District Of Columbia 2023-2024 Regular Session

District Of Columbia Council Bill PR25-0805 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	ENROLLED ORIGINAL
2		-
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5		-
6		-	1
7		-	A RESOLUTION
8		-
9		-	25-570
10		-
11		-	IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
12		-
13		-	July 9, 2024
14		-
15		-
16		-	To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to
17		-	exceed $3.25 million of District of Columbia revenue bonds in one or more series and to
18		-	authorize and provide for the loan of the proceeds of such bonds to assist Jubilee Housing,
19		-	Inc., in the financing, refinancing, or reimbursing of costs associated with an authorized
20		-	project pursuant to section 490 of the District of Columbia Home Rule Act.
21		-
22		-	RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
23		-	resolution may be cited as the “Jubilee Housing, Inc. – The Maycroft, Revenue Bonds Project
24		-	Approval Resolution of 2024”.
25		-
26		-	Sec. 2. Definitions.
27		-	For the purpose of this resolution, the term:
28		-	(1) “Authorized Delegate” means the Mayor or the Deputy Mayor for Planning and
29		-	Economic Development, or any officer or employee of the Executive Office of the Mayor to whom
30		-	the Mayor has delegated or to whom the foregoing individuals have subdelegated any of the
31		-	Mayor’s functions under this resolution pursuant to section 422(6) of the Home Rule Act.
32		-	(2) “Bond Counsel” means a firm or firms of attorneys designated as bond counsel
33		-	from time to time by the Mayor.
34		-	(3) “Bonds” means the District of Columbia revenue bonds, notes, or other
35		-	obligations (including refunding bonds, notes, and other obligations), in one or more series,
36		-	authorized to be issued pursuant to this resolution.
37		-	(4) “Borrower” means the owner of the assets financed, refinanced, or reimbursed
38		-	with proceeds from the Bonds, which shall be Jubilee Housing, Inc., a nonprofit corporation
39		-	organized and existing under the laws of the District of Columbia, qualified to do business in the
40		-	District of Columbia, and exempt from federal income taxes under 26 U.S.C. § Section 501(a) as an
41		-	organization described in 26 U.S.C. § 501(c)(3).
42		-	(5) “Closing Documents” means all documents and agreements other than
43		-	Financing Documents that may be necessary and appropriate to issue, sell, and deliver the Bonds
44		-	and to make the Loan, and includes agreements, certificates, letters, opinions, forms, receipts, and
45		-	other similar instruments.
46		-	(6) “District” means the District of Columbia. ENROLLED ORIGINAL
47		-
48		-
	1	+	MURIEL BOWSER
	2	+	MAYOR
	3	+	May
	4	+	13, 2024
	5	+	The Honorable Phil Mendelson
	6	+	Chairman
	7	+	Council of the District of Columbia
	8	+	1350 Pennsylvania Avenue, N.W.
	9	+	Suite 504
	10	+	Washington, DC 20001
	11	+	Dear Chairman Mendelson:
	12	+	Enclosed for consideration and adoption by the Council of the District of Columbia is a proposed
	13	+	resolution entitled "Jubilee Housing, Inc .
	14	+	– The Maycroft Revenue Bonds Project Approval
	15	+	Resolution of 2024,” the “Resolution”.
	16	+	The Resolution authorizes the issuance, sale, and
	17	+	delivery of tax-exempt revenue bonds, notes, or
	18	+	other obligations in an aggregate principal amount not to exceed $3,250,000. These bonds will
	19	+	be used for the financing, refinancing, or reimbursing of costs incurred by Jubilee Housing, Inc.
	20	+	for the project located at 1474 Columbia Road, N.W. in Ward 1.
	21	+	In
	22	+	accordance with Section 490 of the Home Rule Act, we have determined that the bonds,
	23	+	when, as, and if issued, shall be without recourse to the District. The bonds shall not be general
	24	+	obligations of the District; shall not be a pledge of or involve the full faith and credit or the
	25	+	taxing power of the District; shall not constitute a debt of the District; and shall not constitute a
	26	+	lending of public credit for private undertakings as prohibited in section 602 (a) (2) of the Home
	27	+	Rule Act. The bonds shall not give rise to any pecuniary liability of the District and the District
	28	+	shall have no obligation with respect to the purchase of the bonds.
	29	+	I urge the Council to take prompt and favorable action on the measure.
	30	+	Sincerely,
	31	+	Muriel E. Bowser
	32	+	Enclosures 1
	33	+	2
	34	+	3
	35	+	4
	36	+	5
	37	+	6
	38	+	7
	39	+	8
	40	+	9
	41	+	10
	42	+	11
	43	+	12
	44	+	13
	45	+	14
	46	+	~
	47	+	Chairman Phil Mendelson
	48	+	at the request
	49	+	of the Mayor
	50	+	A PROPOSED RESOLUTION
	51	+	IN THE COUNCIL OF THE DISTRICT
	52	+	OF COLUMBIA
	53	+	15 To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to
	54	+	16 exceed $3.25 million of District of Columbia revenue bonds in one or more series and to
	55	+	17 authorize and provide for the loan of the proceeds of such bonds to assist Jubilee
	56	+	18 Housing, Inc., in the financing, refinancing, or reimbursing of costs associated with an
	57	+	19 authorized project pursuant to section 490 of the District of Columbia Home Rule Act.
	58	+	20
	59	+	21 RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this
	60	+	22 resolution may be cited as the "Jubilee Housing, Inc. -The Maycroft, Revenue Bonds Project
	61	+	23 Approval Resolution of2024".
	62	+	24 Sec.
	63	+	2. Definitions.
	64	+	25 For the purpose of this resolution, the term:
	65	+	26 (1) "Authorized Delegate" means the Mayor or the Deputy Mayor for Planning and
	66	+	27 Economic Development, or any officer or employee of the Executive Office of the Mayor to whom
	67	+	28 the Mayor has delegated or to whom the foregoing individuals have subdelegated any of the
	68	+	29 Mayor's functions under this resolution pursuant
	69	+	to section 422(6) of the Home Rule Act.
	70	+	30 (2) "Bond Counsel" means a firm or firms of attorneys designated as bond counsel
	71	+	31 from time to time by the Mayor.
49	72
50	73
51	74		2
52		-	(7) “Financing Documents” means the documents other than Closing Documents
53		-	that relate to the financing, refinancing, or reimbursement of transactions to be effected through the
54		-	issuance, sale, and delivery of the Bonds and the making of the Loan, including any offering
55		-	document, and any required supplements to any such documents.
