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MURIEL BOWSER
MAYOR
March 25, 2025
The Honorable Phil Mendelson
Chairman
Council of the District of Columbia
John A. Wilson Building
1350 Pennsylvania Avenue, NW, Suite 504
Washington, DC 20001
Dear Chairman Mendelson:
Enclosed for consideration and adoption by the Council of the District of Columbia is proposed
legislation entitled the “Industrial Revenue Bond Forward Commitment Program Amendment
Act of 2025”.
The proposed legislation will amend Subchapter II-B of Chapter 3 of Title 47 of the District of
Columbia Official Code,
relating to the issuance of District of Columbia revenue bonds pursuant
to section 490 of the District of Columbia Home Rule Act. Specifically, the proposed legislation
will remove the aggregate principal limit set in the Industrial Revenue Bond Forward
Commitment Program Act of 1995, streamline the revenue bond approval process, and update
certain language in the existing revenue bond law.
These proposed changes will increase the capacity of the District’s revenue bond program and
improve the speed with which the District can process revenue bond applications. The quicker
turnaround provided by these amendments will allow a larger number of organizations around
the District to meet funding and timing deadlines in a fast-paced real estate market.
I urge the Council to take prompt and favorable action on the enclosed legislation.
Sincerely,
Muriel E. Bowser
Enclosure
1
2 hairman Phil Mendelson
3 at the request of the Mayor
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6 AB~L
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10 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
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14 To amend Subchapter II-B of Chapter 3 of Title 47 of the District of Columbia Official Code
15 relating to the Industrial Revenue Bond Forward Commitment Program for the issuance of
16 District of Columbia revenue bonds pursuant to section 490 of the District of Columbia
1 7 Home Rule Act.
18
19 B E IT ENACTED BY THE COUNCIL OF THE DISTRICT OF COLUMBIA , That this
20 act may be cited as the "Industrial Revenue Bond Forward Commitment Program Amendment
21 Act of 2025".
22 Sec. 2. Title 47 of the District of Columbia Official Code is amended as follows:
23 (a) Section 47-340.01 is amended as follows:
24 (1) Paragraph (1) is amended by striking the phrase "limited partnership," and
25 inserting the phrase "limited partnership, limited liability company ," in its place.
26 (2) Paragraph (2) is amended by striking the phrase "Assistant City Administrator
27 for Economic Development, Deputy Mayor for Financial Management" and inserting the phrase
28 "Deputy Mayor for Planning and Economic Development" in its place.
29 (3) Paragraph (10) is amended by striking the phrase "and industrial and
30 commercial development authorized pursuant to this subchapter" and inserting the phrase
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“industrial and commercial development, and any other area authorized under section 490 of the 31
Home Rule Act and pursuant to this subchapter” in its place 32
(b) Section 47-340.02 is amended by striking the phrase “multiple separate series in an 33
aggregate principal amount not to exceed $850,000,000” and inserting the phrase “multiple 34
separate series” in its place. 35
(c) Section 47-340.03 is amended as follows: 36
(1) Subsection (a) is amended by striking the number “30” and inserting the 37
number “10” in its place. 38
(2) Subsection (b) is amended by: 39
(A) Striking the phrase “30 days” and inserting the phrase “10 days” in its 40
place; and 41
(B) Striking the phrase “30-day” and inserting the phrase “10-day” in its 42
place. 43
(d) Section 47-340.07(a) is repealed. 44
Sec. 3. Fiscal impact statement. 45
The Council adopts the fiscal impact statement in the committee report as the fiscal 46
impact statement required by section 4a of the General Legislative Procedures Act of 1975, 47
approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a). 48
Sec. 4. Effective date. 49
This act shall take effect following approval by the Mayor (or in the event of veto by the 50
Mayor, action by the Council to override the veto), a 30-day period of Congressional review as 51
provided in section 602(c)(1) of the District of Columbia Home Rule Act, approved December 52
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24, 1973 (87 Stat. 813; D.C. Official Code § 1-206.02(c)(1)), and publication in the District of 53
Columbia Register. 54
GOVERNMENT OF THE DISTRICT OF COLUMBIA
OFFICE OF THE ATTORNEY GENERAL
BRIAN SCHWALB
ATTORNEY GENERAL
LEGAL COUNSEL DIVISION
M
EMORANDUM
T
O: Tomás Talamante
Director
Office of Policy and Legislative Affairs
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ROM: Megan D. Browder
Deputy Attorney General
Legal Counsel Division
DATE: June 12, 2024
S
UBJECT: Legal Sufficiency Review of the “Industrial Revenue Bond Forward Commitment
Program Amendment Act of 2024”
(AE-24-361)
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This is to Certify that this Office has reviewed the Industrial Revenue Bond Forward
Commitment Program Amendment Act of 2024” and found it to be legally sufficient. If you have any
questions in this regard, please do not hesitate to call me at (202) 724-5524.
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Megan D. Browder