District of ColumbiaPR26-0345Council Period 26 (2025-2026)HouseWALLET

Early Childhood Academy Public Charter School 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: 1 benefits, 1 costs, 2 mixed.

Charter school bonds up to $15 million

The law authorizes the District to issue up to $15,000,000 in revenue bonds for Early Childhood Academy Public Charter School. The District loans the money to the school for its facility at 885 Barnaby Street, SE. Funds can refinance old debt, build and equip the school, cover working capital, pay interest during construction, and pay issuance costs. The District can also issue refunding bonds, but total bonds outstanding for this project cannot exceed $15,000,000.

City fees charged to the school

The Mayor charges the school a program fee to cover the city’s costs to issue and oversee the bonds. Fees can pay for issuance, monitoring, recordkeeping, and help with redemption or remarketing. This raises the borrower’s costs.

No District taxes back these bonds

The bonds are special obligations and are not backed by the District’s taxing power or full faith and credit. Payments come only from bond proceeds, investment earnings, loan payments, and other pledged money. Bond papers must clearly state this. The District and its officials are not personally liable, except for willful and fraudulent acts. The District does not promise to issue the bonds or that the project is financially sound.

How the city will sell the bonds

The Mayor and authorized staff set final terms, can delegate tasks, and sign all financing and closing papers. The District may sell the bonds by negotiation or competitive sale, at, above, or below face value. No bonds are issued until Bond Counsel gives an approving opinion on validity and any tax‑exempt status, and a public hearing plus Council approval meet federal public‑approval rules. A trustee manages bond money under the financing papers, and key documents are promptly filed with the Council Secretary. The authority to issue ends three years after this resolution if bonds are not issued and delivered.

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