MURIEL BOWSER
MAYOR
April 11, 2023
The Honorable Phil Mendelson
Chairman
Council
of the District of Columbia
John
A. Wilson Building
1350 Pennsylvania Avenue, NW, Suite 504
Washington, DC 20004
Dear Chairman Mendelson:
Pursuant to section 490
of the District of Columbia Home Rule Act (D.C. Official Code § 1-
204.90), enclosed for consideration and approval by the Council of the District of Columbia is a
proposed resolution titled, "Washington International School Revenue Bonds Project Approval
Resolution
of 2023" (the "Resolution").
The Resolution authorizes the issuance, sale, and delivery
of tax-exempt revenue bonds, notes or
other obligations in aggregate principal amount not to exceed $62,000,000.00. These bonds will be
used for the financing, refinancing, or reimbursing
of costs incurred by the Washington
International School for projects at their Tregaron campus located at 3100 Macomb St., NW,
Washington, DC, 20018, in Ward
3.
Washington International School ("WIS") was founded and incorporated in 1966 in the District of
Columbia as a 501(c)(3) nonprofit educational institution designed to meet the educational needs of
the city's large international community and American families seeking an academically
demanding independent education in an international environment.
WIS provides a comprehensive and challenging curriculum, which focuses on the history and
cultures
of countries around the world, draws on elements of many systems of education, and
serves both international and American students at every level.
The proposed financing will assist in furthering the efforts
of Washington International School's
mission to provide education and employment opportunities to the citizens
of the District of
Columbia.
My administration is available to discuss any questions you may have regarding the proposed
resolution. In order to facilitate a response, please have your staff contact Erika Satterlee,
Legislative Director, Deputy Mayor for Planning and Economic Development, at 202-727-1983. I urge the Council to take prompt and favorable action on the Resolution.
Sincerely, Chairman Phil Mendelson
at the request
of the Mayor
1
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6
7 A PROPOSED RESOLUTION
8
9
10
11
IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
12 To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to
13 exceed $62 million of District of Columbia revenue bonds in one or more series and to
14 authorize and provide for the loan
of the proceeds of such bonds to assist the Washington
15 International School in the financing, refinancing, or reimbursing of costs associated with
16 an authorized project pursuant to section 490
of the District of Columbia Home Rule Act.
17
18 RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, that this
19 resolution
may be cited as the "Washington International School Revenue Bonds Project Approval
20 Resolution
of 2023 ".
21
22 Sec. 2. Definitions.
23 For the purpose
of this resolution, the term:
24 (1) "Authorized Delegate" means the Mayor or the Deputy Mayor for Planning and
25 Economic Development, or any officer or employee
of the Executive Office of the Mayor to whom
26 the Mayor has delegated or to whom the foregoing individuals have subdelegated any
of the
27
Mayor's functions under this resolution pursuant to section 422(6) of the Home Rule Act.
28 (2)
"Bond Counsel" means a firm or firms of attorneys designated as bond counsel
29 from time to time
by the Mayor. 30 (3) "Bonds" means the District of Columbia revenue bonds, notes, or other
31 obligations (including refunding bonds, notes, and other obligations), in one or more series,
32 authorized to be issued pursuant to this resolution.
33 (4) "Borrower" means the owner, operator, manager and user of the assets
34 financed, refinanced, or reimbursed with proceeds from the Bonds, which shall be Washington
35 International School, a non-profit corporation, organized under the laws of the District of
36 Columbia, which is exempt from federal income taxes under 26 U.S.C § 501(a) as an organization
37 described in 26 U.S.C. § 50l(c)(3), and which
is liable for the repayment of the Bonds.
38 (5) "Closing Documents" means all documents and agreements other than
39 Financing Documents that may be necessary and appropriate to issue, sell, and deliver the Bonds
40 and
to make the Loan contemplated thereby, and includes agreements, certificates, letters, opinions,
41 forms, receipts, and other similar instruments.
