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A RESOLUTION
26-92
IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
April 1, 2025
To declare the existence of an emergency with respect to the need to authorize and provide for the
issuance, sale, and delivery in an aggregate principal amount not to exceed $675 million of District of Columbia revenue bonds in one or more series, and to authorize and provide for the loan of the proceeds of such bonds to assist Georgetown University 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 “ Georgetown University Revenue Bonds Project Emergency
Declaration Resolution of 2025” .
Sec. 2. ( a) Georgetown University (the “Borrower”), is a nonprofit corporation organized
under an a ct of Congress and existing under the laws of the District of Columbia, which seeks to
have District of Columbia revenue bonds issued and receive a loan of the proceeds thereof (the
“Loan”) for:
(1) Refunding all or a portion of the outstanding District of Columbia University
Revenue Bonds (Georgetown University Issue) Series 2010, originally issued in the principal
amount of $45 million pursuant to the provisions of the Georgetown University Revenue Bonds
Project Approval Resolution of 2010 , effective November 9 , 2010 (Res. 18-660; 57 DCR 10701) ,
the proceeds of which were used to finance, refinance, or reimburse the Borrower f or all or a portion
of the costs to:
(A) Construct, equip, and furnish a new science center (the “Science
Center”) to be located on the Borrower’s main campus at 37th and O Streets, NW, Washington,
DC (Square 1321, Lot 0827) (the “Main Campus”), consisting of approximately 163,000 square
feet above- grade, and associated infrastructure, including, but not limited to, utilities and
relocation and realignment of roads in close proximity to the Science Center;
(B) Generally renovate and modernize the Borrower’s facilities at the
Main Campus, including Square 1321, Lots 0811, 0815, 0821 and 0827; at the Borrower’s law
center located at 600 New Jersey Avenue, NW, Washington, DC (Square 0567, Lots 0062 and
0832) (the “Law Center”); at certain existing Borrower-owned facilities, including student- ENROLLED ORIGINAL
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occupied townhouses and residence halls, located adjacent to the Main Campus (Square 1222,
Lots 0062, 0801 and 0802; Square 1223, Lots 0065- 0067, 0072- 0074, 0085, 0086, 0800, 0801,
0807, 0808, 0810, 0812, 0815, 0826, 0827, 0834, 0840, 0841, 0846, 0847, 0852 and 0853;
Square 1226, Lots 0094- 0101, 0105- 0107, 0804, 0806 and 0811- 0814; Square 1247, Lots 0116
and 0126; and Square 1248, Lots 0126- 0139, 0145, 0146, 0150- 0157, 0159- 0162, 0800- 0802,
0805, 0806, 0819, 0829- 0831, 0834, 0835 and 0837); and at certain other Borrower facilities
used in connection with the Law Center (Square 0565, Lot 0020; and Square 0569, Lots 0007,
0008, 0060- 0067, 0864 and 0865), including, but not be limited to, such items as: renovation or
replacement of mechanical, electrical and utility systems, and structural elements such as roofs,
walls, and windows; restoration of sidewalks and roads; and associated site work;
(C) Upgrade technology infrastructure and systems throughout the
Borrower’s facilities referred to in subparagraphs (A) and (B) of this paragraph;
(D) Provide working capital; and
(E) Fund Issuance Costs; and
(2) Refunding all or a portion of the outstanding District of Columbia University
Refunding Revenue Bonds ( Georgetown University Issue) Series 2017, originally issued in the
principal amount of $301,575,000 pursuant to the provisions of the Georgetown University
Revenue Bonds Approval Resolution of 2016 , effective October 11, 2016 (Res. 21- 604; 63 DCR
12965) , the proceeds of which were used to finance, refinance, or reimburse the Borrower f or all or
a portion of the costs of:
(A) Refunding of the District’s outstanding District of Columbia
University Revenue Bonds (Georgetown University Issue) Series 2001B, Series 2001C and Series
2001D; the proceeds of which were used to finance, refinance, or reimburse all or a portion of
the Borrower’s costs of :
(i) The acquisition, construction, installation, furnishing,
and equipping of the Performing Arts Center and portions of the Southwest Quadrangle
Complex, including residence hall, dining and parking facilities, and associated site work and
