District Of Columbia 2023-2024 Regular Session

District Of Columbia Council Bill PR25-0485 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	ENROLLED ORIGINAL
	1	+
	2	+
	3	+	MURIEL BOWSER
	4	+	MAYOR
	5	+
	6	+
	7	+	October 17, 2023
	8	+
	9	+	The Honorable Phil Mendelson
	10	+	Chairman
	11	+	Council of the District of Columbia
	12	+	1350 Pennsylvania Avenue, N.W.
	13	+	Suite 504
	14	+	Washington, DC 20001
	15	+
	16	+	Dear Chairman Mendelson:
	17	+	On behalf of the citizens of the District of Columbia (the “District”), I hereby request that you
	18	+	introduce, and that the Council of the District of Columbia (the “Council”) vote to approve, the
	19	+	enclosed draft resolution titled, “Washington Yu Ying Public Charter School Revenue Bonds
	20	+	Project Approval Resolution of 2023” (the “Resolution”).
	21	+
	22	+	The Resolution authorizes the issuance, sale, and delivery of tax-exempt revenue bonds, notes or
	23	+	other obligations in aggregate principal amount not to exceed $44,000,000.00. These bonds will
	24	+	be used for the financing, refinancing, or reimbursing of costs incurred by Washington Yu Ying
	25	+	Public Charter School for their properties located at 220 Taylor St., NE and 4301 Harewood Rd
	26	+	NE. Both of these locations are in Ward 5.
	27	+	In 2008, Washington Yu Ying Public Charter School was founded by a small group of parents
	28	+	dedicated to establishing a world-class Chinese immersion school in the District of Columbia.
	29	+	Since the school has been founded, Yu Ying has been the only school of its kind in the District.
	30	+
	31	+	Washington Yu Ying will purchase a portion of the existing lot (currently owned by Washington
	32	+	Latin PCS) located at 4301 Harewood Road NE, Washington, DC 20017. The sale will close
	33	+	upon completion of the subdivision (the current property will be subdivided into three record
	34	+	lots), which is expected to finalize no later than Q3 of 2023. Yu Ying will then own
	35	+	approximately 26.5% of the existing property, a total of 24,864 sf. Yu Ying plans to build a
	36	+	30,000-sf early education center (serving grades PK-3, PK-4, and K). This new building will be
	37	+	an expansion of the existing school which is located at 220 Taylor Street NE. The existing
	38	+	school location will still serve students in grades 1-5. Site work is expected to start in July 2023
	39	+
	40	+	In accordance with Section 490 of the Home Rule Act, we have determined that the bonds,
	41	+	when, as, and if issued, shall be without recourse to the District. The bonds shall not be general
	42	+	obligations of the District; shall not be a pledge of or involve the full faith and credit or the
	43	+	taxing power of the District; shall not constitute a debt of the District; and shall not constitute a
	44	+	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
	45	+	shall have no obligation with respect to the purchase of the bonds.
	46	+
	47	+	I find that the proposed financing will assist in furthering the efforts of Washington Yu Ying to
	48	+	provide educational opportunities to the citizens of the District of Columbia. I urge the Council
	49	+	to take prompt and favorable action on the measure.
	50	+
	51	+
	52	+	Sincerely,
	53	+
	54	+
	55	+
	56	+	Muriel E. Bowser
	57	+	Mayor
	58	+
	59	+	Enclosures
2	60
3	61
4	62
5	63
6	64
7		-
	65	+	Cliairman Phil Mendelson
	66	+	at the request of the Mayor
8	67		1
9		-	A RESOLUTION
10		-
11		-	25-388
12		-
13		-	IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
14		-
15		-	December 19, 2023
	68	+	2
	69	+	3
	70	+	4
	71	+	5
	72	+	6
	73	+	7 A PROPOSED RESOLUTION
	74	+	8
	75	+	9 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
	76	+	11 To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to
	77	+	12 exceed $44 million of District of Columbia revenue bonds in one or more series pursuant to a
	78	+	13 plan of finance and to authorize and provide for the loan of the proceeds of such bonds to
	79	+	14 assist Washington Yu Ying Public Charter School, in the financing, refinancing, or
	80	+	15 reimbursing of costs associated with an. authorized project pursuant to section 490 of the
	81	+	16 District of Columbia Home Rule Act.
	82	+	17
	83	+	18 RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
	84	+	19 resolution may be cited as the "Washington Yu Ying Public Charter School Revenue Bonds
	85	+	20 Project Approval Resolution of 2023".
	86	+	21
	87	+	22 Sec. 2. Definitions.
	88	+	23 For the purposes of this resolution, the term:.
	89	+	24
	90	+	(1) "Authorized Delegate" means the Mayor or the Deputy Mayor for Planning
	91	+	25 and Economic Development, or any officer or employee of the Executive Office of the Mayor to
	92	+	26 whom the Mayor has delegated or to whom the foregoing individuals have subdelegated any of
	93	+	27 the Mayor's functions under this resolution pursuant to section 422(6) of the Home Rule Act.
	94	+	28 (2) "Bond Counsel" means a firm or firms of attorneys designated as bond
	95	+	29 counsel from time to time by the Mayor. 30 (3) "Bonds" means the District of Columbia revenue bonds, notes, or other
	96	+	31 obligations (including refunding bonds, notes, and other obligations), in one or more series,
	97	+	32 authorized to be issued pursuant to this resolution.
	98	+	33 (4) "Borrower" means the owner, operator, manager and user of the assets
	99	+	34 financed, refinanced, or reimbursed with proceeds from the Bonds, which shall be Washington
	100	+	35 Yu Ying Public Charter School, a corporation organized under the laws of the District of
	101	+	36 Columbia, which is exempt from federal income taxes under 26 U.S.C § 50l(a) as an
	102	+	37 organization described in 26 U.S.C. § 501(c)(3), and which is liable for the repayment of the
	103	+	38 Bonds).
	104	+	39 (5) "Closing Documents" means all documents and agreements, other than
	105	+	40 Financing Documents, that may be necessary and appropriate to issue, sell, and deliver the
	106	+	41 Bonds and to make the Loan contemplated thereby, and includes agreements, certificates, letters,
	107	+	42 opinions, forms, receipts, and other similar instruments.
	108	+	43 (6) "District" means the District of Columbia.
	109	+	44 (7) "Financing Documents" means the documents, other than Closing
	110	+	45 Documents, that relate to the financing or refinancing of transactions to be effected through the
	111	+	46 issuance, sale, and delivery of the Bonds and the making of the Loan, including any offering
	112	+	4 7 document, and any required supplements to any such documents.
	113	+	48 (8) "Home Rule Act" means the District of Columbia Home Rule Act, approved
	114	+	49 December 24, 1973 (87 Stat. 774; D.C. Official Code§ 1-201.01 et seq.).
