District Of Columbia 2023 2023-2024 Regular Session

District Of Columbia Council Bill PR25-0485 Introduced / Bill

Filed 10/17/2023

                     
 
MURIEL BOWSER 
        MAYOR 
 
 
October 17, 2023 
 
The Honorable Phil Mendelson 
Chairman 
Council of the District of Columbia  
1350 Pennsylvania Avenue, N.W. 
Suite 504 
Washington, DC  20001 
 
Dear Chairman Mendelson: 
On behalf of the citizens of the District of Columbia (the “District”), I hereby request that you 
introduce, and that the Council of the District of Columbia (the “Council”) vote to approve, the 
enclosed draft resolution titled, “Washington Yu Ying Public Charter 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 $44,000,000.00.  These bonds will 
be used for the financing, refinancing, or reimbursing of costs incurred by Washington Yu Ying 
Public Charter School for their properties located at 220 Taylor St., NE and 4301 Harewood Rd 
NE. Both of these locations are in Ward 5.  
In 2008, Washington Yu Ying Public Charter School was founded by a small group of parents 
dedicated to establishing a world-class Chinese immersion school in the District of Columbia. 
Since the school has been founded, Yu Ying has been the only school of its kind in the District. 
 
Washington Yu Ying will purchase a portion of the existing lot (currently owned by Washington 
Latin PCS) located at 4301 Harewood Road NE, Washington, DC 20017. The sale will close 
upon completion of the subdivision (the current property will be subdivided into three record 
lots), which is expected to finalize no later than Q3 of 2023. Yu Ying will then own 
approximately 26.5% of the existing property, a total of 24,864 sf.  Yu Ying plans to build a 
30,000-sf early education center (serving grades PK-3, PK-4, and K). This new building will be 
an expansion of the existing school which is located at 220 Taylor Street NE.  The existing 
school location will still serve students in grades 1-5. Site work is expected to start in July 2023 
 
In accordance with Section 490 of the Home Rule Act, we have determined that the bonds, 
when, as, and if issued, shall be without recourse to the District.  The bonds shall not be general 
obligations of the District; shall not be a pledge of or involve the full faith and credit or the 
taxing power of the District; shall not constitute a debt of the District; and shall not constitute a 
lending of public credit for private undertakings as prohibited in section 602(a) (2) of the Home  Rule Act.  The bonds shall not give rise to any pecuniary liability of the District and the District 
shall have no obligation with respect to the purchase of the bonds. 
 
I find that the proposed financing will assist in furthering the efforts of Washington Yu Ying to 
provide educational opportunities to the citizens of the District of Columbia.   I urge the Council 
to take prompt and favorable action on the measure. 
 
 
Sincerely, 
 
 
 
Muriel E. Bowser 
Mayor 
 
Enclosures 
 
 
 
 
 