utilities costs, on the Borrower’s Main Campus ;
(ii) The acquisition, construction, installation, furnishing,
and equipping of a new academic building, a new wellness center, and a new contiguous
underground parking garage, located at 550 First Street, NW (Square 0569, Lot 0864) (the “First
Street Facilities”);
(iii) The renovations of and improvements to a variety of
facilities on the Main Campus, including libraries, administrative space, and the Leavey
University Center (the “Leavey Center”), and certain facilities located adjacent to the Main
Campus, including student-occupied townhouses and residence halls and other uses directly
related to the Borrower’s activities; ENROLLED ORIGINAL
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(iv) The acquisition, renovation, installation, furnishing,
and equipping of a portion of the land and facilities at 2001 Wisconsin Avenue, NW and 3300
Whitehaven Street, NW (Lot 1024, Square 1299) (commonly known as the “Green- Harris
Complex”);
(v) The renovation of and improvements to the Borrower’s
Medical Center campus located at 3900 Reservoir Road, NW (Lot 0817, Square 1321) (the
“Medical Center”), including a variety of academic, administrative, and research-related
facilities;
(vi) The upgrading of technology infrastructure and systems
throughout the Borrower’s facilities at the locations referred to in sub- subparagraphs ( i) through
(vi) of this subparagraph;
(vii) General renovations and modernizations throughout the
Borrower’s facilities at the locations referred to in sub- subparagraphs (i) through (vi) of this
subparagraph, including such items as renovation or replacement of mechanical, electrical, and
utility systems; restoration of sidewalks and roads; renovation of buildings’ brick, trim,
windows, floors, and roofs; overhaul of elevators; renovation or replacement of emergency
power systems; and associated site work; and
(B) The refunding of a portion of the District’s outstanding District of
Columbia University Revenue Bonds (Georgetown University Issue) Series 2007A, consisting of
Fixed Rate Bonds and Growth and Income Securities (GAINS), the proceeds of which were used
to finance, refinance or reimburse all or a portion of the Borrower’s costs to:
(i) Refund the District’s outstanding District of Columbia University
Revenue Bonds (Georgetown University Issue) Series 2001A Bonds, the proceeds of which were
used to finance:
(I) The acquisition, construction, installation, furnishing,
and equipping of the Performing Arts Center and portions of the Southwest Quadrangle
Complex, including residence hall, dining and parking facilities, and associated site work and
utilities costs, on the Borrower’s Main Campus;
(II) The acquisition, construction, installation, furnishing,
and equipping of the First Street Facilities;
(III) The renovations of and improvements to a variety of
facilities on the Main Campus and certain facilities located adjacent to the Main Campus;
(IV) The acquisition, renovation, installation, furnishing,
and equipping of a portion of the land and facilities at the Green- Harris Complex;
(V) The renovation of and improvements to the Borrower’s
Medical Center, including a variety of academic, administrative, and research-related facilities; ENROLLED ORIGINAL
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(VI) The upgrading of technology infrastructure and
systems throughout Borrower’s facilities at the locations referred to in sub- sub-subparagraphs ( I)
through ( V) of this sub- subparagraph;
(VII) The general renovations and modernizations
throughout Borrower’s facilities at the locations referred to in sub- sub-subparagraphs (I) through
(V) of this sub- subparagraph; and
(ii) To finance, refinance, or reimburse the Borrower for c osts of:
(I) Equipping and furnishing a portion of the facilities at the
Green-Harris Complex consisting of approximately 240,475 square feet above grade and
appurtenant below-grade parking for approximately 419 vehicles;
(II) Making general renovations and modernizations
throughout the Borrower’s Main Campus and the Law Center and certain facilities located
adjacent to the Main Campus;
(III) The construction, furnishing, and equipping of a
business school on the Borrower’s Main Campus, consisting of approximately 170,000 square
feet above- grade with approximately 200 below-grade parking spaces and associated