56		-	(8) “Home Rule Act” means the District of Columbia Home Rule Act, approved
57		-	December 24, 1973 (87 Stat. 774; D.C. Official Code § 1-201.01 et seq.).
58		-	(9) “Issuance Costs” means all fees, costs, charges, and expenses paid or incurred
59		-	in connection with the authorization, preparation, printing, issuance, sale, and delivery of the Bonds
60		-	and the making of the Loan, including, but not limited to, underwriting, legal, accounting, rating
61		-	agency, and all other fees, costs, charges, and expenses incurred in connection with the development
62		-	and implementation of the Financing Documents, the Closing Documents, and those other
63		-	documents necessary or appropriate in connection with the authorization, preparation, printing,
64		-	issuance, sale, marketing, and delivery of the Bonds and the making of the Loan, together with
65		-	financing fees, costs, and expenses, including program fees and administrative fees charged by the
66		-	District, fees paid to financial institutions and insurance companies, initial letter of credit fees (if
67		-	any), compensation to financial advisors and other persons (other than full-time employees of the
68		-	District) and entities performing services on behalf of or as agents for the District.
69		-	(10) “Loan” means the District’s lending of proceeds from the sale, in one or more
70		-	series, of the Bonds to the Borrower.
71		-	(11) “Project” means the financing, refinancing, or reimbursing of the Borrower for
72		-	all or a portion of the Borrower’s costs incurred in connection with the:
73		-	(A) Refinancing of certain indebtedness, the proceeds of which were
74		-	used to acquire, finance or refinance the costs of improvements to commercial rental space
75		-	including leasehold improvements of the Borrower’s facility located at 1474 Columbia Road,
76		-	NW, Units C-1, C-2 and C-3, Washington, DC (A&T Lots 2110, 2111 and 2112 in Square
77		-	2669) (“Facility”);
78		-	(B) Purchase of certain equipment and furnishings for the Facility,
79		-	together with other property, real and personal, functionally related and subordinate thereto;
80		-	(C) Funding any credit enhancement costs, liquidity costs, or debt service
81		-	reserve fund relating to the Bonds; and
82		-	(D) Funding of certain Issuance Costs.
83		-
84		-	Sec. 3. Findings.
85		-	The Council finds that:
86		-	(1) Section 490 of the Home Rule Act provides that the Council may by resolution
87		-	authorize the issuance of District revenue bonds, notes, or other obligations (including refunding
88		-	bonds, notes, or other obligations) to borrow money to finance, refinance, or reimburse costs, and to
89		-	assist in the financing, refinancing, or reimbursing of the costs of undertakings in certain areas
90		-	designated in section 490 and may effect the financing, refinancing, or reimbursement by loans ENROLLED ORIGINAL
91		-
92		-
	75	+	(3) “Bonds” means the District of Columbia revenue bonds, notes, or other 1
	76	+	obligations (including refunding bonds, notes, and other obligations), in one or more series, 2
	77	+	authorized to be issued pursuant to this resolution. 3
	78	+	(4) “Borrower” means the owner of the assets financed, refinanced, or reimbursed 4
	79	+	with proceeds from the Bonds, which shall be Jubilee Housing, Inc., a nonprofit corporation 5
	80	+	organized and existing under the laws of the District of Columbia , qualified to do business in the 6
	81	+	District of Columbia, and exempt from federal income taxes under 26 U.S.C. § Section 501(a) as an 7
	82	+	organization described in 26 U.S.C. § 501(c)(3). 8
	83	+	(5) “Chairman” means the Chairman of the Council of the District of Columbia. 9
	84	+	(6) “Closing Documents” means all documents and agreements other than 10
	85	+	Financing Documents that may be necessary and appropriate to issue, sell, and deliver the Bonds 11
	86	+	and to make the Loan, and includes agreements, certificates, letters, opinions, forms, receipts, and 12
	87	+	other similar instruments. 13
	88	+	(7) “District” means the District of Columbia. 14
	89	+	(8) “Financing Documents” means the documents other than Closing Documents 15
	90	+	that relate to the financing, refinancing, or reimbursement of transactions to be effected through the 16
	91	+	issuance, sale, and delivery of the Bonds and the making of the Loan, including any offering 17
	92	+	document, and any required supplements to any such documents. 18
	93	+	(9) “Home Rule Act” means the District of Columbia Home Rule Act, approved 19
	94	+	December 24, 1973 (87 Stat. 774; D.C. Official Code § 1- 201.01 et seq.). 20
	95	+	(10) “Issuance Costs” means all fees, costs, charges, and expenses paid or incurred 21
	96	+	in connection with the authorization, preparation, printing, issuance, sale, and delivery of the Bonds 22
	97	+	and the making of the Loan, including, but not limited to, underwriting, legal, accounting, rating 23
93	98
94	99
95	100		3
96		-	made directly or indirectly to any individual or legal entity, by the purchase of any mortgage, note,
97		-	or other security, or by the purchase, lease, or sale of any property.
98		-	(2) The Borrower has requested the District to issue, sell, and deliver revenue bonds,
99		-	in one or more series, in an aggregate principal amount not to exceed $3.25 million and to make the
100		-	Loan for the purpose of financing, refinancing, or reimbursing costs of the Project.
101		-	(3) The Project is located in the District and will contribute to the health, education,
102		-	safety, or welfare of, or the creation or preservation of jobs for, residents of the District, or to the
103		-	economic development of the District.
104		-	(4) The Project is an undertaking in the area of commercial development within the
105		-	meaning of section 490 of the Home Rule Act.
106		-	(5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to
107		-	the Borrower are desirable, are in the public interest, will promote the purpose and intent of
108		-	section 490 of the Home Rule Act, and will assist the Project.
109		-
110		-	Sec. 4. Bond authorization.
111		-	(a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist in
112		-	financing, refinancing, or reimbursing the costs of the Project by:
113		-	(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an
114		-	aggregate principal amount not to exceed $3.25 million; and
115		-	(2) The making of the Loan.
116		-	(b) The Mayor is authorized to make the Loan to the Borrower for the purpose of financing,
117		-	refinancing, or reimbursing the costs of the Project and establishing any fund with respect to the
118		-	Bonds as required by the Financing Documents.
119		-	(c) The Mayor may charge a program fee to the Borrower, including, but not limited to, an
120		-	amount sufficient to cover costs and expenses incurred by the District in connection with the
121		-	issuance, sale, and delivery of each series of the Bonds, the District’s participation in the monitoring
122		-	of the use of the Bond proceeds and compliance with any public benefit agreements with the
123		-	District, and maintaining official records of each bond transaction and assisting in the redemption,
124		-	repurchase, and remarketing of the Bonds.