  Cliairman Phil Mendelson 
at the request of the Mayor 
1 
2 
3 
4 
5 
6 
7 	A PROPOSED RESOLUTION 
8 
9 	IN THE COUNCIL OF THE DISTRICT OF COLUMBIA 
11 To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to 
12 exceed $44 million of District of Columbia revenue bonds in one or more series pursuant to a 
13 plan of finance and to authorize and provide for the loan 	of the proceeds of such bonds to 
14 assist Washington Yu Ying Public Charter School, in the financing, refinancing, or 
15 reimbursing of costs associated with an. authorized project pursuant to section 490 	of the 
16 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 Yu Ying Public Charter School Revenue Bonds 
20 Project Approval Resolution of 2023". 
21 
22 Sec. 2. Definitions. 
23 For the purposes of this resolution, the term:. 
24 
(1) "Authorized Delegate" means the Mayor or the Deputy Mayor for Planning 
25 and Economic Development, or any officer or employee 	of the Executive Office of the Mayor to 
26 whom the Mayor has delegated or 	to whom the foregoing individuals have subdelegated 	any of 
27 the 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 
29 counsel 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 Yu Ying Public Charter School, a corporation organized under the laws of the District of 
36 Columbia, which is exempt from federal income taxes under 26 U.S.C § 50l(a) as an 
37 organization described in 26 U.S.C. § 501(c)(3), and which is liable for the repayment of the 
38 Bonds). 
39 	(5) "Closing Documents" means all documents and agreements, other than 
40 Financing Documents, that may be necessary and appropriate to issue, sell, and deliver the 
41 Bonds and to make the Loan contemplated thereby, and includes agreements, certificates, letters, 
42 opinions, forms, receipts, and other similar instruments. 
43 	(6) "District" means the District of Columbia. 
44 	(7) "Financing Documents" means the documents, other than Closing 
45 Documents, that relate to the financing or refinancing of transactions to be effected through the 
46 issuance, sale, and delivery of the Bonds and the making of the Loan, including any offering 
4 7 document, and any required supplements to any such documents. 
48 	(8) "Home Rule Act" means the District of Columbia Home Rule Act, approved 
49 December 24, 1973 (87 Stat. 774; D.C. Official Code§ 1-201.01 et seq.). 
50 	(9) "Issuance Costs" means all fees, costs, charges, and expenses paid or incurred 
51 in connection with the authorization, preparation, printing, issuance, sale, and delivery of the 
52 Bonds and the making of the Loan, including, but not limited to, underwriting, legal, accounting, 
2  53 rating agency, and all other fees, costs, charges, and expenses incurred in connection with the 
54 development and implementation of the Financing Documents, the Closing Documents, and 
55 those other documents necessary or appropriate in connection with the authorization, 
56 preparation, printing, issuance, sale, marketing, and delivery of the Bonds and the making of the 
57 Loan contemplated thereby, together with financing fees, costs, and expenses, including program 
58 fees and administrative fees charged by the District, fees paid to financial institutions and 
59 insurance companies, initial letter of credit fees (if any), compensation to financial advisors and 
60 other persons (other than full-time employees of the District) and entities performing services on 
61 behalf of or as agents for the District. 
62 	(10) "Loan" means the District's lending of proceeds from the sale, in one or 
63 more series, of the Bonds to the Borrower. 
64 	( 11) "Project" means the financing, refinancing or reimbursing of all or a portion 
65 of the Borrower's costs of: 
66 	(A) Refunding the District of Columbia Revenue Bond (Washington Yu 
67 Ying Public Charter School Issue), Series 2012, originally issued in the aggregate principal 
68 amount of $9,593,566.63 pursuant to provisions of Washington Yu Ying Public Charter School 
69 Revised Revenue Bonds Project Emergency Approval Resolution of 2012, effective February 7, 
70 2012 (Res. 19-376; 59 DCR 1545); 
71 	(B) Refunding the District of Columbia Revenue Bond (Washington Yu 
72 Ying Public Charter School Issue), Series 2014, originally issued in the aggregate principal 
73 amount of $3,921,433.37 pursuant to provisions of Washington Yu Ying Public Charter School 
74 Revised Revenue Bonds Project Emergency Approval Resolution of 2012, effective February 7, 
75 2012 (Res. 19-376; 59 DCR 1545); 
3  76 	(C) The acquisition, construction, equipping and development of public 
77 charter school facility located at 4301 Harewood Road, N.E., Washington, D.C.; 
78 	(D) Funding certain working capital costs, to the extent financeable relating 
79 to the Bonds; 
80 	(E) Funding any credit enhancement costs, liquidity costs or debt service 
81 reserve fund relating to the Bonds; and 
82 	(F) Paying allowable Issuance Costs. 
83 Sec. 3. Findings. 
84 The Council finds that: 
85 	(1) Section 490 of the Home Rule Act provides that the Council may, by 
86 resolution, authorize the issuance of District revenue bonds, notes, or other obligations 
87 (including refunding bonds, notes, or other obligations) to borrow money to finance, refinance, 
88 or reimburse costs, and to assist in the financing, refinancing, or reimbursing of, the costs of 
89 undertakings in certain areas designated in section 490 and may effect the financing, refinancing, 
90 or reimbursement by loans made directly or indirectly to any individual or legal entity, by the 
91 purchase of any mortgage, note, or other security, or by the purchase, lease, or sale of any 
92 property. 
93 	(2) The Borrower has requested the District to issue, sell, and deliver revenue 
94 bonds, in one or more series, in an aggregate principal amount not to exceed $44 million, and to 