42 (6) "District" means the District
of Columbia.
43 (7) "Financing Documents" means the documents other than Closing Documents
44 that relate to the financing or refinancing
of transactions to be effected through the issuance, sale,
45 and delivery of the Bonds and the making of the Loan, including any offering document, and any
46 required supplements to any such documents.
4 7 (8) "Home Rule Act" means the District
of Columbia Home Rule Act, approved
48 December 24, 1973 (87 Stat. 774; D.C. Official Code§ 1-201.01 et seq.).
49 (9) "Issuance Costs" means all fees, costs, charges, and expenses paid or incurred
5 0 in connection with the authorization, preparation, printing, issuance, sale, and delivery of the Bonds
51 and the making of the Loan, including, but not limited to, underwriting, legal, accounting, rating
52 agency, and all other fees, costs, charges, and expenses incurred in connection with the development
2 53 and implementation of the Financing Documents, the Closing Documents, and those other
54 documents necessary or appropriate in connection with the authorization, preparation, printing,
5 5 issuance, sale, marketing, and delivery
of the Bonds and the making of the Loan contemplated
56 thereby, together with financing fees, costs, and expenses, including program fees and
57 administrative fees charged by the District, fees paid to financial institutions and insurance
58 companies, letter of credit fees (if any), compensation to financial advisors and other persons ( other
59 than full-time employees
of the District) and entities performing services on behalf of or as agents
60 for the District.
61 (10) "Loan" means the District's lending of proceeds from the sale, in one or more
62 series,
of the Bonds to the Borrower.
63 (11) "Project" means the financing, refinancing or reimbursing of all or a portion of
64 the Borrower's costs of:
65 (A) refunding the outstanding District of Columbia Revenue Refunding Bonds
66 (Washington International School Issue) Series 2018 (the "Series 2018 Bonds"), the proceeds
of
67 which were used to:
68 (i) refund, including any pre-payment fee for, the District of Columbia
69 Revenue Bonds (Washington International School Issue) Series 2013 (the "Series 2013 Bonds"),
70 the proceeds
of which were used to:
71 (I) refund the outstanding District of Columbia Revenue Bonds
72 (Washington International School Issue) Series 2003 (the "Series 2003 Bonds"), the
73 proceeds of which were used to:
74 (1) refund the outstanding District
of Columbia Revenue
75 Bonds (Washington International School Project) Series 1999 (the "Series 1999 Bonds"),
3 76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
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the proceeds of which were used to finance, refinance or reimburse the Borrower for certain
costs incurred in connection with (a) the construction, renovation, furnishing, and
equipping
of certain facilities on the Borrower's existing middle and upper school campus
located at 3100 Macomb Street, NW, Washington, D.C. 20008 (the "Macomb Street
Campus"), (b) the construction, renovation, furnishing, and equipping
of certain facilities
on the Borrower's existing primary school campus located at 1690 36
th
Street, NW,
Washington, D.C. 20007 (the "Georgetown Campus"), and (c) certain costs
of issuance for
the Series 1999 Bonds;
(2) fund costs
of certain improvements to the Macomb Street
Campus and the Georgetown Campus;
(3) pay certain Issuance Costs
of the Series 2003 Bonds, and
\_
fees and premiums for any bond insurance or credit enhancement;
(II) refund, including any pre-payment fee for, the outstanding
District
of Columbia Revenue Bonds (Washing;ton International School Issue) Series 2006
(the "Series 2006 Bonds"), the proceeds
of which were used to:
(
1) finance, refinance, or reimburse the Borrower for certain
costs incurred in connection with the construction or renovation
of a library, additional
classrooms and a theatre, all on the Borrower's Macomb Street Campus,
(2) fund capitalized interest, and
(3) pay certain Issuance Costs, and fees and premiums for
any bond insurance, credit enhancement and other related costs;
(III) renovate the Borrower's building located on the Macomb Street
Campus known
as the Tregaron Mansion, its surrounding grounds (including, but not
4 99 limited to, with respect to certain geothermal improvements), and an adjacent cottage
100 known
as the Dacha, and make other capital improvements to the Macomb Street Campus
101 including, but not limited to, renovations to other Macomb Street Campus buildings known
102 as the Greenhouse, the Gardener's Cottage and the Academic, Arts & Athletics Building;
103 and
104 (IV) pay Issuance Costs
of the Series 2013 Bonds;
105 (ii) pay Issuance Costs
of the Series 2018 Bonds.
