District Of Columbia 2023 2023-2024 Regular Session

District Of Columbia Council Bill PR25-0751 Introduced / Bill

Filed 05/02/2024

                    MURIEL BOWSER 
 MAYOR 
May 2, 2024
The Honorable Phil Mendelson  
Chairman  
Council of the District of Columbia 
1350 Pennsylvania Avenue, N.W.  
Suite 504  
Washington, DC 20001  
Dear Chairman Mendelson: 
Enclosed for consideration and adoption by the Council of the District of Columbia is a 
proposed resolution entitled “Provident Group Girard Properties Inc. Revenue Bonds Project 
Approval Resolution of 2024” (the “Resolution”).    
The Resolution authorizes the issuance, sale, and delivery in an aggregate principal amount 
not to exceed $15,000,000. These bonds will be used for the financing, refinancing, or 
reimbursing of costs incurred by Provident Group Girard Properties Inc. for its project located at 
654 Girard Street, N.W., in Ward 1.   
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 
urge the Council to take prompt and favorable action on the measure. 
Sincerely, 
Muriel E. Bowser 
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~ 
Chairman Phil Mendelson 
at the request 
of the Mayor 
A PROPOSED RESOLUTION 
IN THE COUNCIL OF THE DISTRICT OF COLUMBIA 
To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not 
to 
exceed $15 million of District of Columbia revenue bonds in one or more series pursuant to a 
plan 
of finance and to authorize and provide for the loan 	of the proceeds of such bonds to 
assist Provident Group Girard Properties Inc., in the financing, refinancing, or reimbursing 
of 
costs associated with an authorized project pursuant to section 490 	of the District of 
Columbia Home Rule Act. 
RESOLVED, 
BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this 
resolution may be cited as the "Provident Group Girard Properties Inc. Revenue Bonds Project 
Approval Resolution 
of 2024". 
Sec. 2. Definitions. 
For the purposes 
of this resolution, the term: 
( 
1) "Authorized Delegate" means the Mayor or the Deputy Mayor for Planning 
and Economic Development, or any officer or employee 
of the Executive Office of the Mayor to 
whom the Mayor has delegated or to whom the foregoing individuals have subdelegated any 
of 
the Mayor's functions under this resolution pursuant to section 422(6) 	of the Home Rule Act. 
(2) "Bond Counsel" means a firm or firms 
of attorneys designated as bond 
counsel from time to time by the Mayor.   
 	2 
(3) “Bonds” means the District of Columbia revenue bonds, notes, or other 33 
obligations (including refunding bonds, notes, and other obligations), in one or more series, 34 
authorized to be issued pursuant to this resolution. 35 
(4) “Borrower” means the owner, operator, manager and user of the assets 36 
financed, refinanced, or reimbursed with proceeds from the Bonds, which shall be Provident 37 
Group Girard Properties Inc., a nonprofit corporation organized and existing under the laws of 38 
the District of Columbia, which is exempt from federal income taxes under 26 U.S.C § 501(a) as 39 
an organization described in 26 U.S.C. § 501(c)(3) and which is liable for the repayment of the 40 
Bonds. 41 
(5) “Closing Documents” means all documents and agreements, other than 42 
Financing Documents, that may be necessary and appropriate to issue, sell, and deliver the 43 
Bonds and to make the Loan contemplated thereby, and includes agreements, certificates, letters, 44 
opinions, forms, receipts, and other similar instruments. 45 
(6) “District” means the District of Columbia. 46 
(7) “Financing Documents” means the documents, other than Closing Documents, 47 
that relate to the financing or refinancing of transactions to be effected through the issuance, sale, 48 
and delivery of the Bonds and the making of the Loan, including any offering document, and any 49 
required supplements to any such documents. 50 
(8) “Home Rule Act” means the District of Columbia Home Rule Act, approved 51 
December 24, 1973 (87 Stat. 774; D.C. Official Code § 1-	201.01 et seq. ). 52 
(9) “Issuance Costs” means all fees, costs, charges, and expenses paid or incurred 53 
in connection with the authorization, preparation, printing, issuance, sale, and delivery of the 54 
Bonds and the making of the Loan, including, but not limited to, underwriting, legal, accounting, 55   
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rating agency, and all other fees, costs, charges, and expenses incurred in connection with the 56 
development and implementation of the Financing Documents, the Closing Documents, and 57 
those other documents necessary or appropriate in connection with the authorization, 58 
preparation, printing, issuance, sale, marketing, and delivery of the Bonds and the making of the 59 
Loan contemplated thereby, together with financing fees, costs, and expenses, including program 60 
fees and administrative fees charged by the District, fees paid to financial institutions and 61 