9 5 make the Loan for the purpose of financing, refinancing, or reimbursing costs of the Project. 
96 	(3) The Project is located in the District and will contribute to the health, 
97 education, safety, or welfare of, or the creation or preservation of jobs for, residents of the 
98 District, or to economic development of the District. 
4  99 	(4) The Project is an undertaking in the area of elementary, secondary and 
100 college and university facilities within the meaning of section 490 of the Home Rule Act. 
101 	(5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to 
102 the Borrower are desirable, are in the public interest, will promote the purpose and intent of 
103 section 490 of the Home Rule Act, and will assist the Project. 
104 Sec. 4. Bond authorization. 
105 (a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist 
106 in financing, refinancing or reimbursing the costs of the Project by: 
107 	(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an 
108 aggregate principal amount not to exceed $44 million; and 
109 	(2) The making of the Loan. 
110 (b) The Mayor is authorized to make the Loan to the Borrower for the purpose of 
111 financing, refinancing or reimbursing the costs of the Project and establishing any fund with 
112 respect to the Bonds as required by the Financing Documents. 
113 ( c) The Mayor may charge a program fee to the Borrower, including, but not limited to, 
114 an amount sufficient to cover costs and expenses incurred by the District in connection with the 
115 issuance, sale, and delivery of each series of the Bonds, the District's participation in the 
116 monitoring of the use of the Bond proceeds and compliance with any public benefit agreements 
117 with the District, and maintaining official records of each bond transaction, and assisting in the 
118 redemption, repurchase, and remarketing of the Bonds. 
119 ( d) The Bond authorization set forth in this resolution includes the authorization to issue 
120 refunding Bonds to refinance any Bonds previously issued under this resolution to finance the 
121 Project; provided that the maximum principal amount of Bonds outstanding at any time does not 
5  122 exceed the maximum principal amount of Bonds authorized hereunder. 
123 Sec. 5. Bond details. 
124 (a) The Mayor and each Authorized Delegate is authorized to take any action reasonably 
125 necessary or appropriate in accordance with this resolution in connection with the preparation, 
126 execution, issuance, sale, delivery, security for, and payment of the Bonds of each series, 
127 including, but not limited to, determinations of: 
128 	(1) The final form, content, designation, and terms of the Bonds, including a 
129 determination that the Bonds may be issued in certificated or book-entry form; 
130 (2) The principal amount of the Bonds to be issued and denominations of the 
131 Bonds; 
13 2 	(3) The rate or rates of interest or the method for determining the rate or rates of 
133 interest on the Bonds; 
134 (4) The date or dates of issuance, sale, and delivery of, and the payment of 
135 interest on, the Bonds, and the maturity date or dates of the Bonds; 
136 	(5) The terms under which the Bonds may be paid, optionally or mandatorily 
13 7 redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before 
138 their respective stated maturities; 
139 	(6) Provisions for the registration, transfer, and exchange of the Bonds and the 
140 replacement of mutilated, lost, stolen, or destroyed Bonds; 
141 	(7) The creation of any reserve fund, sinking fund, or other fund with respect to 
142 the Bonds; 
143 	(8) The time and place of payment of the Bonds; 
6  144 	(9) Procedures for monitoring the use of the proceeds received from the sale of 
145 the Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish 
146 the purposes of the Home Rule Act and this resolution; 
147 	(10) Actions necessary to qualify the Bonds under blue sky laws of any 
148 jurisdiction where the Bonds are marketed; and 
149 (11) The terms and types of credit enhancement under which the Bonds may be 
150 secured. 
151 (b) The Bonds shall contain a legend, which shall provide that the Bonds are special 
152 obligations of the District, are without recourse to the District, are not a pledge of, and do not 
153 involve the faith and credit or the taxing power of the District, do not constitute a debt of the 
154 District, and do not constitute lending of the public credit for private undertakings as prohibited 
155 in section 602(a)(2) of the Home Rule Act. 
156 (c) The Bonds shall be executed in the name of the District and on its behalf by the 
157 manual or facsimile signature of the Mayor, and attested by the Secretary of the District of 
158 Columbia by the Secretary of the District of Columbia's manual or facsimile signature. The 
159 Mayor's execution and delivery of the Bonds shall constitute conclusive evidence of the Mayor's 
160 approval, on behalf of the District, of the final form and content of the Bonds. 
161 ( d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or 
162 otherwise reproduced on the Bonds. 
163 ( e) The Bonds of any series may be issued in accordance with the terms of a trust 
164 instrument to be entered into by the District and a trustee to be selected by the Borrower subject 
165 to the approval of the Mayor, and may be subject to the terms of one or more agreements entered 
166 into by the Mayor pursuant to section 490(a)(4) of the Home Rule Act. 
7  167 (f) The Bonds may be issued at any time or from time to time in one or more issues and 
168 in one or more series. 
169 Sec. 6. Sale of the Bonds. 
170 (a) The Bonds of any series may be sold at negotiated or competitive sale at, above, or 