125		-	( d) The Bond authorization set forth in this resolution includes the authorization to issue
126		-	refunding Bonds to refinance any Bonds previously issued under this resolution to finance the
127		-	Project; provided, that the maximum principal amount of Bonds outstanding at any time does not
128		-	exceed the maximum principal amount of Bonds authorized hereunder.
129		-
130		-	Sec. 5. Bond details.
131		-	(a) The Mayor and each Authorized Delegate is authorized to take any action reasonably
132		-	necessary or appropriate in accordance with this resolution in connection with the preparation,
133		-	execution, issuance, sale, delivery, security for, and payment of the Bonds of each series, including, ENROLLED ORIGINAL
134		-
135		-
	101	+	agency, and all other fees, costs, charges, and expenses incurred in connection with the development 1
	102	+	and implementation of the Financing Documents, the Closing Documents, and those other 2
	103	+	documents necessary or appropriate in connection with the authorization, preparation, printing, 3
	104	+	issuance, sale, marketing, and delivery of the Bonds and the making of the Loan, together with 4
	105	+	financing fees, costs, and expenses, including program fees and administrative fees charged by the 5
	106	+	District, fees paid to financial institutions and insurance companies, initial letter of credit fees (if 6
	107	+	any), compensation to financial advisors and other persons (other than full-time employees of the 7
	108	+	District) and entities performing services on behalf of or as agents for the District. 8
	109	+	(11) “Loan” means the District’s lending of proceeds from the sale, in one or more 9
	110	+	series, of the Bonds to the Borrower. 10
	111	+	(12) “Project” means the financing, refinancing, or reimbursing of the Borrower for 11
	112	+	all or a portion of the Borrower’s costs incurred in connection with: 12
	113	+	(A) (i) the refinancing of certain indebtedness, the proceeds of which 13
	114	+	were used to acquire, finance or refinance the costs of improvements to commercial rental space 14
	115	+	including leasehold improvements of the Applicant’s facility located at 1474 Columbia Road, 15
	116	+	NW, Units C-1, C-2 and C-3, Washington, DC (A&T Lots 2110, 2111 and 2112 in Square 16
	117	+	2669) (the “Facility”); (ii) the purchase of certain equipment and furnishings for the Facility, 17
	118	+	together with other property, real and personal, functionally related and subordinate thereto; and 18
	119	+	(iii) funding any credit enhancement costs, liquidity costs or debt service reserve fund relating to 19
	120	+	the Bonds; and 20
	121	+	(B) the funding of certain Issuance Costs. 21
	122	+	Sec. 3. Findings. 22
	123	+	The Council finds that: 23
136	124
137	125
138	126		4
139		-	but not limited to, determinations of:
140		-	(1) The final form, content, designation, and terms of the Bonds, including a
141		-	determination that the Bonds may be issued in certificated or book-entry form;
142		-	(2) The principal amount of the Bonds to be issued and denominations of the
143		-	Bonds;
144		-	(3) The rate or rates of interest or the method for determining the rate or rates of
145		-	interest on the Bonds;
146		-	(4) The date or dates of issuance, sale, and delivery of, and the payment of interest
147		-	on the Bonds, and the maturity date or dates of the Bonds;
148		-	(5) The terms under which the Bonds may be paid, optionally or mandatorily
149		-	redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before
150		-	their respective stated maturities;
151		-	(6) Provisions for the registration, transfer, and exchange of the Bonds and the
152		-	replacement of mutilated, lost, stolen, or destroyed Bonds;
153		-	(7) The creation of any reserve fund, sinking fund, or other fund with respect to the
154		-	Bonds;
155		-	(8) The time and place of payment of the Bonds;
156		-	(9) Procedures for monitoring the use of the proceeds received from the sale of the
157		-	Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish the
158		-	purposes of the Home Rule Act and this resolution;
159		-	(10) Actions necessary to qualify the Bonds under blue sky laws of any jurisdiction
160		-	where the Bonds are marketed; and
161		-	(11) The terms and types of credit enhancement, if any, under which the Bonds may
162		-	be secured.
163		-	(b) The Bonds shall contain a legend, which shall provide that the Bonds are special
164		-	obligations of the District, are without recourse to the District, are not a pledge of, and do not
165		-	involve the faith and credit or the taxing power of the District, do not constitute a debt of the
166		-	District, and do not constitute lending of the public credit for private undertakings as prohibited in
167		-	section 602(a)(2) of the Home Rule Act.
168		-	(c) The Bonds shall be executed in the name of the District and on its behalf by the manual
169		-	or facsimile signature of the Mayor, and attested by the Secretary of the District of Columbia by the
170		-	Secretary of the District of Columbia’s manual or facsimile signature. The Mayor’s execution and
171		-	delivery of the Bonds shall constitute conclusive evidence of the Mayor’s approval, on behalf of the
172		-	District, of the final form and content of the Bonds.
173		-	(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or
174		-	otherwise reproduced on the Bonds.
175		-	(e) The Bonds of any series may be issued in accordance with the terms of a trust instrument
176		-	to be entered into by the District and a trustee to be selected by the Borrower subject to the approval
177		-	of the Mayor, and may be subject to the terms of one or more agreements entered into by the Mayor
178		-	pursuant to section 490(a)(4) of the Home Rule Act. ENROLLED ORIGINAL
179		-
180		-
	127	+	(1) Section 490 of the Home Rule Act provides that the Council may by resolution 1
	128	+	authorize the issuance of District revenue bonds, notes, or other obligations (including refunding 2
	129	+	bonds, notes, or other obligations) to borrow money to finance, refinance, or reimburse costs, and to 3
	130	+	assist in the financing, refinancing, or reimbursing of the costs of undertakings in certain areas 4
	131	+	designated in section 490 and may e ffect the financing, refinancing, or reimbursement by loans 5
	132	+	made directly or indirectly to any individual or legal entity, by the purchase of any mortgage, note, 6
	133	+	or other security, or by the purchase, lease, or sale of any property. 7
	134	+	(2) The Borrower has requested the District to issue, sell, and deliver revenue bonds, 8
	135	+	in one or more series, in an aggregate principal amount not to exceed $3 .25 million and to make the 9
	136	+	Loan for the purpose of financing, refinancing, or reimbursing costs of the Project. 10
	137	+	(3) The Project is located in the District and will contribute to the health, education, 11
	138	+	safety, or welfare of, or the creation or preservation of jobs for, residents of the District, or to the 12
	139	+	economic development of the District. 13
	140	+	(4) The Project is an undertaking in the area of commercial development within the 14
	141	+	meaning of section 490 of the Home Rule Act. 15
	142	+	(5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to 16
	143	+	the Borrower are desirable, are in the public interest, will promote the purpose and intent of 17
	144	+	section 490 of the Home Rule Act, and will assist the Project. 18
	145	+	Sec. 4. Bond authorization. 19
	146	+	(a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist in 20
	147	+	financing, refinancing, or reimbursing the costs of the Project by: 21
	148	+	(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an 22
	149	+	aggregate principal amount not to exceed $3.25 million; and 23
181	150
182	151
183	152		5
184		-	(f) The Bonds may be issued at any time or from time to time in one or more issues and in
185		-	one or more series.