	115	+	50 (9) "Issuance Costs" means all fees, costs, charges, and expenses paid or incurred
	116	+	51 in connection with the authorization, preparation, printing, issuance, sale, and delivery of the
	117	+	52 Bonds and the making of the Loan, including, but not limited to, underwriting, legal, accounting,
	118	+	2 53 rating agency, and all other fees, costs, charges, and expenses incurred in connection with the
	119	+	54 development and implementation of the Financing Documents, the Closing Documents, and
	120	+	55 those other documents necessary or appropriate in connection with the authorization,
	121	+	56 preparation, printing, issuance, sale, marketing, and delivery of the Bonds and the making of the
	122	+	57 Loan contemplated thereby, together with financing fees, costs, and expenses, including program
	123	+	58 fees and administrative fees charged by the District, fees paid to financial institutions and
	124	+	59 insurance companies, initial letter of credit fees (if any), compensation to financial advisors and
	125	+	60 other persons (other than full-time employees of the District) and entities performing services on
	126	+	61 behalf of or as agents for the District.
	127	+	62 (10) "Loan" means the District's lending of proceeds from the sale, in one or
	128	+	63 more series, of the Bonds to the Borrower.
	129	+	64 ( 11) "Project" means the financing, refinancing or reimbursing of all or a portion
	130	+	65 of the Borrower's costs of:
	131	+	66 (A) Refunding the District of Columbia Revenue Bond (Washington Yu
	132	+	67 Ying Public Charter School Issue), Series 2012, originally issued in the aggregate principal
	133	+	68 amount of $9,593,566.63 pursuant to provisions of Washington Yu Ying Public Charter School
	134	+	69 Revised Revenue Bonds Project Emergency Approval Resolution of 2012, effective February 7,
	135	+	70 2012 (Res. 19-376; 59 DCR 1545);
	136	+	71 (B) Refunding the District of Columbia Revenue Bond (Washington Yu
	137	+	72 Ying Public Charter School Issue), Series 2014, originally issued in the aggregate principal
	138	+	73 amount of $3,921,433.37 pursuant to provisions of Washington Yu Ying Public Charter School
	139	+	74 Revised Revenue Bonds Project Emergency Approval Resolution of 2012, effective February 7,
	140	+	75 2012 (Res. 19-376; 59 DCR 1545);
	141	+	3 76 (C) The acquisition, construction, equipping and development of public
	142	+	77 charter school facility located at 4301 Harewood Road, N.E., Washington, D.C.;
	143	+	78 (D) Funding certain working capital costs, to the extent financeable relating
	144	+	79 to the Bonds;
	145	+	80 (E) Funding any credit enhancement costs, liquidity costs or debt service
	146	+	81 reserve fund relating to the Bonds; and
	147	+	82 (F) Paying allowable Issuance Costs.
	148	+	83 Sec. 3. Findings.
	149	+	84 The Council finds that:
	150	+	85 (1) Section 490 of the Home Rule Act provides that the Council may, by
	151	+	86 resolution, authorize the issuance of District revenue bonds, notes, or other obligations
	152	+	87 (including refunding bonds, notes, or other obligations) to borrow money to finance, refinance,
	153	+	88 or reimburse costs, and to assist in the financing, refinancing, or reimbursing of, the costs of
	154	+	89 undertakings in certain areas designated in section 490 and may effect the financing, refinancing,
	155	+	90 or reimbursement by loans made directly or indirectly to any individual or legal entity, by the
	156	+	91 purchase of any mortgage, note, or other security, or by the purchase, lease, or sale of any
	157	+	92 property.
	158	+	93 (2) The Borrower has requested the District to issue, sell, and deliver revenue
	159	+	94 bonds, in one or more series, in an aggregate principal amount not to exceed $44 million, and to
	160	+	9 5 make the Loan for the purpose of financing, refinancing, or reimbursing costs of the Project.
	161	+	96 (3) The Project is located in the District and will contribute to the health,
	162	+	97 education, safety, or welfare of, or the creation or preservation of jobs for, residents of the
	163	+	98 District, or to economic development of the District.
	164	+	4 99 (4) The Project is an undertaking in the area of elementary, secondary and
	165	+	100 college and university facilities within the meaning of section 490 of the Home Rule Act.
	166	+	101 (5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to
	167	+	102 the Borrower are desirable, are in the public interest, will promote the purpose and intent of
	168	+	103 section 490 of the Home Rule Act, and will assist the Project.
	169	+	104 Sec. 4. Bond authorization.
	170	+	105 (a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist
	171	+	106 in financing, refinancing or reimbursing the costs of the Project by:
	172	+	107 (1) The issuance, sale, and delivery of the Bonds, in one or more series, in an
	173	+	108 aggregate principal amount not to exceed $44 million; and
	174	+	109 (2) The making of the Loan.
	175	+	110 (b) The Mayor is authorized to make the Loan to the Borrower for the purpose of
	176	+	111 financing, refinancing or reimbursing the costs of the Project and establishing any fund with
	177	+	112 respect to the Bonds as required by the Financing Documents.
	178	+	113 ( c) The Mayor may charge a program fee to the Borrower, including, but not limited to,
	179	+	114 an amount sufficient to cover costs and expenses incurred by the District in connection with the
	180	+	115 issuance, sale, and delivery of each series of the Bonds, the District's participation in the
	181	+	116 monitoring of the use of the Bond proceeds and compliance with any public benefit agreements
	182	+	117 with the District, and maintaining official records of each bond transaction, and assisting in the
	183	+	118 redemption, repurchase, and remarketing of the Bonds.
	184	+	119 ( d) The Bond authorization set forth in this resolution includes the authorization to issue
	185	+	120 refunding Bonds to refinance any Bonds previously issued under this resolution to finance the
	186	+	121 Project; provided that the maximum principal amount of Bonds outstanding at any time does not
	187	+	5 122 exceed the maximum principal amount of Bonds authorized hereunder.
	188	+	123 Sec. 5. Bond details.
	189	+	124 (a) The Mayor and each Authorized Delegate is authorized to take any action reasonably
	190	+	125 necessary or appropriate in accordance with this resolution in connection with the preparation,
	191	+	126 execution, issuance, sale, delivery, security for, and payment of the Bonds of each series,
	192	+	127 including, but not limited to, determinations of:
	193	+	128 (1) The final form, content, designation, and terms of the Bonds, including a
	194	+	129 determination that the Bonds may be issued in certificated or book-entry form;
	195	+	130 (2) The principal amount of the Bonds to be issued and denominations of the
	196	+	131 Bonds;
	197	+	13 2 (3) The rate or rates of interest or the method for determining the rate or rates of
	198	+	133 interest on the Bonds;
	199	+	134 (4) The date or dates of issuance, sale, and delivery of, and the payment of
	200	+	135 interest on, the Bonds, and the maturity date or dates of the Bonds;
	201	+	136 (5) The terms under which the Bonds may be paid, optionally or mandatorily
	202	+	13 7 redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before
	203	+	138 their respective stated maturities;
	204	+	139 (6) Provisions for the registration, transfer, and exchange of the Bonds and the
	205	+	140 replacement of mutilated, lost, stolen, or destroyed Bonds;
	206	+	141 (7) The creation of any reserve fund, sinking fund, or other fund with respect to
	207	+	142 the Bonds;
	208	+	143 (8) The time and place of payment of the Bonds;
	209	+	6 144 (9) Procedures for monitoring the use of the proceeds received from the sale of
	210	+	145 the Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish
	211	+	146 the purposes of the Home Rule Act and this resolution;
	212	+	147 (10) Actions necessary to qualify the Bonds under blue sky laws of any
	213	+	148 jurisdiction where the Bonds are marketed; and
	214	+	149 (11) The terms and types of credit enhancement under which the Bonds may be
	215	+	150 secured.