171 below par, to one or more persons or entities, and upon terms that the Mayor considers to be in 
172 the best interest of the District. 
173 (b) The Mayor or an Authorized Delegate may execute, in connection with each sale of 
17 4 the Bonds, offering documents on behalf of the District, may deem final any such offering 
175 document on behalf of the District for purposes of compliance with federal laws and regulations 
176 governing such matters and may authorize the distribution of the documents in connection with 
177 the sale of the Bonds. 
178 ( c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the 
1 79 District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds to 
180 the original purchasers of the Bonds upon payment of the purchase price. 
181 ( d) The Bonds shall not be issued until the Mayor receives an approving opinion from 
182 Bond Counsel as to the validity of the Bonds of such series and, if the interest on the Bonds is 
183 expected to be exempt from federal income taxation, the treatment of the interest on the Bonds 
184 for purposes of federal income taxation. 
185 Sec. 7. Payment and security. 
186 (a) The principal of, premium, if any, and interest on, the Bonds shall be payable solely 
187 from proceeds received from the sale of the Bonds, income realized from the temporary 
188 investment of those proceeds, receipts and revenues realized by the District from the Loan, 
189 income realized from the temporary investment of those receipts and revenues prior to payment 
8  190 to the Bond owners, other moneys that, as provided in the Financing Documents, may be made 
191 available to the District for the payment of the Bonds, and other sources of payment ( other than 
192 from the District), all as provided for in the Financing Documents. 
193 (b) Payment of the Bonds shall be secured as provided in the Financing Documents and 
194 by an assignment by the District for the benefit of the Bond owners of certain of its rights under 
195 the Financing Documents and Closing Documents, including a security interest in certain 
196 collateral, if any, to the trustee for the Bonds pursuant to the Financing Documents. 
197 ( c) The trustee is authorized to deposit, invest, and disburse the proceeds received from 
198 the sale of the Bonds pursuant to the Financing Documents. 
199 Sec. 8. Financing and Closing Documents. 
200 (a) The Mayor is authorized to prescribe the final form and content of all Financing 
201 Documents and all Closing Documents to which the District is a party that may be necessary or 
202 appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower. Each of 
203 the Financing Documents and each of the Closing Documents to which the District is not a party 
204 shall be approved, as to form and content, by the Mayor. 
205 (b) The Mayor is authorized to execute, in the name of the District and on its behalf, the 
206 Financing Documents and any Closing Documents to which the District is a party by the 
207 Mayor's manual or facsimile signature. 
208 ( c) If required, the official seal of the District, or a facsimile of it, shall be impressed, 
209 printed, or otherwise reproduced on the Financing Documents and the Closing Documents to 
210 which the District is a party. 
211 (d) The Mayor's execution and delivery of the Financing Documents and the Closing 
212 Documents to which the District is a party shall constitute conclusive evidence of the Mayor's 
9  213 approval, on behalf of the District, of the final form and content of the executed Financing 
214 Documents and the executed Closing Documents. 
215 ( e) The Mayor is authorized to deliver the executed and sealed Financing Documents and 
216 Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, 
217 and delivery of the Bonds, and to ensure the due performance of the obligations of the District 
218 contained in the executed, sealed, and delivered Financing Documents and Closing Documents. 
219 Sec. 9. Authorized delegation of authority. 
220 To the extent permitted by District and federal laws, the Mayor may delegate to any 
221 Authorized Delegate the performance of any function authorized to be performed by the Mayor 
222 under this resolution. 
223 Sec. 10. Limited liability. 
224 (a) The Bonds shall be special obligations of the District. The Bonds shall be without 
225 recourse to the District. The Bonds shall not be general obligations of the District, shall not be a 
226 pledge of, or involve the faith and credit or the taxing power of, the District, shall not constitute a 
227 debt of the District, and shall not constitute lending of the public credit for private undertakings 
228 as prohibited in section 602(a)(2) of the Home Rule Act. 
229 (b) The Bonds shall not give rise to any pecuniary liability of the District and the District 
230 shall have no obligation with respect to the purchase of the Bonds. 
231 ( c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing 
232 Documents shall create an obligation on the part of the District to make payments with respect to 
233 the Bonds from sources other than those listed for that purpose in section 7. 
234 ( d) The District shall have no liability for the payment of any Issuance Costs or for any 
235 transaction or event to be effected by the Financing Documents. 
10  236 ( e) All covenants, obligations, and agreements of the District contained in this resolution, 
237 the Bonds, and the executed, sealed, and delivered Financing Documents and Closing 
238 Documents to which the District is a party, shall be considered to be the covenants, obligations, 
239 and agreements of the District to the fullest extent authorized by law, and each of those 
240 covenants, obligations, and agreements shall be binding upon the District, subject to the 
241 limitations set forth in this resolution. 
