agreements, and keeping records. It may also cover District help with bond repayment, repurchase, or resale. The law sets no fee amount and does not directly charge households.

Sponsors & Cosponsors

Sponsors

There is no primary sponsor on record.

Cosponsors

  • Phil Mendelson

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 12 • No: 0

House vote • 4/1/2025

Final Reading

Yes: 12 • No: 0

Actions Timeline

  1. Resolution R26-0095, Effective from Apr 01, 2025 Published in DC Register Vol 72 and Page 004125

    4/11/2025House

  2. Approved with Resolution Number R26-0095

    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. PR26-0146 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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