	216	+	151 (b) The Bonds shall contain a legend, which shall provide that the Bonds are special
	217	+	152 obligations of the District, are without recourse to the District, are not a pledge of, and do not
	218	+	153 involve the faith and credit or the taxing power of the District, do not constitute a debt of the
	219	+	154 District, and do not constitute lending of the public credit for private undertakings as prohibited
	220	+	155 in section 602(a)(2) of the Home Rule Act.
	221	+	156 (c) The Bonds shall be executed in the name of the District and on its behalf by the
	222	+	157 manual or facsimile signature of the Mayor, and attested by the Secretary of the District of
	223	+	158 Columbia by the Secretary of the District of Columbia's manual or facsimile signature. The
	224	+	159 Mayor's execution and delivery of the Bonds shall constitute conclusive evidence of the Mayor's
	225	+	160 approval, on behalf of the District, of the final form and content of the Bonds.
	226	+	161 ( d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or
	227	+	162 otherwise reproduced on the Bonds.
	228	+	163 ( e) The Bonds of any series may be issued in accordance with the terms of a trust
	229	+	164 instrument to be entered into by the District and a trustee to be selected by the Borrower subject
	230	+	165 to the approval of the Mayor, and may be subject to the terms of one or more agreements entered
	231	+	166 into by the Mayor pursuant to section 490(a)(4) of the Home Rule Act.
	232	+	7 167 (f) The Bonds may be issued at any time or from time to time in one or more issues and
	233	+	168 in one or more series.
	234	+	169 Sec. 6. Sale of the Bonds.
	235	+	170 (a) The Bonds of any series may be sold at negotiated or competitive sale at, above, or
	236	+	171 below par, to one or more persons or entities, and upon terms that the Mayor considers to be in
	237	+	172 the best interest of the District.
	238	+	173 (b) The Mayor or an Authorized Delegate may execute, in connection with each sale of
	239	+	17 4 the Bonds, offering documents on behalf of the District, may deem final any such offering
	240	+	175 document on behalf of the District for purposes of compliance with federal laws and regulations
	241	+	176 governing such matters and may authorize the distribution of the documents in connection with
	242	+	177 the sale of the Bonds.
	243	+	178 ( c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the
	244	+	1 79 District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds to
	245	+	180 the original purchasers of the Bonds upon payment of the purchase price.
	246	+	181 ( d) The Bonds shall not be issued until the Mayor receives an approving opinion from
	247	+	182 Bond Counsel as to the validity of the Bonds of such series and, if the interest on the Bonds is
	248	+	183 expected to be exempt from federal income taxation, the treatment of the interest on the Bonds
	249	+	184 for purposes of federal income taxation.
	250	+	185 Sec. 7. Payment and security.
	251	+	186 (a) The principal of, premium, if any, and interest on, the Bonds shall be payable solely
	252	+	187 from proceeds received from the sale of the Bonds, income realized from the temporary
	253	+	188 investment of those proceeds, receipts and revenues realized by the District from the Loan,
	254	+	189 income realized from the temporary investment of those receipts and revenues prior to payment
	255	+	8 190 to the Bond owners, other moneys that, as provided in the Financing Documents, may be made
	256	+	191 available to the District for the payment of the Bonds, and other sources of payment ( other than
	257	+	192 from the District), all as provided for in the Financing Documents.
	258	+	193 (b) Payment of the Bonds shall be secured as provided in the Financing Documents and
	259	+	194 by an assignment by the District for the benefit of the Bond owners of certain of its rights under
	260	+	195 the Financing Documents and Closing Documents, including a security interest in certain
	261	+	196 collateral, if any, to the trustee for the Bonds pursuant to the Financing Documents.
	262	+	197 ( c) The trustee is authorized to deposit, invest, and disburse the proceeds received from
	263	+	198 the sale of the Bonds pursuant to the Financing Documents.
	264	+	199 Sec. 8. Financing and Closing Documents.
	265	+	200 (a) The Mayor is authorized to prescribe the final form and content of all Financing
	266	+	201 Documents and all Closing Documents to which the District is a party that may be necessary or
	267	+	202 appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower. Each of
	268	+	203 the Financing Documents and each of the Closing Documents to which the District is not a party
	269	+	204 shall be approved, as to form and content, by the Mayor.
	270	+	205 (b) The Mayor is authorized to execute, in the name of the District and on its behalf, the
	271	+	206 Financing Documents and any Closing Documents to which the District is a party by the
	272	+	207 Mayor's manual or facsimile signature.
	273	+	208 ( c) If required, the official seal of the District, or a facsimile of it, shall be impressed,
	274	+	209 printed, or otherwise reproduced on the Financing Documents and the Closing Documents to
	275	+	210 which the District is a party.
	276	+	211 (d) The Mayor's execution and delivery of the Financing Documents and the Closing
	277	+	212 Documents to which the District is a party shall constitute conclusive evidence of the Mayor's
	278	+	9 213 approval, on behalf of the District, of the final form and content of the executed Financing
	279	+	214 Documents and the executed Closing Documents.
	280	+	215 ( e) The Mayor is authorized to deliver the executed and sealed Financing Documents and
	281	+	216 Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale,
	282	+	217 and delivery of the Bonds, and to ensure the due performance of the obligations of the District
	283	+	218 contained in the executed, sealed, and delivered Financing Documents and Closing Documents.
	284	+	219 Sec. 9. Authorized delegation of authority.
	285	+	220 To the extent permitted by District and federal laws, the Mayor may delegate to any
	286	+	221 Authorized Delegate the performance of any function authorized to be performed by the Mayor
	287	+	222 under this resolution.
	288	+	223 Sec. 10. Limited liability.
	289	+	224 (a) The Bonds shall be special obligations of the District. The Bonds shall be without
	290	+	225 recourse to the District. The Bonds shall not be general obligations of the District, shall not be a
	291	+	226 pledge of, or involve the faith and credit or the taxing power of, the District, shall not constitute a
	292	+	227 debt of the District, and shall not constitute lending of the public credit for private undertakings
	293	+	228 as prohibited in section 602(a)(2) of the Home Rule Act.