242 (f) No person, including, but not limited to, the Borrower and any Bond owner, shall have 
243 any claims against the District or any of its elected or appointed officials, officers, employees, or 
244 agents for monetary damages suffered as a result of the failure of the District or any of its elected 
245 or appointed officials, officers, employees or agents to perform any covenant, undertaking, or 
246 obligation under this resolution, the Bonds, the Financing Documents, or the Closing 
24 7 Documents, or as a result of the incorrectness of any representation in or omission from the 
248 Financing Documents or the Closing Documents, unless the District or its elected or appointed 
249 officials, officers, employees, or agents have acted in a willful and fraudulent manner. 
250 Sec. 11. District officials. 
251 (a) Except as otherwise provided in section 10( f), the elected or appointed officials, 
252 officers, employees, or agents of the District shall not be liable personally for the payment of the 
253 Bonds or be subject to any personal liability by reason of the issuance, sale or delivery of the 
254 Bonds, or for any representations, warranties, covenants, obligations, or agreements of the 
255 District contained in this resolution, the Bonds, the Financing Documents, or the Closing 
256 Documents. 
257 (b) The signature, countersignature, facsimile signature, or facsimile countersignature of 
258 any official appearing on the Bonds, the Financing Documents, or the Closing Documents shall 
11  259 be valid and sufficient for all purposes notwithstanding the fact that the individual signatory 
260 ceases to hold that office before delivery of the Bonds, the Financing Documents, or the Closing 
261 Documents. 
262 Sec.12. Maintenance of documents. 
263 Copies of the specimen Bonds and of the final Financing Documents and Closing 
264 Documents shall be filed in the Office of the Secretary of the District of Columbia. 
265 Sec.13. Information reporting. 
266 Within 3 days after the Mayor's receipt of the transcript of proceedings relating to the 
267 issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the 
268 Council. 
269 Sec. 14. Disclaimer. 
270 (a) The issuance of Bonds is in the discretion of the District. Nothing contained in this 
271 resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed as 
272 obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or 
273 assist the Borrower in any way with financing, refinancing, or reimbursing the costs of the 
274 Project. The Borrower shall have no claims for damages or for any other legal or equitable relief 
275 against the District, its elected or appointed officials, officers, employees, or agents as a 
276 consequence of any failure to issue any Bonds for the benefit of the Borrower. 
277 (b) The District reserves the right to issue the Bonds in the order or priority it determines 
278 in its sole and absolute discretion. The District gives no assurance and makes no representations 
279 that any portion of any limited amount of bonds or other obligations, the interest on which is 
280 excludable from gross income for federal income tax purposes, will be reserved or will be 
281 available at the time of the proposed issuance of the Bonds. 
12  282 ( c) The District, by adopting this resolution or by taking any other action in connection 
283 with financing, refinancing, or reimbursing costs of the Project, does not provide any assurance 
284 that the Project is viable or sound, that the Borrower is financially sound, or that amounts owing 
285 on the Bonds or pursuant to the Loan will be paid. Neither the Borrower, any purchaser of the 
286 Bonds, nor any other person shall rely upon the District with respect to these matters. 
287 Sec. 15. Expiration. 
288 If any Bonds are not issued, sold, and delivered to the original purchaser within 3 years of 
289 the date of this resolution, the authorization provided in this resolution with respect to the 
290 issuance, sale, and delivery of the Bonds shall expire. 
291 Sec. 16. Severability. 
292 If any particular provision of this resolution or the application thereof to any person or 
293 circumstance is held invalid, the remainder of this resolution and the application of such 
294 provision to other persons or circumstances shall not be affected thereby. If any action or 
295 inaction contemplated under this resolution is determined to be contrary to the requirements of 
296 applicable law, such action or inaction shall not be necessary for the purpose of issuing the 
297 Bonds, and the validity of the Bonds shall not be adversely affected. 
298 Sec. 17. Compliance with public approval requirement. 
299 This approval shall constitute the approval of the Council as required in section 147(f) of 
300 the Internal Revenue Code of 1986, as amended ("Code"), and section 490(k) of the Home Rule 
301 Act, for the Project to be financed, refinanced, or reimbursed with the proceeds of the Bonds. 
302 This resolution approving the issuance of the Bonds for the Project has been adopted by the 
303 Council after a public hearing held in accordance with section 147(f) of the Code, as such section 
13  304 may be amended, and the corresponding regulations promulgated by the United States 
305 Department of the Treasury. 
306 Sec. 18. Transmittal. 
307 The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor. 
308 Sec. 19. Fiscal impact statement. 
309 The Council adopts the fiscal impact statement in the committee report as the fiscal 
310 impact statement required by section 4a of the General Legislative Procedures Act of 1975, 
311 approved October 16, 2006 (120 Stat. 2038; D.C. Official Code§ 1-301.47a). 
312 Sec. 20. Effective date. 
313 This resolution shall take effect immediately. 
314 
315 
316 
317 
14  Washington Yu Ying 
Public Charter School 
Revenue Bond Project 
 
