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District of ColumbiaPR26-0158Council Period 26 (2025-2026)HouseWALLET

Maret School, Inc. 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 do not back school bonds

Beginning April 1, 2025, Maret School bonds are not District debt and are not backed by District taxes. Bond payments come only from sources named in the financing documents, such as loan repayments and bond proceeds. The District owes neither bond payments nor related issuing costs from its general funds. The District also has no duty to issue the bonds, reimburse project costs, or guarantee the project's success. The taxpayer protection has no stated end date.

Maret School gets access to bond financing

The law authorizes up to $37 million in District revenue bonds, with proceeds lent to nonprofit Maret School. The money can refinance the school's 1998, 2003, and 2004 bonds for its 3000 Cathedral Avenue NW campus. It can also fund improvements, furniture, and equipment at 5901 Utah Avenue NW, plus related financing costs. Bond Counsel must approve the bonds before issuance. The authority begins April 1, 2025, and expires April 1, 2028, unless issuance, sale, and delivery are completed. Refunding bonds are allowed, but total outstanding principal cannot exceed $37 million. This is loan financing, not a government grant or household payment.

Maret School can face financing fees

The Mayor can charge Maret School a program fee for each bond series. The fee can cover District costs for issuing bonds, tracking spending, checking public-benefit agreements, and keeping records. The law sets no fee amount and does not require the Mayor to charge it. This fee authority accompanies the financing authorization beginning April 1, 2025, with its April 1, 2028 issuance deadline.

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 R26-0097, Effective from Apr 01, 2025 Published in DC Register Vol 72 and Page 004136

    4/11/2025House

  2. Approved with Resolution Number R26-0097

    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. PR26-0158 Introduced by Chairman Mendelson at Office of the Secretary

    3/25/2025House

Bill Text

  • Enrollment

    4/1/2025

    PDF

  • Introduced

    3/25/2025

    PDF

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