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: Phil Mendelson (Democratic)

Became Law

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Bill Overview

Analyzed Economic Effects

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

Up to $25M bonds for redevelopment

The law authorizes up to $25 million in District revenue bonds for the 1776 Massachusetts Ave NW project. The District can loan the proceeds to Society 1776 Mass Ave LLC. The bonds are special obligations and do not use general tax money. The Mayor or delegates set terms, sign documents, and sell bonds by negotiation or competition. Financing documents may pledge collateral, and a trustee manages and invests the proceeds.

Borrower pays District program fee

The Mayor charges the borrower a program fee for each bond series. The fee covers the District’s costs to issue, monitor, and administer the bonds. The borrower pays this fee; it does not change household taxes.

Public approvals and records for bonds

The law provides the required public approval after a hearing under federal tax rules (IRC 147(f)). The Mayor must file specimen bonds and final financing documents with the Office of the Secretary. Within three days of receiving the bond transcript, the Mayor sends a copy to the Council Secretary. No bond series can be issued without an approving legal opinion on validity and, if relevant, federal tax status.

Refinancing allowed, three-year deadline

The District may issue refunding bonds to refinance earlier bonds for the project. The total principal outstanding at any time cannot exceed $25 million. The authorization ends if no bonds are issued and delivered within three years of this resolution’s date.

Sponsors & Cosponsors

Sponsor

Phil Mendelson
Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 12 • No: 0

House vote • 4/1/2025

Final Reading