insurance companies, initial letter of credit fees (if any), compensation to financial advisors and 62 
other persons (other than full-time employees of the District) and entities performing services on 63 
behalf of or as agents for the District. 64 
(10) “Loan” means the District’s lending of proceeds from the sale, in one or 65 
more series, of the Bonds to the Borrower. 66 
(11) “Project” means the financing, refinancing or reimbursing of all or a portion 67 
of the Borrower’s costs of: 68 
(A) Refinancing certain existing indebtedness, the proceeds of which were 69 
used to finance the acquisition from Howard University of long term leasehold interests in an 70 
approximate 61,452 square foot multifamily residential rental building, comprising 80 rental 71 
housing units located at 654 Girard Avenue, NW, in Washington, DC (the “Facility”); 72 
(B) funding certain working capital costs, to the extent financeable relating 73 
to the Bonds; 74 
(C) funding interest on the Bonds and any credit enhancement costs, 75 
liquidity costs or debt service reserve fund relating to the Bonds; and 76 
(D) Paying allowable Issuance Costs. 77   
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Sec. 3. Findings. 78 
The Council finds that: 79 
(1) Section 490 of the Home Rule Act provides that the Council may, by 80 
resolution, authorize the issuance of District revenue bonds, notes, or other obligations 81 
(including refunding bonds, notes, or other obligations) to borrow money to finance, refinance, 82 
or reimburse costs, and to assist in the financing, refinancing, or reimbursing of, the costs of 83 
undertakings in certain areas designated in section 490 and may effect the financing, refinancing, 84 
or reimbursement by loans made directly or indirectly to any individual or legal entity, by the 85 
purchase of any mortgage, note, or other security, or by the purchase, lease, or sale of any 86 
property. 87 
(2) The Borrower has requested the District to issue, sell, and deliver revenue 88 
bonds, in one or more series, in an aggregate principal amount not to exceed $15 million, and to 89 
make the Loan for the purpose of financing, refinancing, or reimbursing costs of the Project. 90 
(3) The Project is located in the District and will contribute to the health, 91 
education, safety, or welfare of, or the creation or preservation of jobs for, residents of the 92 
District, or to economic development of the District. 93 
(4) The Project is an undertaking in the area of housing, within the meaning of 94 
section 490 of the Home Rule Act. 95 
(5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to 96 
the Borrower are desirable, are in the public interest, will promote the purpose and intent of 97 
section 490 of the Home Rule Act, and will assist the Project. 98 
Sec. 4. Bond authorization. 99 
(a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist 100   
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in financing, refinancing or reimbursing the costs of the Project by: 101 
(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an 102 
aggregate principal amount not to exceed $15 million; and  103 
(2) The making of the Loan. 104 
(b) The Mayor is authorized to make the Loan to the Borrower for the purpose of 105 
financing, refinancing or reimbursing the costs of the Project and establishing any fund with 106 
respect to the Bonds as required by the Financing Documents. 107 
(c) The Mayor may charge a program fee to the Borrower, including, but not limited to, 108 
an amount sufficient to cover costs and expenses incurred by the District in connection with the 109 
issuance, sale, and delivery of each series of the Bonds, the District’s participation in the 110 
monitoring of the use of the Bond proceeds and compliance with any public benefit agreements 111 
with the District, and maintaining official records of each bond transaction, and assisting in the 112 
redemption, repurchase, and remarketing of the Bonds. 113 
 (d) The Bond authorization set forth in this resolution includes the authorization to issue 114 
refunding Bonds to refinance any Bonds previously issued under this resolution to finance the 115 
Project; provided that the maximum principal amount of Bonds outstanding at any time does not 116 
exceed the maximum principal amount of Bonds authorized hereunder.  117 
Sec. 5. Bond details. 118 
(a) The Mayor and each Authorized Delegate is authorized to take any action reasonably 119 
necessary or appropriate in accordance with this resolution in connection with the preparation, 120 
execution, issuance, sale, delivery, security for, and payment of the Bonds of each series, 121 
including, but not limited to, determinations of: 122   
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(1) The final form, content, designation, and terms of the Bonds, including a 123 
determination that the Bonds may be issued in certificated or book-	entry form; 124 