 
FACT SHEET 
 
Washington Yu Ying 	Public Charter School (Washington Yu Ying) has requested that the District 
issue up to $44,000,000 in revenue bonds through the DC Revenue Bond Program. These bonds 
will be used for the acquisition cost of a portion of the property located at 4301 Harewood Rd NE, 
and for the refunding of existing debt associated with its current property located at 220 Taylor St 
NE, both in the Ward 5 neighborhood.  
 
The Applicant 
 
Washington Yu Ying takes its name —meaning nurturing excellence	—from a groundbreaking 
girls’ school founded in 1911 in Beijing, China. Originally e	stablished by a former Imperial Lady-
in-Waiting, Madame Tzen-Kuei Wang, the Yu Ying School offered classroom education at a time 
when the centuries-old tutorial system was still the norm in China. The school has been highly 
rated for educational change in China. 
 
In 2008, Washington Yu Ying Public Charter School was founded by a small group of parents 
dedicated to establishing a world- class Chinese immersion school in the District of Columbia. 
Since the school has been founded, Washington 	Yu Ying has been the only school of its kind in 
the District. 
 
Proposed Project 
 
Washington Yu Ying will purchase a portion of the existing lot (currently owned by Washington Latin PCS) located at 4301 Harewood Road NE, Washington, DC 20017. The sale will close upon completion of the subdivision (the current property will be subdivided into three record lots), which is expected to finalize no later than Q3 of 2023. Yu Ying will then own 
approximately 26.5% of the existing property, a total of 24,864 sf.  Yu Ying plans to build a 30,000-sf early education center (serving grades PK-3, PK-4, and K). This new building will be 
an expansion of the existing school which is located at 220 Taylor Street NE.  The existing school location will still serve students in grades 1-5. Site work is expected to start in July 2023 
 