	294	+	229 (b) The Bonds shall not give rise to any pecuniary liability of the District and the District
	295	+	230 shall have no obligation with respect to the purchase of the Bonds.
	296	+	231 ( c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing
	297	+	232 Documents shall create an obligation on the part of the District to make payments with respect to
	298	+	233 the Bonds from sources other than those listed for that purpose in section 7.
	299	+	234 ( d) The District shall have no liability for the payment of any Issuance Costs or for any
	300	+	235 transaction or event to be effected by the Financing Documents.
	301	+	10 236 ( e) All covenants, obligations, and agreements of the District contained in this resolution,
	302	+	237 the Bonds, and the executed, sealed, and delivered Financing Documents and Closing
	303	+	238 Documents to which the District is a party, shall be considered to be the covenants, obligations,
	304	+	239 and agreements of the District to the fullest extent authorized by law, and each of those
	305	+	240 covenants, obligations, and agreements shall be binding upon the District, subject to the
	306	+	241 limitations set forth in this resolution.
	307	+	242 (f) No person, including, but not limited to, the Borrower and any Bond owner, shall have
	308	+	243 any claims against the District or any of its elected or appointed officials, officers, employees, or
	309	+	244 agents for monetary damages suffered as a result of the failure of the District or any of its elected
	310	+	245 or appointed officials, officers, employees or agents to perform any covenant, undertaking, or
	311	+	246 obligation under this resolution, the Bonds, the Financing Documents, or the Closing
	312	+	24 7 Documents, or as a result of the incorrectness of any representation in or omission from the
	313	+	248 Financing Documents or the Closing Documents, unless the District or its elected or appointed
	314	+	249 officials, officers, employees, or agents have acted in a willful and fraudulent manner.
	315	+	250 Sec. 11. District officials.
	316	+	251 (a) Except as otherwise provided in section 10( f), the elected or appointed officials,
	317	+	252 officers, employees, or agents of the District shall not be liable personally for the payment of the
	318	+	253 Bonds or be subject to any personal liability by reason of the issuance, sale or delivery of the
	319	+	254 Bonds, or for any representations, warranties, covenants, obligations, or agreements of the
	320	+	255 District contained in this resolution, the Bonds, the Financing Documents, or the Closing
	321	+	256 Documents.
	322	+	257 (b) The signature, countersignature, facsimile signature, or facsimile countersignature of
	323	+	258 any official appearing on the Bonds, the Financing Documents, or the Closing Documents shall
	324	+	11 259 be valid and sufficient for all purposes notwithstanding the fact that the individual signatory
	325	+	260 ceases to hold that office before delivery of the Bonds, the Financing Documents, or the Closing
	326	+	261 Documents.
	327	+	262 Sec.12. Maintenance of documents.
	328	+	263 Copies of the specimen Bonds and of the final Financing Documents and Closing
	329	+	264 Documents shall be filed in the Office of the Secretary of the District of Columbia.
	330	+	265 Sec.13. Information reporting.
	331	+	266 Within 3 days after the Mayor's receipt of the transcript of proceedings relating to the
	332	+	267 issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the
	333	+	268 Council.
	334	+	269 Sec. 14. Disclaimer.
	335	+	270 (a) The issuance of Bonds is in the discretion of the District. Nothing contained in this
	336	+	271 resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed as
	337	+	272 obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or
	338	+	273 assist the Borrower in any way with financing, refinancing, or reimbursing the costs of the
	339	+	274 Project. The Borrower shall have no claims for damages or for any other legal or equitable relief
	340	+	275 against the District, its elected or appointed officials, officers, employees, or agents as a
	341	+	276 consequence of any failure to issue any Bonds for the benefit of the Borrower.
	342	+	277 (b) The District reserves the right to issue the Bonds in the order or priority it determines
	343	+	278 in its sole and absolute discretion. The District gives no assurance and makes no representations
	344	+	279 that any portion of any limited amount of bonds or other obligations, the interest on which is
	345	+	280 excludable from gross income for federal income tax purposes, will be reserved or will be
	346	+	281 available at the time of the proposed issuance of the Bonds.
	347	+	12 282 ( c) The District, by adopting this resolution or by taking any other action in connection
	348	+	283 with financing, refinancing, or reimbursing costs of the Project, does not provide any assurance
	349	+	284 that the Project is viable or sound, that the Borrower is financially sound, or that amounts owing
	350	+	285 on the Bonds or pursuant to the Loan will be paid. Neither the Borrower, any purchaser of the
	351	+	286 Bonds, nor any other person shall rely upon the District with respect to these matters.
	352	+	287 Sec. 15. Expiration.
	353	+	288 If any Bonds are not issued, sold, and delivered to the original purchaser within 3 years of
	354	+	289 the date of this resolution, the authorization provided in this resolution with respect to the
	355	+	290 issuance, sale, and delivery of the Bonds shall expire.
	356	+	291 Sec. 16. Severability.
	357	+	292 If any particular provision of this resolution or the application thereof to any person or
	358	+	293 circumstance is held invalid, the remainder of this resolution and the application of such
	359	+	294 provision to other persons or circumstances shall not be affected thereby. If any action or
	360	+	295 inaction contemplated under this resolution is determined to be contrary to the requirements of
	361	+	296 applicable law, such action or inaction shall not be necessary for the purpose of issuing the
	362	+	297 Bonds, and the validity of the Bonds shall not be adversely affected.
	363	+	298 Sec. 17. Compliance with public approval requirement.
	364	+	299 This approval shall constitute the approval of the Council as required in section 147(f) of
	365	+	300 the Internal Revenue Code of 1986, as amended ("Code"), and section 490(k) of the Home Rule
	366	+	301 Act, for the Project to be financed, refinanced, or reimbursed with the proceeds of the Bonds.
	367	+	302 This resolution approving the issuance of the Bonds for the Project has been adopted by the
	368	+	303 Council after a public hearing held in accordance with section 147(f) of the Code, as such section
	369	+	13 304 may be amended, and the corresponding regulations promulgated by the United States
	370	+	305 Department of the Treasury.
	371	+	306 Sec. 18. Transmittal.
	372	+	307 The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor.
	373	+	308 Sec. 19. Fiscal impact statement.
	374	+	309 The Council adopts the fiscal impact statement in the committee report as the fiscal
	375	+	310 impact statement required by section 4a of the General Legislative Procedures Act of 1975,
	376	+	311 approved October 16, 2006 (120 Stat. 2038; D.C. Official Code§ 1-301.47a).
	377	+	312 Sec. 20. Effective date.
	378	+	313 This resolution shall take effect immediately.