106 (B) certain capital improvements to the Macomb Street Campus, including but
107 not limited to, the renovation, fit-out, equipping and development
of the new science centric
108 school building, the revitalization
of the Academic Walk and other areas, the restoration of the
109 historic four-square garden area, creating improved outdoor social gathering spaces, relocation
of
110 the Dacha, and reclamation of areas in the Carriage House;
111 (C) funding any credit enhancement costs, liquidity costs, capitalized
112 interest, or debt service reserve fund relating to the Bonds; and
113 (D) paying allowable Issuance Costs.
114 Sec.
3. Findings.
115 The Council finds that:
116 (1) Section 490
of the Home Rule Act provides that the Council may by resolution
11 7 authorize the issuance of District revenue bonds, notes, or other obligations (including refunding
118 bonds, notes, or other obligations) to borrow money to finance, refinance, or reimburse and to assist
119 in the financing, refinancing, or reimbursing
of undertakings in certain areas designated in section
120 490 and may effect the financing, refinancing, or reimbursement by loans made directly or
5 121 indirectly to any individual or legal entity, by the purchase of any mortgage, note, or other security,
122 or
by the purchase, lease, or sale of any property.
123 (2) The Borrower has requested the District to issue, sell, and deliver revenue
124 bonds, in one or more series, in an aggregate principal amount not to exceed $62 million, and to
125 make the Loan for the purpose
of financing, refinancing, or reimbursing costs of the Project.
126 (3) The Project is located in the District and will contribute to the health, education,
127 safety, or welfare of, or the creation or preservation
of jobs for, residents of the District, or to
128 economic development
of the District.
129 (4) The Project is an undertaking in the area
of elementary, secondary and college
130 and university facilities within the meaning
of section 490 of the Home Rule Act.
131 (5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to the
13 2 Borrower are desirable, are in the public interest, will promote the purpose and intent of section 490
133
of the Home Rule Act, and will assist the Project.
134 Sec.
4. Bond authorization.
135 (a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist in
136 financing, refinancing, or reimbursing the costs
of the Project by:
13 7 (1) The issuance, sale, and delivery of the Bonds, in one or more series, in an
13 8 aggregate principal amount not to exceed $62 million; and
139 (2) The making
of the Loan.
140 (b) The Mayor is authorized to make the Loan to the Borrower for the purpose
of financing,
141 refinancing, or reimbursing the costs of the Project and establishing any fund with respect to the
142 Bonds as required
by the Financing Documents.
6 143 ( c) The Mayor may charge a program fee to the Borrower, including, but not limited to, an
144 amount sufficient to cover costs and expenses incurred by the District in connection with the
145 issuance, sale, and delivery
of each series of the Bonds, the District's participation in the monitoring
146
of the use of the Bond proceeds and compliance with any public benefit agreements with the
14 7 District, and maintaining official records of each bond transaction and assisting in the redemption,
148 repurchase, and remarketing
of the Bonds.
149 (
d) The Bond authorization set forth in this resolution includes the authorization to issue
150 refunding Bonds to refinance any Bonds previously issued under this resolution to finance the
151 Project; provided, that the maximum principal amount of Bonds outstanding at any time does not
152 exceed the maximum principal amount
of Bonds authorized hereunder.