(2) The principal amount of the Bonds to be issued and denominations of the 125 
Bonds; 126 
(3) The rate or rates of interest or the method for determining the rate or rates of 127 
interest on the Bonds; 128 
(4) The date or dates of issuance, sale, and delivery of, and the payment of interest 129 
on, the Bonds, and the maturity date or dates of the Bonds; 130 
(5) The terms under which the Bonds may be paid, optionally or mandatorily 131 
redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before 132 
their respective stated maturities; 133 
(6) Provisions for the registration, transfer, and exchange of the Bonds and the 134 
replacement of mutilated, lost, stolen, or destroyed Bonds; 135 
(7) The creation of any reserve fund, sinking fund, or other fund with respect to 136 
the Bonds; 137 
(8) The time and place of payment of the Bonds; 138 
(9) Procedures for monitoring the use of the proceeds received from the sale of 139 
the Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish 140 
the purposes of the Home Rule Act and this resolution; 141 
(10) Actions necessary to qualify the Bonds under blue sky laws of any 142 
jurisdiction where the Bonds are marketed; and 143 
(11) The terms and types of credit enhancement under which the Bonds may be 144 
secured. 145   
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(b) The Bonds shall contain a legend, which shall provide that the Bonds are special 146 
obligations of the District, are without recourse to the District, are not a pledge of, and do not 147 
involve the faith and credit or the taxing power of the District, do not constitute a debt of the 148 
District, and do not constitute lending of the public credit for private undertakings as prohibited 149 
in section 602(a)(2) of the Home Rule Act. 150 
(c) The Bonds shall be executed in the name of the District and on its behalf by the 151 
manual or facsimile signature of the Mayor, and attested by the Secretary of the District of 152 
Columbia by the Secretary of the District of Columbia’s manual or facsimile signature. The 153 
Mayor’s execution and delivery of the Bonds shall constitute conclusive evidence of the Mayor’s 154 
approval, on behalf of the District, of the final form and content of the Bonds. 155 
(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or 156 
otherwise reproduced on the Bonds. 157 
(e) The Bonds of any series may be issued in accordance with the terms of a trust 158 
instrument to be entered into by the District and a trustee to be selected by the Borrower subject 159 
to the approval of the Mayor, and may be subject to the terms of one or more agreements entered 160 
into by the Mayor pursuant to section 490(a)(4) of the Home Rule Act. 161 
(f) The Bonds may be issued at any time or from time to time in one or more issues and 162 
in one or more series. 163 
Sec. 6. Sale of the Bonds. 164 
(a) The Bonds of any series may be sold at negotiated or competitive sale at, above, or 165 
below par, to one or more persons or entities, and upon terms that the Mayor considers to be in 166 
the best interest of the District. 167   
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(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of 168 
the Bonds, offering documents on behalf of the District, may deem final any such offering 169 
document on behalf of the District for purposes of compliance with federal laws and regulations 170 
governing such matters and may authorize the distribution of the documents in connection with 171 
the sale of the Bonds. 172 
(c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the 173 
District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds to 174 
the original purchasers of the Bonds upon payment of the purchase price. 175 
(d) The Bonds shall not be issued until the Mayor receives an approving opinion from 176 
Bond Counsel as to the validity of the Bonds of such series and, if the interest on the Bonds is 177 
expected to be exempt from federal income taxation, the treatment of the interest on the Bonds 178 
for purposes of federal income taxation. 179 
Sec. 7. Payment and security. 180 
(a) The principal of, premium, if any, and interest on, the Bonds shall be payable solely 181 
from proceeds received from the sale of the Bonds, income realized from the temporary 182 
investment of those proceeds, receipts and revenues realized by the District from the Loan, 183 
income realized from the temporary investment of those receipts and revenues prior to payment 184 
to the Bond owners, other moneys that, as provided in the Financing Documents, may be made 185 
available to the District for the payment of the Bonds, and other sources of payment (other than 186 
from the District), all as provided for in the Financing Documents. 187 
(b) Payment of the Bonds shall be secured as provided in the Financing Documents and 188 
by an assignment by the District for the benefit of the Bond owners of certain of its rights under 189   
