District of ColumbiaPR26-0293Council Period 26 (2025-2026)HouseWALLET

The Field School, Inc. Revenue Bonds Project 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.

Bonds not backed by DC taxes

These bonds are special obligations paid only from project sources like loan payments and investment earnings named in the financing papers. They are not general obligations of the District and do not use the District’s taxing power or full faith and credit. The District is not liable for issuance costs or other payments beyond those sources. Claims against the District or its officials are barred, except for willful and fraudulent acts by officials.

How the bonds are issued and overseen

The Mayor and delegates set the final bond terms, create reserve funds, approve credit help, and sign closing papers. Each series can be sold by negotiated or competitive sale at, above, or below par. No bonds are issued until bond counsel gives a validity opinion, and, if tax‑exempt interest is expected, an opinion on federal tax status. The trustee manages deposits, investments, and payments as the financing documents allow. Council approval meets the federal public‑hearing and approval rule for private‑activity bonds. Final bond forms and closing papers must be filed with the District Secretary, and the Mayor must send the bond transcript to the Council Secretary within three days of receiving it.

Program fee charged to Field School

The Mayor may charge The Field School a program fee to cover the District’s costs to issue, sell, and deliver the bonds. The fee can also cover monitoring of bond proceeds and public‑benefit compliance, recordkeeping, and help with redemption, repurchase, or remarketing.

Field School can get $25M in bonds

The law lets the District issue up to $25,000,000 in revenue bonds and loan the money to The Field School. The funds can build a new 15,000 sq. ft. Innovation Center, renovate the Wonder Building, improve athletic fields and parking, make other campus upgrades at 2301 Foxhall Road NW, and cover working capital, interest, and issuance costs as allowed. The District can also issue refunding bonds, but total principal outstanding can never be more than $25,000,000. This approval expires if the bonds are not issued, sold, and delivered within three years of enactment.

Sponsors & Cosponsors

Sponsor

Phil Mendelson
Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 13 • No: 0

House vote • 11/18/2025

Final Reading, CC