153 Sec. 5. Bond details.
154 (a) The Mayor and each Authorized Delegate
is authorized to take any action reasonably
155 necessary or appropriate in accordance with this resolution in connection with the preparation,
156 execution, issuance, sale, delivery, security for, and payment
of the Bonds of each series, including,
157 but not limited to, determinations
of:
15 8 ( 1) The final form, content, designation, and terms of the Bonds, including a
15 9 determination that the Bonds may be issued in certificated or book-entry form;
160 (2) The principal amount
of the Bonds to be issued and denominations of the
161 Bonds;
162 (3) The rate or rates
of interest or the method for determining the rate or rates of
163 interest on the Bonds;
164 ( 4) The date or dates
of issuance, sale, and delivery of, and the payment of interest
165 on the Bonds, and the maturity date or dates
of the Bonds;
7 166 ( 5) The terms under which the Bonds may be paid, optionally or mandatorily
167 redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before
168 their respective stated maturities;
169 ( 6) Provisions for the registration, transfer, and exchange
of the Bonds and the
170 replacement
of mutilated, lost, stolen, or destroyed Bonds;
171 (7) The creation of any reserve fund, sinking fund, or other fund with respect to the
172 Bonds;
1
73 (8) The time and place of payment of the Bonds;
174 (9) Procedures for monitoring the use
of the proceeds received from the sale of the
175 Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish the
17 6 purposes of the Home Rule Act and this resolution;
177 (10) Actions necessary to qualify the Bonds under blue sky laws
of any jurisdiction
178 where the Bonds are marketed; and
179 (11) The terms and types
of credit enhancement under which the Bonds may be
180 secured.
181 (b) The Bonds shall contain a legend, which shall provide that the Bonds are special
182 obligations
of the District, are without recourse to the District, are not a pledge of, and do not
183 involve the faith and credit or the taxing power of the District, do not constitute a debt of the
184 District, and
do not constitute lending of the public credit for private undertakings as prohibited in
185 section 602(a)(2) of the Home Rule Act.
186 (
c) The Bonds shall be executed in the name of the District and on its behalf by the manual
187 or facsimile signature
of the Mayor, and attested by the Secretary of the District of Columbia by the
188 Secretary
of the District of Columbia's manual or facsimile signature. The Mayor's execution and
8 189 delivery of the Bonds shall constitute conclusive evidence of the Mayor's approval, on behalf of the
190 District,
of the final form and content of the Bonds.
191 ( d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or
192 otherwise reproduced on the Bonds.
193 ( e) The Bonds of any series may be issued in accordance with the terms of a trust instrument
194 to be entered into by the District and a trustee to be selected by the Borrower subject
to the approval
195
of the Mayor, and may be subject to the terms of one or more agreements entered into by the Mayor
196 pursuant
to section 490(a)(4) of the Home Rule Act.
197 (
f) The Bonds may be issued at any time or from time to time in one or more issues and in
198 one or more senes.
199 Sec.
6. Sale of the Bonds.
200 (a) The Bonds
of any series may be sold at negotiated or competitive sale at, above, or
201 below par, to one or more persons or entities, and upon terms that the Mayor considers to be in the
202 best interest
of the District.
203 (b) The Mayor or an Authorized Delegate may execute, in connection with each sale
of the
204 Bonds, offering documents on behalf
of the District, may deem final any such offering document on
205 behalf
of the District for purposes of compliance with federal laws and regulations governing such
206 matters and may authorize the distribution
of the documents in connection with the sale of the
207 Bonds.
208 (
c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the
209 District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds
to the
210 original purchasers
of the Bonds upon payment of the purchase price.
9 211 ( d) The Bonds shall not be issued until the Mayor receives an approving opinion from Bond
212 Counsel
as to the validity of the Bonds of such series and, if the interest on the Bonds is expected to
213 be exempt from federal income taxation, the treatment of the interest on the Bonds for purposes of
214 federal income taxation.