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the Financing Documents and Closing Documents, including a security interest in certain 190 
collateral, if any, to the trustee for the Bonds pursuant to the Financing Documents. 191 
(c) The trustee is authorized to deposit, invest, and disburse the proceeds received from 192 
the sale of the Bonds pursuant to the Financing Documents. 193 
Sec. 8. Financing and Closing Documents. 194 
 (a) The Mayor is authorized to prescribe the final form and content of all Financing 195 
Documents and all Closing Documents to which the District is a party that may be necessary or 196 
appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower. Each of 197 
the Financing Documents and each of the Closing Documents to which the District is not a party 198 
shall be approved, as to form and content, by the Mayor. 199 
(b) The Mayor is authorized to execute, in the name of the District and on its behalf, the 200 
Financing Documents and any Closing Documents to which the District is a party by the 201 
Mayor’s manual or facsimile signature. 202 
(c) If required, the official seal of the District, or a facsimile of it, shall be impressed, 203 
printed, or otherwise reproduced on the Financing Documents and the Closing Documents to 204 
which the District is a party. 205 
(d) The Mayor’s execution and delivery of the Financing Documents and the Closing 206 
Documents to which the District is a party shall constitute conclusive evidence of the Mayor’s 207 
approval, on behalf of the District, of the final form and content of the executed Financing 208 
Documents and the executed Closing Documents. 209 
(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and 210 
Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, 211   
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and delivery of the Bonds, and to ensure the due performance of the obligations of the District 212 
contained in the executed, sealed, and delivered Financing Documents and Closing Documents. 213 
Sec. 9. Authorized delegation of authority. 214 
To the extent permitted by District and federal laws, the Mayor may delegate to any 215 
Authorized Delegate the performance of any function authorized to be performed by the Mayor 216 
under this resolution. 217 
Sec. 10. Limited liability. 218 
(a) The Bonds shall be special obligations of the District. The Bonds shall be without 219 
recourse to the District. The Bonds shall not be general obligations of the District, shall not be a 220 
pledge of, or involve the faith and credit or the taxing power of, the District, shall not constitute a 221 
debt of the District, and shall not constitute lending of the public credit for private undertakings 222 
as prohibited in section 602(a)(2) of the Home Rule Act. 223 
(b) The Bonds shall not give rise to any pecuniary liability of the District and the District 224 
shall have no obligation with respect to the purchase of the Bonds. 225 
(c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing 226 
Documents shall create an obligation on the part of the District to make payments with respect to 227 
the Bonds from sources other than those listed for that purpose in section 7. 228 
(d) The District shall have no liability for the payment of any Issuance Costs or for any 229 
transaction or event to be effected by the Financing Documents. 230 
(e) All covenants, obligations, and agreements of the District contained in this resolution, 231 
the Bonds, and the executed, sealed, and delivered Financing Documents and Closing 232 
Documents to which the District is a party, shall be considered to be the covenants, obligations, 233 
and agreements of the District to the fullest extent authorized by law, and each of those 234   
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covenants, obligations, and agreements shall be binding upon the District, subject to the 235 
limitations set forth in this resolution. 236 
(f) No person, including, but not limited to, the Borrower and any Bond owner, shall have 237 
any claims against the District or any of its elected or appointed officials, officers, employees, or 238 
agents for monetary damages suffered as a result of the failure of the District or any of its elected 239 
or appointed officials, officers, employees or agents to perform any covenant, undertaking, or 240 
obligation under this resolution, the Bonds, the Financing Documents, or the Closing 241 
Documents, or as a result of the incorrectness of any representation in or omission from the 242 
Financing Documents or the Closing Documents, unless the District or its elected or appointed 243 
officials, officers, employees, or agents have acted in a willful and fraudulent manner. 244 
Sec. 11. District officials. 245 
(a) Except as otherwise provided in section 10(f), the elected or appointed officials, 246 
officers, employees, or agents of the District shall not be liable personally for the payment of the 247 