 
Financing Plan 
 
A summary of the proposed sources and uses of funds is attached (see Table 1). 
  Washington Yu Ying 	Public Charter School 
Fact Sheet 
August 2023 
 
 
2 
 
Feasibility/Structure/Security of the Bonds 
 
Level Field Financial will serve as financial partners to 	Washington Yu Ying 	Public Charter 
School in connection with the $44,000,000 	Revenue Bond application.  Based on the assessment 
of Yu Ying’s finances and financing needs, Level field has advised the school to pursuit the public 
offering of tax-exempt bonds, and believes such financing is feasible under current market 
conditions, 
 
 
Public Purpose Benefits 
 
Washington Yu Ying 	provides another educational option, as well as contracting and job 
opportunities for District residents and businesses.  
 
 
Legal and Regulatory Affairs 
 
The law office of Orrick, Herrington, and Sutcliffe LLP are assigned as bond counsel to the 
Revenue Bond Program, and has preliminarily determined that the Washington Yu Ying PCS is a 501(c)(3) organization and the project constitutes a permissible undertaking in the area of, “a property or project that will contribute to the health, education, safety, or welfare, or creation or preservation of education, safety, or welfare, or creation or preservation of jobs for residents of the District”, within the meaning of Section 490(a)(1) of the District of Columbia Home Rule Act. 
 
Based upon 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 transaction through the District’s Revenue Bond Program and will assist the Borrower in furthering its organizational mission.    Washington Yu Ying 	Public Charter School 
Fact Sheet 
August 2023 
 
 
3 
 
TABLE 1 
PROPOSED SOURCES AND USE OF FUNDS 
 
Please indicate the estimated sources and uses of project funds: 
 
 	TOTAL COST TAX EXEMPT 
BOND 
PROCEEDS 
TAXABLE 
LOANS 
EQUITY ECONOMIC 
LIFE 
Land Acquisition  	$5,959,094   
Acquisition of 
building 
    
New Construction  	$22,000,000   
Building Addition     
Refinance/ 
Refunding 
 	$9,000,000   
Other Site 
improvements  
 	$2,500,000   
Building 
Renovations 
    
Machinery and 
Equipment 
    
Architectural/ 
Engineering 
 	$1,359,800   
COST OF 
ISSUANCE: 
Program Fee 
    
Trustee’s Fees    
Other Issuance 
Cost 
    
SUBTOTAL: 	$880,000   
Net Capitalized 
Interest 
    
Debt Service 
Reserve Fund 
    
Contingency  	$2,301,106   
Reserve    
TOTALS: 	$44,000,000   
  GOVERNMENT OF THE DISTRICT OF COLUMBIA 
Office of the Attorney General 
Commercial Division 
Tax and Finance Section 
*** --
MEMORANDUM 
TO: William Liggins, Director 
D.C. Revenue Bond-Enterprise Zone Program 
Office of the Deputy Mayor for Planning 
and Economic Development 
FROM: Andrea R. Littlejohn lef{U­
Senior Assistant Attorney General 
DATE: October 4, 2023 
SUBJECT: Legal Sufficiency Review: The Washington Yu Ying Public Charter School 
Revenue Bonds Project Approval Resolution of 2023 
This responds to a request from your office to review for legal sufficiency the attached draft of the 
above-referenced proposed resolution. For purposes of this review, this Office premises its 
conclusion on the assumption that your office has determined that the Borrower as defined in the 
aforementioned resolution is a "qualified applicant" within the meaning of Section 490 of the 
District of Columbia Home Rule Act. 
A review of the attached draft of the above-referenced proposed resolution indicates that the draft 
proposed resolution conforms with the Model Revenue Bond Resolution jointly drafted and 
determined to be legally sufficient by the General Counsel of the Council, the Office of the Attorney 
General, and the District's bond counsel. Accordingly, we find the attached draft of the above­
referenced proposed resolution legally sufficient. 
Please contact me at 724-7761 if you have further questions or concerns. 
Attachment: Washington Yu Ying Public Charter School Revenue Bonds Project Approval 
Resolution of 2023 
ARL/arl 
400 Sixth Street, N.W., Suite 9100, Washington, DC 20001 Tel.: (202) 724-7761 Fax: (202) 730-0486