186		-
187		-	Sec. 6. Sale of the Bonds.
188		-	(a) The Bonds of any series may be sold at negotiated or competitive sale at, above, or
189		-	below par, to one or more persons or entities, and upon terms that the Mayor considers to be in the
190		-	best interest of the District.
191		-	(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of the
192		-	Bonds, offering documents on behalf of the District, may deem final any such offering document on
193		-	behalf of the District for purposes of compliance with federal laws and regulations governing such
194		-	matters and may authorize the distribution of the documents in connection with the sale of the
195		-	Bonds.
196		-	(c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the
197		-	District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds to the
198		-	original purchasers of the Bonds upon payment of the purchase price.
199		-	(d) The Bonds shall not be issued until the Mayor receives an approving opinion from Bond
200		-	Counsel as to the validity of the Bonds of such series and, if the interest on the Bonds is expected to
201		-	be exempt from federal income taxation, the treatment of the interest on the Bonds for purposes of
202		-	federal income taxation.
203		-
204		-	Sec. 7. Payment and security.
205		-	(a) The principal of, premium, if any, and interest on, the Bonds shall be payable solely from
206		-	proceeds received from the sale of the Bonds, income realized from the temporary investment of
207		-	those proceeds, receipts and revenues realized by the District from the Loan, income realized from
208		-	the temporary investment of those receipts and revenues prior to payment to the Bond owners, other
209		-	moneys that, as provided in the Financing Documents, may be made available to the District for the
210		-	payment of the Bonds, and other sources of payment (other than from the District), all as provided
211		-	for in the Financing Documents.
212		-	(b) Payment of the Bonds shall be secured as provided in the Financing Documents and by
213		-	an assignment by the District for the benefit of the Bond owners of certain of its rights under the
214		-	Financing Documents and Closing Documents, including a security interest in certain collateral, if
215		-	any, to the trustee for the Bonds pursuant to the Financing Documents.
216		-	(c) The trustee is authorized to deposit, invest, and disburse the proceeds received from the
217		-	sale of the Bonds pursuant to the Financing Documents.
218		-
219		-	Sec. 8. Financing and Closing Documents.
220		-	(a) The Mayor is authorized to prescribe the final form and content of all Financing
221		-	Documents and all Closing Documents to which the District is a party that may be necessary or
222		-	appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower. Each of the ENROLLED ORIGINAL
223		-
224		-
	153	+	(2) The making of the Loan. 1
	154	+	(b) The Mayor is authorized to make the Loan to the Borrower for the purpose of financing, 2
	155	+	refinancing, or reimbursing the costs of the Project and establishing any fund with respect to the 3
	156	+	Bonds as required by the Financing Documents. 4
	157	+	(c) The Mayor may charge a program fee to the Borrower, including, but not limited to, an 5
	158	+	amount sufficient to cover costs and expenses incurred by the District in connection with the 6
	159	+	issuance, sale, and delivery of each series of the Bonds, the District’s participation in the monitoring 7
	160	+	of the use of the Bond proceeds and compliance with any public benefit agreements with the 8
	161	+	District, and maintaining official records of each bond transaction and assisting in the redemption, 9
	162	+	repurchase, and remarketing of the Bonds. 10
	163	+	( d) The Bond authorization set forth in this resolution includes the authorization to issue 11
	164	+	refunding Bonds to refinance any Bonds previously issued under this resolution to finance the 12
	165	+	Project; provided, that the maximum principal amount of Bonds outstanding at any time does not 13
	166	+	exceed the maximum principal amount of Bonds authorized hereunder. 14
	167	+	Sec. 5. Bond details. 15
	168	+	(a) The Mayor and each Authorized Delegate is authorized to take any action reasonably 16
	169	+	necessary or appropriate in accordance with this resolution in connection with the preparation, 17
	170	+	execution, issuance, sale, delivery, security for, and payment of the Bonds of each series, including, 18
	171	+	but not limited to, determinations of: 19
	172	+	(1) The final form, content, designation, and terms of the Bonds, including a 20
	173	+	determination that the Bonds may be issued in certificated or book- entry form; 21
	174	+	(2) The principal amount of the Bonds to be issued and denominations of the 22
	175	+	Bonds; 23
225	176
226	177
227	178		6
228		-	Financing Documents and each of the Closing Documents to which the District is not a party shall
229		-	be approved, as to form and content, by the Mayor.
230		-	(b) The Mayor is authorized to execute, in the name of the District and on its behalf, the
231		-	Financing Documents and any Closing Documents to which the District is a party by the Mayor’s
232		-	manual or facsimile signature.
233		-	(c) If required, the official seal of the District, or a facsimile of it, shall be impressed,
234		-	printed, or otherwise reproduced on the Financing Documents and the Closing Documents to which
235		-	the District is a party.
236		-	(d) The Mayor’s execution and delivery of the Financing Documents and the Closing
237		-	Documents to which the District is a party shall constitute conclusive evidence of the Mayor’s
238		-	approval, on behalf of the District, of the final form and content of said executed Financing
239		-	Documents and said executed Closing Documents.
240		-	(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and
241		-	Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, and
242		-	delivery of the Bonds, and to ensure the due performance of the obligations of the District contained
243		-	in the executed, sealed, and delivered Financing Documents and Closing Documents.
244		-
245		-	Sec. 9. Authorized delegation of authority.
246		-	To the extent permitted by District and federal laws, the Mayor may delegate to any
247		-	Authorized Delegate the performance of any function authorized to be performed by the Mayor
248		-	under this resolution.
249		-
250		-	Sec. 10. Limited liability.
251		-	(a) The Bonds shall be special obligations of the District. The Bonds shall be without
252		-	recourse to the District. The Bonds shall not be general obligations of the District, shall not be a
253		-	pledge of or involve the faith and credit or the taxing power of the District, shall not constitute a
254		-	debt of the District, and shall not constitute lending of the public credit for private undertakings as
255		-	prohibited in section 602(a)(2) of the Home Rule Act.
256		-	(b) The Bonds shall not give rise to any pecuniary liability of the District and the District
257		-	shall have no obligation with respect to the purchase of the Bonds.