215 Sec.
7. Payment and security.
216 (a) The principal of, premium,
if any, and interest on, the Bonds shall be payable solely from
21 7 proceeds received from the sale of the Bonds, income realized from the temporary investment of
218 those proceeds, receipts and revenues realized by the District from the Loan, income realized from
219 the temporary investment
of those receipts and revenues prior to payment to the Bond owners, other
220 moneys that,
as provided in the Financing Documents, may be made available to the District for the
221 payment of the Bonds, and other sources of payment (other than from the District), all as provided
222 for in the Financing Documents.
223 (b) Payment
of the Bonds shall be secured as provided in the Financing Documents and by
224 an assignment by the District for the benefit
of the Bond owners of certain of its rights under the
225 Financing Documents and Closing Documents, including a security interest in certain collateral,
if
226 any, to the trustee for the Bonds pursuant to the Financing Documents.
227 (c) The trustee
is authorized to deposit, invest, and disburse the proceeds received from the
228 sale
of the Bonds pursuant to the Financing Documents.
229 Sec.
8. Financing and Closing Documents.
230 (a) The Mayor
is authorized to prescribe the final form and content of all Financing
231 Documents and all Closing Documents that may be necessary or appropriate to issue, sell, and
232 deliver the Bonds and to make the Loan to the Borrower.
10 233 (b) The Mayor is authorized to execute, in the name of the District and on its behalf, the
234 Financing Documents and any Closing Documents to which the District is a party
by the Mayor's
23 5 manual or facsimile signature.
236 (c)
If required, the official seal of the District, or a facsimile of it, shall be impressed,
23 7 printed, or otherwise reproduced on the Financing Documents and the Closing Documents to which
238 the District is a party.
239 (d) The Mayor's execution and delivery
of the Financing Documents and the Closing
240 Documents to which the District
is a party shall constitute conclusive evidence of the Mayor's
241 approval, on behalf
of the District, of the final form and content of the executed Financing
242 Documents and the executed Closing Documents.
243 ( e) The Mayor
is authorized to deliver the executed and sealed Financing Documents and
244 Closing Documents, on behalf
of the District, prior to or simultaneously with the issuance, sale, and
245 delivery
of the Bonds, and to ensure the due performance of the obligations of the District contained
246 in the executed, sealed, and delivered Financing Documents and Closing Documents.
24 7 Sec.
9. Authorized delegation of authority.
248 To the extent permitted by District and federal laws, the Mayor may delegate to any
249 Authorized Delegate the performance
of any function authorized to be performed by the Mayor
250 under this resolution.
251 Sec.
10. Limited liability.
252 (a) The Bonds shall be special obligations
of the District. The Bonds shall be without
253 recourse to the District. The Bonds shall not be general obligations
of the District, shall not be a
254 pledge
of or involve the faith and credit or the taxing power of the District, shall not constitute a
11 255 debt of the District, and shall not constitute lending of the public credit for private undertakings as
256 prohibited in section 602(a)(2) of the Home Rule Act.
257 (b) The Bonds shall not give rise to any pecuniary liability
of the District and the District
25 8 shall have no obligation with respect to the purchase
of the Bonds.
259 (c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing
260 Documents shall create an obligation on the part
of the District to make payments with respect to
261 the Bonds from sources other than those listed for that purpose in section
7.
262 ( d) The District shall have no liability for the payment of any Issuance Costs or for any
263 transaction or event to
be effected by the Financing Documents.
264 ( e) All covenants, obligations, and agreements
of the District contained in this resolution,
265 the Bonds, and the executed, sealed, and delivered Financing Documents and Closing Documents to
266 which the District is a party, shall
be considered to be the covenants, obligations, and agreements of
267 the District to the fullest extent authorized by law, and each of those covenants, obligations, and
268 agreements shall
be binding upon the District, subject to the limitations set forth in this resolution.