	379	+	314
	380	+	315
	381	+	316
	382	+	317
	383	+	14 Washington Yu Ying
	384	+	Public Charter School
	385	+	Revenue Bond Project
16	386
17	387
18		-	To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount
19		-	not to exceed $44 million of District of Columbia revenue bonds in one or more series
20		-	pursuant to a plan of finance and to authorize and provide for the loan of the proceeds of
21		-	such bonds to assist Washington Yu Ying Public Charter School, in the financing,
22		-	refinancing, or reimbursing of costs associated with an authorized project pursuant to
23		-	section 490 of the District of Columbia Home Rule Act.
	388	+	FACT SHEET
24	389
25		-	RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
26		-	resolution may be cited as the “Washington Yu Ying Public Charter School Revenue Bonds
27		-	Project Approval Resolution of 2023”.
	390	+	Washington Yu Ying Public Charter School (Washington Yu Ying) has requested that the District
	391	+	issue up to $44,000,000 in revenue bonds through the DC Revenue Bond Program. These bonds
	392	+	will be used for the acquisition cost of a portion of the property located at 4301 Harewood Rd NE,
	393	+	and for the refunding of existing debt associated with its current property located at 220 Taylor St
	394	+	NE, both in the Ward 5 neighborhood.
28	395
29		-	Sec. 2. Definitions.
30		-	For the purposes of this resolution, the term:
31		-	(1) “Authorized Delegate” means the Mayor or the Deputy Mayor for Planning
32		-	and Economic Development, or any officer or employee of the Executive Office of the Mayor to
33		-	whom the Mayor has delegated or to whom the foregoing individuals have subdelegated any of
34		-	the Mayor’s functions under this resolution pursuant to section 422(6) of the Home Rule Act.
35		-	(2) “Bond Counsel” means a firm or firms of attorneys designated as bond
36		-	counsel from time to time by the Mayor.
37		-	(3) “Bonds” means the District of Columbia revenue bonds, notes, or other
38		-	obligations (including refunding bonds, notes, and other obligations), in one or more series,
39		-	authorized to be issued pursuant to this resolution.
40		-	(4) “Borrower” means the owner, operator, manager and user of the assets
41		-	financed, refinanced, or reimbursed with proceeds from the Bonds, which shall be Washington
42		-	Yu Ying Public Charter School, a corporation organized under the laws of the District of
43		-	Columbia, which is exempt from federal income taxes under 26 U.S.C § 501(a) as an
44		-	organization described in 26 U.S.C. § 501(c)(3), and which is liable for the repayment of the
45		-	Bonds).
46		-	(5) “Closing Documents” means all documents and agreements, other than
47		-	Financing Documents, that may be necessary and appropriate to issue, sell, and deliver the ENROLLED ORIGINAL
	396	+	The Applicant
	397	+
	398	+	Washington Yu Ying takes its name —meaning nurturing excellence —from a groundbreaking
	399	+	girls’ school founded in 1911 in Beijing, China. Originally e stablished by a former Imperial Lady-
	400	+	in-Waiting, Madame Tzen-Kuei Wang, the Yu Ying School offered classroom education at a time
	401	+	when the centuries-old tutorial system was still the norm in China. The school has been highly
	402	+	rated for educational change in China.
	403	+
	404	+	In 2008, Washington Yu Ying Public Charter School was founded by a small group of parents
	405	+	dedicated to establishing a world- class Chinese immersion school in the District of Columbia.
	406	+	Since the school has been founded, Washington Yu Ying has been the only school of its kind in
	407	+	the District.
	408	+
	409	+	Proposed Project
	410	+
	411	+	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
	412	+	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
	413	+	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
48	414
49	415
	416	+	Financing Plan
50	417
51		-
	418	+	A summary of the proposed sources and uses of funds is attached (see Table 1).
	419	+	Washington Yu Ying Public Charter School
	420	+	Fact Sheet
	421	+	August 2023
52	422
53	423
54	424		2
55		-	Bonds and to make the Loan contemplated thereby, and includes agreements, certificates, letters,
56		-	opinions, forms, receipts, and other similar instruments.
57		-	(6) “District” means the District of Columbia.
58		-	(7) “Financing Documents” means the documents, other than Closing Documents,
59		-	that relate to the financing or refinancing of transactions to be effected through the issuance, sale,
60		-	and delivery of the Bonds and the making of the Loan, including any offering document, and any
61		-	required supplements to any such documents.
62		-	(8) “Home Rule Act” means the District of Columbia Home Rule Act, approved
63		-	December 24, 1973 (87 Stat. 774; D.C. Official Code § 1-201.01 et seq.).
64		-	(9) “Issuance Costs” means all fees, costs, charges, and expenses paid or incurred
65		-	in connection with the authorization, preparation, printing, issuance, sale, and delivery of the
66		-	Bonds and the making of the Loan, including, but not limited to, underwriting, legal, accounting,
67		-	rating agency, and all other fees, costs, charges, and expenses incurred in connection with the
68		-	development and implementation of the Financing Documents, the Closing Documents, and
69		-	those other documents necessary or appropriate in connection with the authorization,
70		-	preparation, printing, issuance, sale, marketing, and delivery of the Bonds and the making of the
71		-	Loan contemplated thereby, together with financing fees, costs, and expenses, including program
72		-	fees and administrative fees charged by the District, fees paid to financial institutions and
73		-	insurance companies, initial letter of credit fees (if any), compensation to financial advisors and
74		-	other persons (other than full-time employees of the District) and entities performing services on
75		-	behalf of or as agents for the District.
76		-	(10) “Loan” means the District’s lending of proceeds from the sale, in one or
77		-	more series, of the Bonds to the Borrower.
78		-	(11) “Project” means the financing, refinancing, or reimbursing of all or a portion
79		-	of the Borrower’s costs of:
80		-	(A) Refunding the District of Columbia Revenue Bond (Washington Yu
81		-	Ying Public Charter School Issue), Series 2012, originally issued in the aggregate principal
82		-	amount of $9,593,566.63 pursuant to provisions of Washington Yu Ying Public Charter School
83		-	Revised Revenue Bonds Project Emergency Approval Resolution of 2012, effective February 7,
84		-	2012 (Res. 19-376; 59 DCR 1545);
85		-	(B) Refunding the District of Columbia Revenue Bond (Washington Yu
86		-	Ying Public Charter School Issue), Series 2014, originally issued in the aggregate principal
87		-	amount of $3,921,433.37 pursuant to provisions of Washington Yu Ying Public Charter School
88		-	Revised Revenue Bonds Project Emergency Approval Resolution of 2012, effective February 7,
89		-	2012 (Res. 19-376; 59 DCR 1545);
90		-	(C) The acquisition, construction, equipping and development of public
91		-	charter school facility located at 4301 Harewood Road, NE, Washington, DC;
92		-	(D) Funding certain working capital costs, to the extent financeable relating
93		-	to the Bonds; ENROLLED ORIGINAL
	425	+
	426	+	Feasibility/Structure/Security of the Bonds
	427	+
	428	+	Level Field Financial will serve as financial partners to Washington Yu Ying Public Charter
	429	+	School in connection with the $44,000,000 Revenue Bond application. Based on the assessment
	430	+	of Yu Ying’s finances and financing needs, Level field has advised the school to pursuit the public
	431	+	offering of tax-exempt bonds, and believes such financing is feasible under current market
	432	+	conditions,
94	433
95	434
	435	+	Public Purpose Benefits
	436	+
	437	+	Washington Yu Ying provides another educational option, as well as contracting and job
	438	+	opportunities for District residents and businesses.