Bonds or be subject to any personal liability by reason of the issuance, sale or delivery of the 248 
Bonds, or for any representations, warranties, covenants, obligations, or agreements of the 249 
District contained in this resolution, the Bonds, the Financing Documents, or the Closing 250 
Documents. 251 
(b) The signature, countersignature, facsimile signature, or facsimile countersignature of 252 
any official appearing on the Bonds, the Financing Documents, or the Closing Documents shall 253 
be valid and sufficient for all purposes notwithstanding the fact that the individual signatory 254 
ceases to hold that office before delivery of the Bonds, the Financing Documents, or the Closing 255 
Documents. 256   
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Sec.12. Maintenance of documents. 257 
Copies of the specimen Bonds and of the final Financing Documents and Closing 258 
Documents shall be filed in the Office of the Secretary of the District of Columbia. 259 
Sec.13. Information reporting. 260 
Within 3 days after the Mayor’s receipt of the transcript of proceedings relating to the 261 
issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the 262 
Council. 263 
Sec. 14. Disclaimer. 264 
(a) The issuance of Bonds is in the discretion of the District. Nothing contained in this 265 
resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed as 266 
obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or 267 
assist the Borrower in any way with financing, refinancing, or reimbursing the costs of the 268 
Project. The Borrower shall have no claims for damages or for any other legal or equitable relief 269 
against the District, its elected or appointed officials, officers, employees, or agents as a 270 
consequence of any failure to issue any Bonds for the benefit of the Borrower. 271 
(b) The District reserves the right to issue the Bonds in the order or priority it determines 272 
in its sole and absolute discretion. The District gives no assurance and makes no representations 273 
that any portion of any limited amount of bonds or other obligations, the interest on which is 274 
excludable from gross income for federal income tax purposes, will be reserved or will be 275 
available at the time of the proposed issuance of the Bonds. 276 
(c) The District, by adopting this resolution or by taking any other action in connection 277 
with financing, refinancing, or reimbursing costs of the Project, does not provide any assurance 278 
that the Project is viable or sound, that the Borrower is financially sound, or that amounts owing 279   
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on the Bonds or pursuant to the Loan will be paid. Neither the Borrower, any purchaser of the 280 
Bonds, nor any other person shall rely upon the District with respect to these matters. 281 
Sec. 15. Expiration. 282 
If any Bonds are not issued, sold, and delivered to the original purchaser within 3 years of 283 
the date of this resolution, the authorization provided in this resolution with respect to the 284 
issuance, sale, and delivery of the Bonds shall expire. 285 
Sec. 16. Severability. 286 
If any particular provision of this resolution or the application thereof to any person or 287 
circumstance is held invalid, the remainder of this resolution and the application of such 288 
provision to other persons or circumstances shall not be affected thereby. 	If any action or 289 
inaction contemplated under this resolution is determined to be contrary to the requirements of 290 
applicable law, such action or inaction shall not be necessary for the purpose of issuing the 291 
Bonds, and the validity of the Bonds shall not be adversely affected. 292 
Sec. 17. Compliance with public approval requirement. 293 
This approval shall constitute the approval of the Council as required in section 147(f) of 294 
the Internal Revenue Code of 1986, as amended (Code”)	, and section 490(k) of the Home Rule 295 
Act, for the Project to be financed, refinanced, or reimbursed with the proceeds of the Bonds. 296 
This resolution approving the issuance of the Bonds for the Project has been adopted by the 297 
Council after a public hearing held in accordance with section 147(f) of Code, as such section 298 
may be amended, and the corresponding regulations promulgated by the United States 299 
Department of the Treasury. 300 
Sec. 18. Transmittal. 301 
The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor. 302   
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Sec. 19. Fiscal impact statement. 303 
The Council adopts the fiscal impact statement in the committee report as the fiscal 304 
impact statement required by section 4a of the General Legislative Procedures Act of 1975, 305 
approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-	301.47a). 306 
Sec. 20. Effective date. 307 
This resolution shall take effect immediately. 308  Provident Group Girard Properties Inc. 
Revenue Bond Project 
 