258		-	(c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing
259		-	Documents shall create an obligation on the part of the District to make payments with respect to
260		-	the Bonds from sources other than those listed for that purpose in section 7.
261		-	(d) The District shall have no liability for the payment of any Issuance Costs or for any
262		-	transaction or event to be effected by the Financing Documents.
263		-	(e) All covenants, obligations, and agreements of the District contained in this resolution,
264		-	the Bonds, and the executed, sealed, and delivered Financing Documents and Closing Documents to
265		-	which the District is a party, shall be considered to be the covenants, obligations, and agreements of
266		-	the District to the fullest extent authorized by law, and each of those covenants, obligations, and
267		-	agreements shall be binding upon the District, subject to the limitations set forth in this resolution. ENROLLED ORIGINAL
268		-
269		-
	179	+	(3) The rate or rates of interest or the method for determining the rate or rates of 1
	180	+	interest on the Bonds; 2
	181	+	(4) The date or dates of issuance, sale, and delivery of, and the payment of interest 3
	182	+	on the Bonds, and the maturity date or dates of the Bonds; 4
	183	+	(5) The terms under which the Bonds may be paid, optionally or mandatorily 5
	184	+	redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before 6
	185	+	their respective stated maturities; 7
	186	+	(6) Provisions for the registration, transfer, and exchange of the Bonds and the 8
	187	+	replacement of mutilated, lost, stolen, or destroyed Bonds; 9
	188	+	(7) The creation of any reserve fund, sinking fund, or other fund with respect to the 10
	189	+	Bonds; 11
	190	+	(8) The time and place of payment of the Bonds; 12
	191	+	(9) Procedures for monitoring the use of the proceeds received from the sale of the 13
	192	+	Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish the 14
	193	+	purposes of the Home Rule Act and this resolution; 15
	194	+	(10) Actions necessary to qualify the Bonds under blue sky laws of any jurisdiction 16
	195	+	where the Bonds are marketed; and 17
	196	+	(11) The terms and types of credit enhancement, if any, under which the Bonds may 18
	197	+	be secured. 19
	198	+	(b) The Bonds shall contain a legend, which shall provide that the Bonds are special 20
	199	+	obligations of the District, are without recourse to the District, are not a pledge of, and do not 21
	200	+	involve the faith and credit or the taxing power of the District, do not constitute a debt of the 22
270	201
271	202
272	203		7
273		-	(f) No person, including, but not limited to, the Borrower and any Bond owner, shall have
274		-	any claims against the District or any of its elected or appointed officials, officers, employees, or
275		-	agents for monetary damages suffered as a result of the failure of the District or any of its elected or
276		-	appointed officials, officers, employees, or agents to perform any covenant, undertaking, or
277		-	obligation under this resolution, the Bonds, the Financing Documents, or the Closing Documents, or
278		-	as a result of the incorrectness of any representation in or omission from the Financing Documents
279		-	or the Closing Documents, unless the District or its elected or appointed officials, officers,
280		-	employees, or agents have acted in a willful and fraudulent manner.
281		-
282		-	Sec. 11. District officials.
283		-	(a) Except as otherwise provided in section 10(f), the elected or appointed officials, officers,
284		-	employees, or agents of the District shall not be liable personally for the payment of the Bonds or be
285		-	subject to any personal liability by reason of the issuance, sale or delivery of the Bonds, or for any
286		-	representations, warranties, covenants, obligations, or agreements of the District contained in this
287		-	resolution, the Bonds, the Financing Documents, or the Closing Documents.
288		-	(b) The signature, countersignature, facsimile signature, or facsimile countersignature of
289		-	any official appearing on the Bonds, the Financing Documents, or the Closing Documents shall
290		-	be valid and sufficient for all purposes notwithstanding the fact that the individual signatory
291		-	ceases to hold that office before delivery of the Bonds, the Financing Documents, or the Closing
292		-	Documents.
293		-
294		-	Sec. 12. Maintenance of documents.
295		-	Copies of the specimen Bonds and of the final Financing Documents and Closing
296		-	Documents shall be filed in the Office of the Secretary of the District of Columbia.
297		-
298		-	Sec. 13. Information reporting.
299		-	Within 3 days after the Mayor’s receipt of the transcript of proceedings relating to the
300		-	issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the
301		-	Council.
302		-
303		-	Sec. 14. Disclaimer.
304		-	(a) The issuance of Bonds is in the discretion of the District. Nothing contained in this
305		-	resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed as
306		-	obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or assist
307		-	the Borrower in any way with financing, refinancing, or reimbursing the costs of the Project. The
308		-	Borrower shall have no claims for damages or for any other legal or equitable relief against the
309		-	District, its elected or appointed officials, officers, employees, or agents as a consequence of any
310		-	failure to issue any Bonds for the benefit of the Borrower.
311		-	(b) The District reserves the right to issue the Bonds in the order or priority it determines in
312		-	its sole and absolute discretion. The District gives no assurance and makes no representations that ENROLLED ORIGINAL
313		-
314		-
	204	+	District, and do not constitute lending of the public credit for private undertakings as prohibited in 1
	205	+	section 602(a)(2) of the Home Rule Act. 2
	206	+	(c) The Bonds shall be executed in the name of the District and on its behalf by the manual 3
	207	+	or facsimile signature of the Mayor, and attested by the Secretary of State of the District of 4
	208	+	Columbia by the Secretary of State of the District of Columbia’s manual or facsimile signature. The 5
	209	+	Mayor’s execution and delivery of the Bonds shall constitute conclusive evidence of the Mayor’s 6
	210	+	approval, on behalf of the District, of the final form and content of the Bonds. 7
	211	+	(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or 8
	212	+	otherwise reproduced on the Bonds. 9
	213	+	(e) The Bonds of any series may be issued in accordance with the terms of a trust instrument 10
	214	+	to be entered into by the District and a trustee to be selected by the Borrower subject to the approval 11
	215	+	of the Mayor, and may be subject to the terms of one or more agreements entered into by the Mayor 12
	216	+	pursuant to section 490(a)(4) of the Home Rule Act. 13
	217	+	(f) The Bonds may be issued at any time or from time to time in one or more issues and in 14
	218	+	one or more series. 15
	219	+	Sec. 6. Sale of the Bonds. 16
	220	+	(a) The Bonds of any series may be sold at negotiated or competitive sale at, above, or 17
	221	+	below par, to one or more persons or entities, and upon terms that the Mayor considers to be in the 18
	222	+	best interest of the District. 19
	223	+	(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of the 20
	224	+	Bonds, offering documents on behalf of the District, may deem final any such offering document on 21
	225	+	behalf of the District for purposes of compliance with federal laws and regulations governing such 22
315	226
316	227
317	228		8
318		-	any portion of any limited amount of bonds or other obligations, the interest on which is excludable
319		-	from gross income for federal income tax purposes, will be reserved or will be available at the time
320		-	of the proposed issuance of the Bonds.