96	439
97	440
	441	+	Legal and Regulatory Affairs
	442	+
	443	+	The law office of Orrick, Herrington, and Sutcliffe LLP are assigned as bond counsel to the
	444	+	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.
	445	+
	446	+	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
	447	+	Fact Sheet
	448	+	August 2023
98	449
99	450
100	451		3
101		-	(E) Funding any credit enhancement costs, liquidity costs or debt service
102		-	reserve fund relating to the Bonds; and
103		-	(F) Paying allowable Issuance Costs.
104	452
105		-	Sec. 3. Findings.
106		-	The Council finds that:
107		-	(1) Section 490 of the Home Rule Act provides that the Council may, by
108		-	resolution, authorize the issuance of District revenue bonds, notes, or other obligations
109		-	(including refunding bonds, notes, or other obligations) to borrow money to finance, refinance,
110		-	or reimburse costs, and to assist in the financing, refinancing, or reimbursing of, the costs of
111		-	undertakings in certain areas designated in section 490 and may effect the financing, refinancing,
112		-	or reimbursement by loans made directly or indirectly to any individual or legal entity, by the
113		-	purchase of any mortgage, note, or other security, or by the purchase, lease, or sale of any
114		-	property.
115		-	(2) The Borrower has requested the District to issue, sell, and deliver revenue
116		-	bonds, in one or more series, in an aggregate principal amount not to exceed $44 million, and to
117		-	make the Loan for the purpose of financing, refinancing, or reimbursing costs of the Project.
118		-	(3) The Project is located in the District and will contribute to the health,
119		-	education, safety, or welfare of, or the creation or preservation of jobs for, residents of the
120		-	District, or to economic development of the District.
121		-	(4) The Project is an undertaking in the area of elementary, secondary, and
122		-	college and university facilities within the meaning of section 490 of the Home Rule Act.
123		-	(5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to
124		-	the Borrower are desirable, are in the public interest, will promote the purpose and intent of
125		-	section 490 of the Home Rule Act, and will assist the Project.
	453	+	TABLE 1
	454	+	PROPOSED SOURCES AND USE OF FUNDS
126	455
127		-	Sec. 4. Bond authorization.
128		-	(a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist
129		-	in financing, refinancing, or reimbursing the costs of the Project by:
130		-	(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an
131		-	aggregate principal amount not to exceed $44 million; and
132		-	(2) The making of the Loan.
133		-	(b) The Mayor is authorized to make the Loan to the Borrower for the purpose of
134		-	financing, refinancing, or reimbursing the costs of the Project and establishing any fund with
135		-	respect to the Bonds as required by the Financing Documents.
136		-	(c) The Mayor may charge a program fee to the Borrower, including, but not limited to,
137		-	an amount sufficient to cover costs and expenses incurred by the District in connection with the
138		-	issuance, sale, and delivery of each series of the Bonds, the District’s participation in the
139		-	monitoring of the use of the Bond proceeds and compliance with any public benefit agreements ENROLLED ORIGINAL
	456	+	Please indicate the estimated sources and uses of project funds:
140	457
	458	+	TOTAL COST TAX EXEMPT
	459	+	BOND
	460	+	PROCEEDS
	461	+	TAXABLE
	462	+	LOANS
	463	+	EQUITY ECONOMIC
	464	+	LIFE
	465	+	Land Acquisition $5,959,094
	466	+	Acquisition of
	467	+	building
141	468
	469	+	New Construction $22,000,000
	470	+	Building Addition
	471	+	Refinance/
	472	+	Refunding
	473	+	$9,000,000
	474	+	Other Site
	475	+	improvements
	476	+	$2,500,000
	477	+	Building
	478	+	Renovations
142	479
	480	+	Machinery and
	481	+	Equipment
143	482
	483	+	Architectural/
	484	+	Engineering
	485	+	$1,359,800
	486	+	COST OF
	487	+	ISSUANCE:
	488	+	Program Fee
144	489
	490	+	Trustee’s Fees
	491	+	Other Issuance
	492	+	Cost
145	493
146		-	4
147		-	with the District, and maintaining official records of each bond transaction, and assisting in the
148		-	redemption, 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.
	494	+	SUBTOTAL: $880,000
	495	+	Net Capitalized
	496	+	Interest
153	497
154		-	Sec. 5. Bond details.
155		-	(a) The Mayor and each Authorized Delegate is authorized to take any action reasonably
156		-	necessary or appropriate in accordance with this resolution in connection with the preparation,
157		-	execution, issuance, sale, delivery, security for, and payment of the Bonds of each series,
158		-	including, but not limited to, determinations of:
159		-	(1) The final form, content, designation, and terms of the Bonds, including a
160		-	determination that the Bonds may be issued in certificated or book-entry form;
161		-	(2) The principal amount of the Bonds to be issued and denominations of the
162		-	Bonds;
163		-	(3) The rate or rates of interest or the method for determining the rate or rates of
164		-	interest on the Bonds;
165		-	(4) The date or dates of issuance, sale, and delivery of, and the payment of interest
166		-	on, the Bonds, and the maturity date or dates of the Bonds;
167		-	(5) The terms under which the Bonds may be paid, optionally or mandatorily
168		-	redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before
169		-	their respective stated maturities;
170		-	(6) Provisions for the registration, transfer, and exchange of the Bonds and the
171		-	replacement of mutilated, lost, stolen, or destroyed Bonds;
172		-	(7) The creation of any reserve fund, sinking fund, or other fund with respect to
173		-	the Bonds;
174		-	(8) The time and place of payment of the Bonds;
175		-	(9) Procedures for monitoring the use of the proceeds received from the sale of
176		-	the Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish
177		-	the purposes of the Home Rule Act and this resolution;
178		-	(10) Actions necessary to qualify the Bonds under blue sky laws of any
179		-	jurisdiction where the Bonds are marketed; and
180		-	(11) The terms and types of credit enhancement under which the Bonds may be
181		-	secured.
182		-	(b) The Bonds shall contain a legend, which shall provide that the Bonds are special
183		-	obligations of the District, are without recourse to the District, are not a pledge of, and do not
184		-	involve the faith and credit or the taxing power of the District, do not constitute a debt of the ENROLLED ORIGINAL
	498	+	Debt Service
	499	+	Reserve Fund
185	500
186		-
187		-
188		-
189		-
190		-
191		-	5
192		-	District, and do not constitute lending of the public credit for private undertakings as prohibited
193		-	in section 602(a)(2) of the Home Rule Act.