269 (f)
No person, including, but not limited to, the Borrower and any Bond owner, shall have
270 any claims against the District or any
of its elected or appointed officials, officers, employees, or
271 agents for monetary damages suffered
as a result of the failure of the District or any of its elected or
272 appointed officials, officers, employees or agents to perform any covenant, undertaking, or
273 obligation under this resolution, the Bonds, the Financing Documents, or the Closing Documents,
274 nor as a result
of the incorrectness of any representation in or omission from the Financing
275 Documents or the Closing Documents, unless the District or its elected or appointed officials,
276 officers, employees, or agents have acted in a willful and fraudulent manner.
277 Sec. 11. District officials.
12 278 (a) Except as otherwise provided in section lO(f), the elected or appointed officials, officers,
279 employees, or agents
of the District shall not be liable personally for the payment of the Bonds or be
280 subject to any personal liability by reason
of the issuance, sale or delivery of the Bonds, or for any
281 representations, warranties, covenants, obligations, or agreements of the District contained in this
282 resolution, the Bonds, the Financing Documents, or the Closing Documents.
283 (b) The signature, countersignature, facsimile signature, or facsimile countersignature
of
284 any official appearing on the Bonds, the Financing Documents, or the Closing Documents shall
285 be valid and sufficient for all purposes notwithstanding the fact that the individual signatory
286 ceases to hold that office before delivery
of the Bonds, the Financing Documents, or the Closing
287 Documents.
288 Sec.
12. Maintenance of documents.
289 Copies
of the specimen Bonds and of the final Financing Documents and Closing
290 Documents shall be filed in the Office
of the Secretary of State of the District of Columbia.
291 Sec. 13. Information reporting.
292 Within three (3) days after the Mayor's receipt
of the transcript of proceedings relating to
293 the issuance
of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the
294 Council.
295 Sec.
14. Disclaimer.
296 (a) The issuance
of Bonds is in the discretion of the District. Nothing contained in this
297 resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed
as
298 obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or assist
299 the Borrower in any way with financing, refinancing, or reimbursing the costs
of the Project. The
300 Borrower shall have no claims for damages or for any other legal or equitable relief against the
13 301 District, its elected or appointed officials, officers, employees, or agents as a consequence of any
3
02 failure to issue any Bonds for the benefit of the Borrower.
303 (b) The District reserves the right to issue the Bonds in the order or priority it determines in
304 its sole and absolute discretion. The District gives no assurance and makes no representations that
305 any portion
of any limited amount of bonds or other obligations, the interest on which is excludable
306 from gross income for federal income tax purposes, will be reserved or will be available at the time
307
of the proposed issuance of the Bonds.
308 (
c) The District, by adopting this resolution or by taking any other action in connection with
309 financing, refinancing, or reimbursing costs
of the Project, does not provide any assurance that the
310 Project
is viable or sound, that the Borrower is financially sound, or that amounts owing on the
311 Bonds or pursuant to the Loan will be paid. Neither the Borrower, any purchaser of the Bonds, nor
312 any other person shall rely upon the District with respect to these matters.
313 Sec.
15. Expiration.
314
If any Bonds are not issued, sold, and delivered to the original purchaser within three (3)
315 years
of the date of this resolution, the authorization provided in this resolution with respect to the
316 issuance, sale, and delivery
of the Bonds shall expire.
317 Sec.
16. Severability.
318
If any particular provision of this resolution, or the application thereof to any person or
319 circumstance
is held invalid, the remainder of this resolution and the application of such provision
320 to other persons or circumstances shall not be affected thereby.
If any action or inaction
321 contemplated under this resolution is determined to be contrary to the requirements of applicable
322 law, such action or inaction shall not be necessary for the purpose of issuing the Bonds, and the
323 validity
of the Bonds shall not be adversely affected.
14 324 Sec. 17. Compliance with public approval requirement.
325 This approval shall constitute the approval
of the Council as required in section 147(f) of the
326 . Internal Revenue Code
of 1986, as amended, and section 490(k) of the Home Rule Act, for the
327 Project
to be financed, refinanced, or reimbursed with the proceeds of the Bonds. This resolution
328 approving the issuance
of the Bonds for the Project has been adopted by the Council after a public
329 hearing held at least seven (7) days after publication
of notice in a newspaper of general circulation
330 in the District.