321		-	(c) The District, by adopting this resolution or by taking any other action in connection with
322		-	financing, refinancing, or reimbursing costs of the Project, does not provide any assurance that the
323		-	Project is viable or sound, that the Borrower is financially sound, or that amounts owing on the
324		-	Bonds or pursuant to the Loan will be paid. Neither the Borrower, any purchaser of the Bonds, nor
325		-	any other person shall rely upon the District with respect to these matters.
326		-
327		-	Sec. 15. Expiration.
328		-	If any Bonds are not issued, sold, and delivered to the original purchaser within 3 years of
329		-	the date of this resolution, the authorization provided in this resolution with respect to the issuance,
330		-	sale, and delivery of the Bonds shall expire.
331		-
332		-	Sec. 16. Severability.
333		-	If any particular provision of this resolution or the application thereof to any person or
334		-	circumstance is held invalid, the remainder of this resolution and the application of such provision
335		-	to other persons or circumstances shall not be affected thereby. If any action or inaction
336		-	contemplated under this resolution is determined to be contrary to the requirements of applicable
337		-	law, such action or inaction shall not be necessary for the purpose of issuing of the Bonds, and the
338		-	validity of the Bonds shall not be adversely affected.
339		-
340		-	Sec. 17. Compliance with public approval requirement.
341		-	This approval shall constitute the approval of the Council as required in section 147(f) of the
342		-	Internal Revenue Code of 1986, as amended (“Code”), and section 490(k) of the Home Rule Act,
343		-	for the Project to be financed, refinanced, or reimbursed with the proceeds of the Bonds. This
344		-	resolution approving the issuance of the Bonds for the Project has been adopted by the Council after
345		-	a public hearing held in accordance with section 147(f) of the Code, as such section may be
346		-	amended, and the corresponding regulations promulgated by the United States Department of the
347		-	Treasury.
348		-
349		-	Sec. 18. Transmittal.
350		-	The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor.
351		-
352		-	Sec. 19. Fiscal impact statement.
353		-	The Council adopts the fiscal impact statement in the committee report as the fiscal impact
354		-	statement required by section 4a of the General Legislative Procedures Act of 1975, approved
355		-	October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).
356		-
357		-	ENROLLED ORIGINAL
358		-
359		-
	229	+	matters and may authorize the distribution of the documents in connection with the sale of the 1
	230	+	Bonds. 2
	231	+	(c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the 3
	232	+	District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds to the 4
	233	+	original purchasers of the Bonds upon payment of the purchase price. 5
	234	+	(d) The Bonds shall not be issued until the Mayor receives an approving opinion from Bond 6
	235	+	Counsel as to the validity of the Bonds of such series and, if the interest on the Bonds is expected to 7
	236	+	be exempt from federal income taxation, the treatment of the interest on the Bonds for purposes of 8
	237	+	federal income taxation. 9
	238	+	Sec. 7. Payment and security. 10
	239	+	(a) The principal of, premium, if any, and interest on, the Bonds shall be payable solely from 11
	240	+	proceeds received from the sale of the Bonds, income realized from the temporary investment of 12
	241	+	those proceeds, receipts and revenues realized by the District from the Loan, income realized from 13
	242	+	the temporary investment of those receipts and revenues prior to payment to the Bond owners, other 14
	243	+	moneys that, as provided in the Financing Documents, may be made available to the District for the 15
	244	+	payment of the Bonds, and other sources of payment (other than from the District), all as provided 16
	245	+	for in the Financing Documents. 17
	246	+	(b) Payment of the Bonds shall be secured as provided in the Financing Documents and by 18
	247	+	an assignment by the District for the benefit of the Bond owners of certain of its rights under the 19
	248	+	Financing Documents and Closing Documents, including a security interest in certain collateral, if 20
	249	+	any, to the trustee for the Bonds pursuant to the Financing Documents. 21
	250	+	(c) The trustee is authorized to deposit, invest, and disburse the proceeds received from the 22
	251	+	sale of the Bonds pursuant to the Financing Documents. 23
360	252
361	253
362	254		9
363		-	Sec. 20. Effective date.
364		-	This resolution shall take effect immediately.
	255	+	Sec. 8. Financing and Closing Documents. 1
	256	+	(a) The Mayor is authorized to prescribe the final form and content of all Financing 2
	257	+	Documents and all Closing Documents to which the District is a party that may be necessary or 3
	258	+	appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower. Each of the 4
	259	+	Financing Documents and each of the Closing Documents to which the District is not a party shall 5
	260	+	be approved, as to form and content, by the Mayor. 6
	261	+	(b) The Mayor is authorized to execute, in the name of the District and on its behalf, the 7
	262	+	Financing Documents and any Closing Documents to which the District is a party by the Mayor’s 8
	263	+	manual or facsimile signature. 9
	264	+	(c) If required, the official seal of the District, or a facsimile of it, shall be impressed, 10
	265	+	printed, or otherwise reproduced on the Financing Documents and the Closing Documents to which 11
	266	+	the District is a party. 12
	267	+	(d) The Mayor’s execution and delivery of the Financing Documents and the Closing 13
	268	+	Documents to which the District is a party shall constitute conclusive evidence of the Mayor’s 14
	269	+	approval, on behalf of the District, of the final form and content of said executed Financing 15
	270	+	Documents and said executed Closing Documents. 16
	271	+	(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and 17
	272	+	Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, and 18
	273	+	delivery of the Bonds, and to ensure the due performance of the obligations of the District contained 19
	274	+	in the executed, sealed, and delivered Financing Documents and Closing Documents. 20
	275	+	Sec. 9. Authorized delegation of authority. 21
	276	+
	277	+
	278	+	10
	279	+	To the extent permitted by District and federal laws, the Mayor may delegate to any 1
	280	+	Authorized Delegate the performance of any function authorized to be performed by the Mayor 2
	281	+	under this resolution. 3
	282	+	Sec. 10. Limited liability. 4
	283	+	(a) The Bonds shall be special obligations of the District. The Bonds shall be without 5
	284	+	recourse to the District. The Bonds shall not be general obligations of the District, shall not be a 6
	285	+	pledge of or involve the faith and credit or the taxing power of the District, shall not constitute a 7
	286	+	debt of the District, and shall not constitute lending of the public credit for private undertakings as 8
	287	+	prohibited in section 602(a)(2) of the Home Rule Act. 9
	288	+	(b) The Bonds shall not give rise to any pecuniary liability of the District and the District 10
	289	+	shall have no obligation with respect to the purchase of the Bonds. 11
	290	+	(c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing 12