194		-	(c) The Bonds shall be executed in the name of the District and on its behalf by the
195		-	manual or facsimile signature of the Mayor, and attested by the Secretary of the District of
196		-	Columbia by the Secretary of the District of Columbia’s manual or facsimile signature. The
197		-	Mayor’s execution and delivery of the Bonds shall constitute conclusive evidence of the Mayor’s
198		-	approval, on behalf of the District, of the final form and content of the Bonds.
199		-	(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or
200		-	otherwise reproduced on the Bonds.
201		-	(e) The Bonds of any series may be issued in accordance with the terms of a trust
202		-	instrument to be entered into by the District and a trustee to be selected by the Borrower subject
203		-	to the approval of the Mayor, and may be subject to the terms of one or more agreements entered
204		-	into by the Mayor pursuant to section 490(a)(4) of the Home Rule Act.
205		-	(f) The Bonds may be issued at any time or from time to time in one or more issues and
206		-	in one or more series.
207		-
208		-	Sec. 6. Sale of the Bonds.
209		-	(a) The Bonds of any series may be sold at negotiated or competitive sale at, above, or
210		-	below par, to one or more persons or entities, and upon terms that the Mayor considers to be in
211		-	the best interest of the District.
212		-	(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of
213		-	the Bonds, offering documents on behalf of the District, may deem final any such offering
214		-	document on behalf of the District for purposes of compliance with federal laws and regulations
215		-	governing such matters and may authorize the distribution of the documents in connection with
216		-	the sale of the Bonds.
217		-	(c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the
218		-	District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds to
219		-	the original purchasers of the Bonds upon payment of the purchase price.
220		-	(d) The Bonds shall not be issued until the Mayor receives an approving opinion from
221		-	Bond Counsel as to the validity of the Bonds of such series and, if the interest on the Bonds is
222		-	expected to be exempt from federal income taxation, the treatment of the interest on the Bonds
223		-	for purposes of federal income taxation.
224		-
225		-	Sec. 7. Payment and security.
226		-	(a) The principal of, premium, if any, and interest on, the Bonds shall be payable solely
227		-	from proceeds received from the sale of the Bonds, income realized from the temporary
228		-	investment of those proceeds, receipts and revenues realized by the District from the Loan,
229		-	income realized from the temporary investment of those receipts and revenues prior to payment
230		-	to the Bond owners, other moneys that, as provided in the Financing Documents, may be made ENROLLED ORIGINAL
231		-
232		-
233		-
234		-
235		-
236		-
237		-	6
238		-	available to the District for the payment of the Bonds, and other sources of payment (other than
239		-	from the District), all as provided for in the Financing Documents.
240		-	(b) Payment of the Bonds shall be secured as provided in the Financing Documents and
241		-	by an assignment by the District for the benefit of the Bond owners of certain of its rights under
242		-	the Financing Documents and Closing Documents, including a security interest in certain
243		-	collateral, if any, to the trustee for the Bonds pursuant to the Financing Documents.
244		-	(c) The trustee is authorized to deposit, invest, and disburse the proceeds received from
245		-	the sale of the Bonds pursuant to the Financing Documents.
246		-
247		-	Sec. 8. Financing and Closing Documents.
248		-	(a) The Mayor is authorized to prescribe the final form and content of all Financing
249		-	Documents and all Closing Documents to which the District is a party that may be necessary or
250		-	appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower. Each of
251		-	the Financing Documents and each of the Closing Documents to which the District is not a party
252		-	shall be approved, as to form and content, by the Mayor.
253		-	(b) The Mayor is authorized to execute, in the name of the District and on its behalf, the
254		-	Financing Documents and any Closing Documents to which the District is a party by the
255		-	Mayor’s manual or facsimile signature.
256		-	(c) If required, the official seal of the District, or a facsimile of it, shall be impressed,
257		-	printed, or otherwise reproduced on the Financing Documents and the Closing Documents to
258		-	which the District is a party.
259		-	(d) The Mayor’s execution and delivery of the Financing Documents and the Closing
260		-	Documents to which the District is a party shall constitute conclusive evidence of the Mayor’s
261		-	approval, on behalf of the District, of the final form and content of the executed Financing
262		-	Documents and the executed Closing Documents.
263		-	(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and
264		-	Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale,
265		-	and delivery of the Bonds, and to ensure the due performance of the obligations of the District
266		-	contained in the executed, sealed, and delivered Financing Documents and Closing Documents.
267		-
268		-	Sec. 9. Authorized delegation of authority.
269		-	To the extent permitted by District and federal laws, the Mayor may delegate to any
270		-	Authorized Delegate the performance of any function authorized to be performed by the Mayor
271		-	under this resolution.
272		-
273		-	Sec. 10. Limited liability.
274		-	(a) The Bonds shall be special obligations of the District. The Bonds shall be without
275		-	recourse to the District. The Bonds shall not be general obligations of the District, shall not be a
276		-	pledge of, or involve the faith and credit or the taxing power of, the District, shall not constitute a ENROLLED ORIGINAL
277		-
278		-
279		-
280		-
281		-
282		-
283		-	7
284		-	debt of the District, and shall not constitute lending of the public credit for private undertakings
285		-	as prohibited in section 602(a)(2) of the Home Rule Act.
286		-	(b) The Bonds shall not give rise to any pecuniary liability of the District and the District
287		-	shall have no obligation with respect to the purchase of the Bonds.
288		-	(c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing
289		-	Documents shall create an obligation on the part of the District to make payments with respect to
290		-	the Bonds from sources other than those listed for that purpose in section 7.
291		-	(d) The District shall have no liability for the payment of any Issuance Costs or for any
292		-	transaction or event to be effected by the Financing Documents.
293		-	(e) All covenants, obligations, and agreements of the District contained in this resolution,
294		-	the Bonds, and the executed, sealed, and delivered Financing Documents and Closing
295		-	Documents to which the District is a party, shall be considered to be the covenants, obligations,
296		-	and agreements of the District to the fullest extent authorized by law, and each of those
297		-	covenants, obligations, and agreements shall be binding upon the District, subject to the
298		-	limitations set forth in this resolution.
299		-	(f) No person, including, but not limited to, the Borrower and any Bond owner, shall have
300		-	any claims against the District or any of its elected or appointed officials, officers, employees, or
301		-	agents for monetary damages suffered as a result of the failure of the District or any of its elected
302		-	or appointed officials, officers, employees or agents to perform any covenant, undertaking, or
303		-	obligation under this resolution, the Bonds, the Financing Documents, or the Closing
304		-	Documents, or as a result of the incorrectness of any representation in or omission from the
305		-	Financing Documents or the Closing Documents, unless the District or its elected or appointed
306		-	officials, officers, employees, or agents have acted in a willful and fraudulent manner.