331 Sec. 18. Transmittal.
332 The Secretary to the Council shall transmit a copy
of this resolution, upon its adoption, to
3 3 3 the Mayor.
334 Sec.
19. Fiscal impact statement.
335 The Council adopts the fiscal impact statement in the committee report
as the fiscal impact
3 3 6 statement required by section 602( c )(3)
of the Home Rule Act.
33 7 Sec. 20. Effective date.
338 This resolution shall take effect immediately.
15 The Washington International School
Revenue Bond Project
FACT SHEET
The Washington International School ("WIS") has requested that the District of Columbia (the
"District") issue up to $62,000,000 in tax-exempt revenue bonds to refinance the school's
existing debt and to fund the cost associated with projects at the .3100 Macomb St., NW, campus.
The Applicant
Washington International School was founded and incorporated in 1966 in the District of
Columbia as a 501(c)(3) nonprofit educational institution designed to meet the educational needs
of the city's large international community and American families seeking an academically
demanding independent education in an international environment.
WIS provides a comprehensive curriculum, which focuses on the history and cultures
of
countries around the world. The resulting academic program draws on elements of many systems
of education and serves both international and American students at every level. Additionally,
WIS offers the International Baccalaureate Program, an accelerated program for
11
th
and 12
th
grades that allows students to enter colleges and universities worldwide and receive up to one
year
of college credit.
Currently WIS has over 900 students with over 50%
of the student body residing in the District
of Columbia. There are approximately 90 different countries are represented in its student body,
their families, and employees.
The Proposed Proiect
This financing will be used to fund the construction of a new interdisciplinary, science-centric
building. The new building is designed to enhance the WIS curriculum by featuring state
of the
art science and robotic labs for the school.
Financing Plan
A summary of the proposed sources and uses of funds is set forth in Table 1 (attached). Feasibility/Structure/Security of the Bonds
Stifel, the underwriter for the issuance, considered it financially feasible to undergo this
transaction.
Public Purpose Benefits
The Washington International School provides a unique curriculum and another educational
choice for District residents.
Legal and Regulatory Affairs
The law office of Squire Patton Boggs has preliminarily determined that the applicant is a
50l(c)(3) organization and that this project constitutes a permissible undertaking according to
Section 490(
a)(l) of the District of Columbia Home Rule Act.
Based on the information set forth in the application, the Revenue Bond Program staff has
determined that the proposed project complies with criteria for approval
of a proposed financing
through the District's Industrial Revenue Bond Program and will assist the Borrower in
furthering its organizational mission.
TABLE 1
PROPOSED SOURCES AND USES OF FUNDS
SOURCES OF FUNDS
Tax-Exempt Revenue Bond Proceeds $62,000,000
USES OF FUNDS
New Construction $33,050,000
Refinancing/Refunding $28,200,000
Issuance Costs
$750,000
Total Uses of Funds $62,000,000 GOVERNMENT OF THE DISTRICT OF COLUMBIA
OFFICE OF THE ATTORNEY GENERAL
Commercial Division
Tax
& Finance Section
*** --
MEMORANDUM
TO:
FROM:
William Liggins
Director, Revenue
Bond Program
Office
of the Deputy Mayor for Planning and Economic Development
Patrick Allen
Senior Assistant Attorney General
Commercial Division
DATE: March 13, 2023
SUBJECT: Legal Sufficiency Certification
of the "Washington International School
Revenue Bonds Project Approval Resolution
of 2023 ".
This is to certify that the Office
of the Attorney General has reviewed the above
referenced resolution and found it to be legally sufficient.
If you have any questions in
this regard, please do not hesitate to call me at (202) 724-7754.
Patrick Allen
Senior Assistant Attorney General