	291	+	Documents shall create an obligation on the part of the District to make payments with respect to 13
	292	+	the Bonds from sources other than those listed for that purpose in section 7. 14
	293	+	(d) The District shall have no liability for the payment of any Issuance Costs or for any 15
	294	+	transaction or event to be effected by the Financing Documents. 16
	295	+	(e) All covenants, obligations, and agreements of the District contained in this resolution, 17
	296	+	the Bonds, and the executed, sealed, and delivered Financing Documents and Closing Documents to 18
	297	+	which the District is a party, shall be considered to be the covenants, obligations, and agreements of 19
	298	+	the District to the fullest extent authorized by law, and each of those covenants, obligations, and 20
	299	+	agreements shall be binding upon the District, subject to the limitations set forth in this resolution. 21
	300	+	(f) No person, including, but not limited to, the Borrower and any Bond owner, shall have 22
	301	+	any claims against the District or any of its elected or appointed officials, officers, employees, or 23
	302	+
	303	+
	304	+	11
	305	+	agents for monetary damages suffered as a result of the failure of the District or any of its elected or 1
	306	+	appointed officials, officers, employees, or agents to perform any covenant, undertaking, or 2
	307	+	obligation under this resolution, the Bonds, the Financing Documents, or the Closing Documents, or 3
	308	+	as a result of the incorrectness of any representation in or omission from the Financing Documents 4
	309	+	or the Closing Documents, unless the District or its elected or appointed officials, officers, 5
	310	+	employees, or agents have acted in a willful and fraudulent manner. 6
	311	+	Sec. 11. District officials. 7
	312	+	(a) Except as otherwise provided in section 10(f), the elected or appointed officials, officers, 8
	313	+	employees, or agents of the District shall not be liable personally for the payment of the Bonds or be 9
	314	+	subject to any personal liability by reason of the issuance, sale or delivery of the Bonds, or for any 10
	315	+	representations, warranties, covenants, obligations, or agreements of the District contained in this 11
	316	+	resolution, the Bonds, the Financing Documents, or the Closing Documents. 12
	317	+	(b) The signature, countersignature, facsimile signature, or facsimile countersignature of 13
	318	+	any official appearing on the Bonds, the Financing Documents, or the Closing Documents shall 14
	319	+	be valid and sufficient for all purposes notwithstanding the fact that the individual signatory 15
	320	+	ceases to hold that office before delivery of the Bonds, the Financing Documents, or the Closing 16
	321	+	Documents. 17
	322	+	Sec. 12. Maintenance of documents. 18
	323	+	Copies of the specimen Bonds and of the final Financing Documents and Closing 19
	324	+	Documents shall be filed in the Office of the Secretary of State of the District of Columbia. 20
	325	+	Sec. 13. Information reporting. 21
	326	+
	327	+
	328	+	12
	329	+	Within 3 days after the Mayor’s receipt of the transcript of proceedings relating to the 1
	330	+	issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the 2
	331	+	Council. 3
	332	+	Sec. 14. Disclaimer. 4
	333	+	(a) The issuance of Bonds is in the discretion of the District. Nothing contained in this 5
	334	+	resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed as 6
	335	+	obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or assist 7
	336	+	the Borrower in any way with financing, refinancing, or reimbursing the costs of the Project. The 8
	337	+	Borrower shall have no claims for damages or for any other legal or equitable relief against the 9
	338	+	District, its elected or appointed officials, officers, employees, or agents as a consequence of any 10
	339	+	failure to issue any Bonds for the benefit of the Borrower. 11
	340	+	(b) The District reserves the right to issue the Bonds in the order or priority it determines in 12
	341	+	its sole and absolute discretion. The District gives no assurance and makes no representations that 13
	342	+	any portion of any limited amount of bonds or other obligations, the interest on which is excludable 14
	343	+	from gross income for federal income tax purposes, will be reserved or will be available at the time 15
	344	+	of the proposed issuance of the Bonds. 16
	345	+	(c) The District, by adopting this resolution or by taking any other action in connection with 17
	346	+	financing, refinancing, or reimbursing costs of the Project, does not provide any assurance that the 18
	347	+	Project is viable or sound, that the Borrower is financially sound, or that amounts owing on the 19
	348	+	Bonds or pursuant to the Loan will be paid. Neither the Borrower, any purchaser of the Bonds, nor 20
	349	+	any other person shall rely upon the District with respect to these matters. 21
	350	+
	351	+
	352	+	13
	353	+	Sec. 15. Expiration. 1
	354	+	If any Bonds are not issued, sold, and delivered to the original purchaser within 3 years of 2
	355	+	the date of this resolution, the authorization provided in this resolution with respect to the issuance, 3
	356	+	sale, and delivery of the Bonds shall expire. 4
	357	+	Sec. 16. Severability. 5
	358	+	If any particular provision of this resolution or the application thereof to any person or 6
	359	+	circumstance is held invalid, the remainder of this resolution and the application of such provision 7
	360	+	to other persons or circumstances shall not be affected thereby. If any action or inaction 8
	361	+	contemplated under this resolution is determined to be contrary to the requirements of applicable 9
	362	+	law, such action or inaction shall not be necessary for the purpose of issuing of the Bonds, and the 10
	363	+	validity of the Bonds shall not be adversely affected. 11
	364	+	Sec. 17. Compliance with public approval requirement. 12
	365	+	This approval shall constitute the approval of the Council as required in section 147(f) of the 13
	366	+	Internal Revenue Code of 1986, as amended, and section 490(k) of the Home Rule Act, for the 14
	367	+	Project to be financed, refinanced, or reimbursed with the proceeds of the Bonds. This resolution 15
	368	+	approving the issuance of the Bonds for the Project has been adopted by the Council after a public 16
	369	+	hearing held in accordance with section 147(f) of the Code, as such section may be amended, and 17
	370	+	the corresponding regulations promulgated by the United States Department of the Treasury. 18
	371	+	Sec. 18. Transmittal. 19
	372	+	The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor. 20
	373	+
	374	+
	375	+	14
	376	+	Sec. 19. Fiscal impact statement. 1
	377	+	The Council adopts the fiscal impact statement in the committee report as the fiscal impact 2
	378	+	statement required by section 4a of the General Legislative Procedures Act of 1975, approved 3
	379	+	October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1- 301.47a). 4
	380	+	Sec. 20. Effective date. 5
	381	+	This resolution shall take effect immediately. 6 Jubilee Housing, Inc. – The Maycroft
	382	+	Revenue Bond Project
	383	+
	384	+	FACT SHEET
	385	+
	386	+	Jubilee Housing, Inc. has requested that the District issue tax-exempt revenue bonds in an
	387	+	aggregate principal amount not to exceed $3.25 million to refinance costs of their office space
	388	+	located at 1474 Columbia Road, NW, Washington, DC in Ward 1.
