District of ColumbiaPR26-0253Council Period 26 (2025-2026)HouseWALLET

USBC Economic Development Corporation 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.

Bonds not backed by District taxes

These bonds are special, non‑recourse obligations. Payments come only from bond proceeds, project loan revenues, and investment income set in the financing papers. The District’s faith and credit and taxing power are not pledged. Each bond must carry a clear legend stating this.

Borrower pays District program fee

The Mayor may charge the borrower a program fee. The fee covers the District’s costs for issuing, monitoring, compliance, recordkeeping, and remarketing help. The borrower, not taxpayers, pays this under the financing documents.

Rules to issue and track these bonds

The District may sell each bond series by negotiation or competitive sale and issue offering papers. The Mayor finalizes and may delegate financing and closing documents, and a trustee handles proceeds as the documents allow. No bonds are issued until Bond Counsel gives an approving legal opinion; this resolution supplies the federal public‑approval after a hearing. The Mayor must monitor how proceeds are used. Specimen bonds and final papers are filed with the Secretary, and within 3 days of receiving the transcript, the Mayor sends it to the Council Secretary.

Up to $37.5M bonds for nonprofit HQ

The law authorizes up to $37.5 million in District revenue bonds for a nonprofit’s headquarters project. The District may loan the bond money to USBC Economic Development Corporation to buy and renovate properties, and to fund equipment, reserves, and issuance costs. The District may also issue refunding bonds, but the total cannot exceed $37.5 million. The authorization ends if no bonds are issued, sold, and delivered within three years.

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 • 7/1/2025

Final Reading