infrastructure, including, but not limited to utilities relocated and realignment of roads in close
proximity to the business school ;
(IV) Purchasing certain related equipment and furnishings ;
and
(iii) The refunding of the District’s outstanding District of
Columbia University Revenue Bonds (Georgetown University Issue) Series 2011, the proceeds
of which were used to finance, refinance, or reimburse all or a portion of the Borrower’s costs to:
(I) Construct, equip, and furnish the Science Center located
on the Borrower’s Main Campus, consisting of approximately 163,000 square feet above-grade
and associated infrastructure, including, but not limited to, utilities relocation and realignment of
roads in close proximity to the Science Center;
(II) Generally renovate and modernize the Borrower’s
facilities at the Main Campus, including Square 1321, Lots 0811, 0815, 0821 and 0827, at the
Borrower’s Law Center, and at certain facilities, including student-occupied townhouses and
residence halls, located adjacent to the Main Campus (Square 1222, Lots 0062, 0801 and 0802;
Square 1223, Lots 0065- 0067, 0072- 0074, 0085, 0086, 0800, 0801, 0807, 0808, 0810, 0812,
0815, 0826, 0827, 0834, 0840, 0841, 0846, 0847, 0852 and 0853; Square 1226, Lots 0094- 0101,
0105-0107, 0804, 0806 and 0811- 0814; Square 1247, Lots 0116 and 0126; and Square 1248,
Lots 0126- 0139, 0145, 0146, 0150- 0157, 0159- 0162, 0800- 0802, 0805, 0806, 0819, 0829- 0831,
0834, 0835 and 0837), and at certain other Borrower facilities used in connection with the Law
Center (Square 0565, Lot 0020; and Square 0569, Lots 0007, 0008, 0060- 0067, 0864 and 0865),
which renovations and modernizations included, but ar e not limited to, such items as: renovation ENROLLED ORIGINAL
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or replacement of mechanical, electrical and utility systems, as well as of structural elements
such as roofs, walls and windows; restoration of sidewalks and roads; and associated site work;
and
(III) Upgrade technology infrastructure and systems
throughout the Borrower’s facilities referred to in sub-sub-subparagraphs (I) through ( II) of this
sub-subparagraph;
(iv) Fund Issuance Costs; and
(C) Refinancing a 2018 term loan from Truist B ank, the proceeds of which
were used to refinance existing indebtedness of the Borrower;
(D) Certain capital expenditures of the Borrower, including but not limited
to, the construction, renovation, equipping, and development of:
(i) A new academic building located at 111 Massachusetts Avenue
NW, Washington, DC;
(ii) A research laboratory located in a building at 3950 Reservoir
Road NW, Washington, DC;
(iii) The lawn located at 3700 O Street NW, Washington, DC; and
(iv) A new academic building located at 120 F Street NW,
Washington, DC, which will be dedicated for use by the Borrower’s L aw Center;
(E) Certain working capital expenditures of the Borrower;
(F) Paying a portion of the interest on the Bonds;
(G) Paying any hedge agreement termination costs and c ertain credit
enhancement and liquidity costs;
(H) Funding a deposit to a debt service reserve fund, if any, for the Bonds;
and
(I) Funding certain Issuance Costs.
(b) The planned financing will make available funds critically needed to finance,
refinance, or reimburse the Borrower for costs of the Project.
(c) Due to the current economic uncertainty in the financial markets, it is important for
the Council to expedite the process for the issuance of the Bonds and avoid any delay that may
adversely affect the ability of the Borrower to market the Bonds to investors or to obtain an
interest rate within the range contemplated by the Project budget.
(d) Council approval of the bond resolution authorizing the issuance of up to $675 million
of District of Columbia revenue bonds would permit the revenue bonds to be issued promptly to
provide maximum savings for the Borrower and enable the project described in subsection (a) of
this section to be completed.
Sec. 3. The Council of the District of Columbia determines that the circumstances
enumerated in section 2 constitute emergency circumstances making it necessary that the ENROLLED ORIGINAL
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Georgetown University Revenue Bonds Project Emergency Approval Resolution of 2025 be
adopted after a single reading.
Sec. 4. This resolution shall take effect immediately.