	389	+
	390	+
	391	+	The Applicant
	392	+	Jubilee Housing, Inc. (Jubilee) is an organization that safeguards the long- term affordability of
	393	+	housing in the Adams Morgan, Columbia Heights, and Mount Pleasant neighborhoods while
	394	+	providing programs and services that support family success. Jubilee currently owns and
	395	+	operates 13 buildings with 464 residential units and 20,000 square feet of program space.
	396	+
	397	+	Jubilee currently serves a diverse community of over 1,000 people, made up of individuals, families, children, seniors, formerly homeless, and returning citizens recently released from
	398	+	incarceration. Approximately 900 people are current residents of properties that Jubilee owns and
	399	+	operates.
	400	+
	401	+	Proposed Project
	402	+	Jubilee Housing is seeking a $3.25 million revenue bond issuance to refinance existing debt on
	403	+	office space it owns at 1474 Columbia Road, NW, in the Columbia Heights neighborhood of
	404	+	Washington, DC. No renovations are currently needed on the property.
	405	+
	406	+	Proceeds from the proposed bond issuance will be used to finance, refinance, or reimburse
	407	+	Jubilee for all or a portion of the costs incurred in connection with:
	408	+	(A) improvements, including leasehold improvements, of Jubilee’s facility located at 1474
	409	+	Columbia Road, NW, (the “Facility”);
	410	+	(B) the purchase of certain equipment and furnishings for the Facility, together with other
	411	+	property, real and personal, functionally related and subordinate thereto;
	412	+	(C) funding any credit enhancement costs, liquidity costs or debt service reserve fund relating
	413	+	to the bonds; and
	414	+	(D) funding certain bond issuance costs.
	415	+
	416	+	Financing Plan
	417	+	A summary of the proposed sources and uses of funds is attached (see Table 1).
	418	+	Feasibility/Structure/Security of the Bonds
	419	+
	420	+	United Bank, the underwriter for this transaction, has deemed this transaction financially feasible
	421	+	based on its assessment and analysis .
	422	+
	423	+	Public Purpose Benefits
	424	+
	425	+	The Jubilee Housing transaction will help minimize the office space cost for the
	426	+	organization. This will allow the Jubilee team to continue to assist District residents with
	427	+	affordable housing and social services.
	428	+
	429	+	Legal and Regulatory Affairs
	430	+
	431	+	The law firm of Tiber Hudson, bond counsel to the DC R evenue Bond Program, has
	432	+	preliminarily determined that the applicant is a 501(c)(3) organization, and the project constitutes
	433	+	a permissible undertaking under Section 490(a)(1) of the District of Columbia Home Rule Act.
	434	+
	435	+	Based on the foregoing, OAG, Bond Counsel, and the IRB have determined that the proposed
	436	+	project complies with criteria for approval of a proposed financing through the District’s
	437	+	Revenue Bond Program, and that the proposed project will allow the Jubilee to continue to
	438	+	provide affordable housing social services the District Washington, DC. TABLE 1
	439	+	FINANCING PLAN
	440	+
	441	+
	442	+	SOURCES
	443	+	Bond Proceeds $3,250,000
	444	+	USES
	445	+	Project Costs
	446	+	New Construction —
	447	+	Refinance/Refunding
	448	+	$3,020,347
	449	+	Costs of Issuance:
	450	+
	451	+	Underwriter/Placement Fee
	452	+	$11,375
	453	+	IRB Program Fee
	454	+	$8,125
	455	+	United Bank Legal
	456	+	$15,000
	457	+	Equity Plus Financing Fee
	458	+	$32,500
	459	+	Borrower’s Counsel Fee
	460	+	$15,000
	461	+	Other Counsels’ Fee
	462	+	$15,000
	463	+	Contingency
	464	+	$132,653
	465	+
	466	+	TOTAL: $3,250,000
	467	+	GOVERNMENTOFTHEDISTRICTOFCOLUMBIA
	468	+	OfficeoftheAttorneyGeneral
	469	+	xk *
	470	+	CommercialDivision =
	471	+	‘TaxandFinanceSection a
	472	+	‘MEMORANDUM
	473	+	TO: WilliamLiggins,Director
	474	+	D.C.RevenueBond-EnterpriseZoneProgram
	475	+	OfficeoftheDeputyMayorforPlanning
	476	+	andEconomicDevelopment
	477	+	FROM:AndreaR.Littlejohn’?&
	478	+	SeniorAssistantAttorneyGeneral
	479	+	DATE: March20,2024
	480	+	SUBJECT:LegalSufficiencyReview:JubileeHousing,Inc.~TheMaycroft,Revenue
	481	+	BondsProjectApprovalResolutionof2024
	482	+	“Thisrespondstoarequestfromyourofficetoreviewforlegalsufficiencytheattacheddraftofthe
	483	+	above-referencedproposedresolution.Forpurposesofthisreview,thisOfficepremisesits
	484	+	conclusionontheassumptionthatyourofficehasdeterminedthattheBorrowerasdefinedinthe
	485	+	aforementionedresolutionisa“qualifiedapplicant”withinthemeaningofSection490ofthe
	486	+	DistrictofColumbiaHomeRuleAct.
	487	+	Areviewoftheattacheddraftoftheabove-referencedproposedresolutionindicatesthatthedraft
	488	+	proposedresolutionconformswiththeModelRevenueBondResolutionjointlydraftedand
	489	+	determinedtobelegallysufficientbytheGeneralCounseloftheCouncil,theOfficeoftheAttomey
	490	+	General,andtheDistrict'sbondcounsel.Accordingly,wefindtheattacheddraftoftheabove-
	491	+	referencedproposedresolutionlegallysufficient.
	492	+	Pleasecontactmeat724-7761ifyouhavefurtherquestionsorconcerns.
	493	+	Attachment:JubileeHousing,Inc.~TheMaycroft,RevenueBondsProjectApproval
	494	+	Resolutionof2024
	495	+	ARLarl
	496	+
	497	+	400SixthStreet,N.W.,Suite9100,Washington,DC20001Tel.:(202)724-7761Fax:(202)730-0486