FACT SHEET 
 
Provident Group Girard Properties Inc. has requested that the District issue up to $	15 million in 
tax-exempt bonds for its project located at 654 Girard Street, N.W., Washington, DC, in Ward 1. 
 
The Applicant 
 Provident Group Girard Properties Inc. (“Provident”) is a nonprofit corporation organized and 
existing under the laws of the District of Columbia. 
 Howard University (“Howard”) is an independent, 501(c)	(3) nonprofit, coeducational, 
nonsectarian institution of higher education located principally on three campuses in the District of Columbia. 
Proposed Project  
 
The project comprises the financing, refinancing, or reimbursing of all or a portion of Provident’s costs of:    
(A)  Refinancing certain existing indebtedness, the proceeds of which were used to finance the acquisition from Howard University of leasehold interests in an 
approximate 61,452 square foot multifamily residential rental building, comprising 80 rental housing units, located at 654 Girard Street, N.W., in Washington, DC (the 
“Facility”); 
 
(B)  Funding certain working capital costs, to the extent financeable relating to the bonds;  
 (C) Funding interest on the bonds and any credit enhancement costs, liquidity costs or 
debt service reserve fund relating to the bonds; and 
 
(D)  Paying allowable bond issuance c osts. 
 
Financing Plan 
 
A summary of the proposed sources and uses of funds is attached (see Table 1). 
 
Feasibility/Structure/Security of the Bonds 
 Preston Hollow Capital, LLC, the prospective purchaser of the bonds, has deemed this transaction financially feasible based on its assessment and analysis .    
Public Purpose Benefits 
 
The Project will increase options of affordable housing units in the District. Howard University 
is creating a model that will combine residential, student and faculty housing.  The DC Revenue 
Bond Program can be used for affordable housing. The District’s private activity volume cap is 
very limited. By using the DC Revenue Bond Program to help finance the project, volume cap 
allocation will be available for other housing projects in the District. 
 
 
 Legal and Regulatory Affairs 
 Orrick, bond counsel to the DC Revenue Bond Program, has preliminarily determined that the 
applicant is a 501(c)(3) organization, and the project constitutes a permissible undertaking under Section 490(a)(1) of the District of Columbia Home Rule Act. Based on the foregoing, OAG, Bond Counsel, and the IRB program have determined that the proposed project complies with criteria for approval of a proposed financing through the District’s Revenue Bond Program.    TABLE 1 
FINANCING PLAN 
 
 
SOURCES 
Bond Proceeds 	$15,000,000 
Equity 	$300,000 
USES 
 	Total Cost Tax-Exempt 
Bond Proceeds 
Equity 
Refinance/Refunding 	$12,960,000 $12,960,000  
Costs of Issuance:      
  Program Fee 	$37,500 $37,500  
  Bond Counsel Fees 	$200,000 $100,000 $100,000 
  Borrower’s Counsel 	$100,000 $50,000 $50,000 
  Other Counsels’ Fees 	$175,000 $68,750 $106,250 
  Underwriter/Placement Fee $75,000 $37,500 $37,500  
  Trustee’s Fees 	$12,500 $6,250 $6,250 
Other Costs:   
  Net Capitalized Interest $450,000 $450,000 
  Debt Service Reserve Fund 
$1,290,000 
$1,290,000 
 
 
 
Total costs: 	$15,300,000 $15,000,000 $300,000  
  GOVERNMENT OF THE DISTRICT OF COLUMBIA 
OFFICE OF THE ATTORNEY GENERAL 
 
 
 
Commercial Division
 
Tax & Finance Section 
 
 
MEMORANDUM 
 	TO: William Liggins 
  Director, Revenue Bond Program 
 Office of the Deputy Mayor for Planning and Economic Development  	FROM: Patrick Allen 
 Senior Assistant Attorney General 
  Commercial Division 
 	DATE: March 27, 2024 
 
SUBJECT: Legal Sufficiency Certification of the “Provident Group Girard Properties 	Inc. Revenue Bonds Project Approval Resolution of 2024”. 
 	This is to certify that
 the Commercial Division has reviewed the above-referenced 
resolution and found it to be legally sufficient	.  If you have any questions in this regard, 
please do not hesitate to call me at (202) 724-7754.   	_________________________________ 	Patrick Allen 
Senior Assistant Attorney General