307		-
308		-	Sec. 11. District officials.
309		-	(a) Except as otherwise provided in section 10(f), the elected or appointed officials,
310		-	officers, employees, or agents of the District shall not be liable personally for the payment of the
311		-	Bonds or be subject to any personal liability by reason of the issuance, sale or delivery of the
312		-	Bonds, or for any representations, warranties, covenants, obligations, or agreements of the
313		-	District contained in this resolution, the Bonds, the Financing Documents, or the Closing
314		-	Documents.
315		-	(b) The signature, countersignature, facsimile signature, or facsimile countersignature of
316		-	any official appearing on the Bonds, the Financing Documents, or the Closing Documents shall
317		-	be valid and sufficient for all purposes notwithstanding the fact that the individual signatory
318		-	ceases to hold that office before delivery of the Bonds, the Financing Documents, or the Closing
319		-	Documents.
320		-
321		-
322		-	ENROLLED ORIGINAL
323		-
324		-
325		-
326		-
327		-
328		-
329		-	8
330		-	Sec.12. Maintenance of documents.
331		-	Copies of the specimen Bonds and of the final Financing Documents and Closing
332		-	Documents shall be filed in the Office of the Secretary of the District of Columbia.
333		-
334		-	Sec.13. Information reporting.
335		-	Within 3 days after the Mayor’s receipt of the transcript of proceedings relating to the
336		-	issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the
337		-	Council.
338		-
339		-	Sec. 14. Disclaimer.
340		-	(a) The issuance of Bonds is in the discretion of the District. Nothing contained in this
341		-	resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed as
342		-	obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or
343		-	assist the Borrower in any way with financing, refinancing, or reimbursing the costs of the
344		-	Project. The Borrower shall have no claims for damages or for any other legal or equitable relief
345		-	against the District, its elected or appointed officials, officers, employees, or agents as a
346		-	consequence of any failure to issue any Bonds for the benefit of the Borrower.
347		-	(b) The District reserves the right to issue the Bonds in the order or priority it determines
348		-	in its sole and absolute discretion. The District gives no assurance and makes no representations
349		-	that any portion of any limited amount of bonds or other obligations, the interest on which is
350		-	excludable from gross income for federal income tax purposes, will be reserved or will be
351		-	available at the time of the proposed issuance of the Bonds.
352		-	(c) The District, by adopting this resolution or by taking any other action in connection
353		-	with financing, refinancing, or reimbursing costs of the Project, does not provide any assurance
354		-	that the Project is viable or sound, that the Borrower is financially sound, or that amounts owing
355		-	on the Bonds or pursuant to the Loan will be paid. Neither the Borrower, any purchaser of the
356		-	Bonds, nor any other person shall rely upon the District with respect to these matters.
357		-
358		-	Sec. 15. Expiration.
359		-	If any Bonds are not issued, sold, and delivered to the original purchaser within 3 years of
360		-	the date of this resolution, the authorization provided in this resolution with respect to the
361		-	issuance, sale, and delivery of the Bonds shall expire.
362		-
363		-	Sec. 16. Severability.
364		-	If any particular provision of this resolution or the application thereof to any person or
365		-	circumstance is held invalid, the remainder of this resolution and the application of such
366		-	provision to other persons or circumstances shall not be affected thereby. If any action or
367		-	inaction contemplated under this resolution is determined to be contrary to the requirements of ENROLLED ORIGINAL
368		-
369		-
370		-
371		-
372		-
373		-
374		-	9
375		-	applicable law, such action or inaction shall not be necessary for the purpose of issuing the
376		-	Bonds, and the validity of the Bonds shall not be adversely affected.
377		-
378		-	Sec. 17. Compliance with public approval requirement.
379		-	This approval shall constitute the approval of the Council as required in section 147(f) of
380		-	the Internal Revenue Code of 1986, as amended (“Code”), and section 490(k) of the Home Rule
381		-	Act, for the Project to be financed, refinanced, or reimbursed with the proceeds of the Bonds.
382		-	This resolution approving the issuance of the Bonds for the Project has been adopted by the
383		-	Council after a public hearing held in accordance with section 147(f) of the Code, as such section
384		-	may be amended, and the corresponding regulations promulgated by the United States
385		-	Department of the Treasury.
386		-
387		-	Sec. 18. Transmittal.
388		-	The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor.
389		-
390		-	Sec. 19. Fiscal impact statement.
391		-	The Council adopts the fiscal impact statement in the committee report as the fiscal
392		-	impact statement required by section 4a of the General Legislative Procedures Act of 1975,
393		-	approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).
394		-
395		-	Sec. 20. Effective date.
396		-	This resolution shall take effect immediately.
397		-
398		-
399		-
400		-
	501	+	Contingency $2,301,106
	502	+	Reserve
	503	+	TOTALS: $44,000,000
	504	+	GOVERNMENT OF THE DISTRICT OF COLUMBIA
	505	+	Office of the Attorney General
	506	+	Commercial Division
	507	+	Tax and Finance Section
	508	+	*** --
	509	+	MEMORANDUM
	510	+	TO: William Liggins, Director
	511	+	D.C. Revenue Bond-Enterprise Zone Program
	512	+	Office of the Deputy Mayor for Planning
	513	+	and Economic Development
	514	+	FROM: Andrea R. Littlejohn lef{U
	515	+	Senior Assistant Attorney General
	516	+	DATE: October 4, 2023
	517	+	SUBJECT: Legal Sufficiency Review: The Washington Yu Ying Public Charter School
	518	+	Revenue Bonds Project Approval Resolution of 2023
	519	+	This responds to a request from your office to review for legal sufficiency the attached draft of the
	520	+	above-referenced proposed resolution. For purposes of this review, this Office premises its
	521	+	conclusion on the assumption that your office has determined that the Borrower as defined in the
	522	+	aforementioned resolution is a "qualified applicant" within the meaning of Section 490 of the
	523	+	District of Columbia Home Rule Act.
	524	+	A review of the attached draft of the above-referenced proposed resolution indicates that the draft
	525	+	proposed resolution conforms with the Model Revenue Bond Resolution jointly drafted and
	526	+	determined to be legally sufficient by the General Counsel of the Council, the Office of the Attorney
	527	+	General, and the District's bond counsel. Accordingly, we find the attached draft of the above
	528	+	referenced proposed resolution legally sufficient.
	529	+	Please contact me at 724-7761 if you have further questions or concerns.
	530	+	Attachment: Washington Yu Ying Public Charter School Revenue Bonds Project Approval
	531	+	Resolution of 2023
	532	+	ARL/arl
	533	+	400 Sixth Street, N.W., Suite 9100, Washington, DC 20001 Tel.: (202) 724-7761 Fax: (202) 730-0486