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ENROLLED ORIGINAL
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A RESOLUTION
26-96
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 $37 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 the Maret School, 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 “Maret School, Inc. Revenue Bonds Project Emergency Declaration
Resolution of 2025”.
Sec. 2. (a) Maret School, Inc. (the “Borrower”), is a nonprofit corporation organized 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 Revenue Bonds
(Maret School, Inc. Issue) Series 2003, originally issued in the principal amount of $7,685,000, and
the District of Columbia Revenue Bonds (Maret School, Inc. Issue) Series 2004, originally issued in
the principal amount of $10,250,000, which were issued pursuant to the provisions of the Maret
School, Inc. Revenue Bond Project Emergency Approval Resolution of 2003, effective July 8, 2003
(Res. 15-212; 50 DCR 6931), re-issued as of September 1, 2018, the proceeds of which were used to:
(A) Refund and modify the $9 million District of Columbia Revenue Bonds
(Maret School, Inc. Issue) Series 1998, the proceeds of which were used to finance, refinance, or
reimburse all or a portion of the Borrower’s costs to:
(i) Develop, design, equip, furnish, renovate, restore, and construct
certain additions, improvements and renovations to Maret School buildings located at 3000 Cathedral
Avenue, NW, Washington, DC (Square 2113, Lot 843) (“Maret Campus”) together with other
property functionally related and subordinate thereto;
(ii) Pay a portion of the interest on the prior bonds;
(iii) Fund a deposit to a debt service reserve fund;
(iv) Pay certain credit enhancement costs; and
(v) Fund Issuance costs; and
ENROLLED ORIGINAL
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(B) Finance, construct, and renovate the Borrower’s facilities located at the
Maret Campus together with other real property real and personal, functionally related and
subordinated thereto, including furniture, fixtures, and equipment, soft costs, capitalized interest, and
costs of issuance;
(2) Certain capital expenditures of the Borrower, including but not limited to, the
renovation, equipping, and development of the educational and athletic facilities located at 5901 Utah
Avenue, NW, Washington, DC (Square 2319, Lots 831 and 832), together with the other real
property real and personal, functionally related and subordinated thereto, including furniture, fixtures,
equipment and soft costs; and
(3) Funding a portion of the interest on the Bonds, a deposit to a debt service reserve
fund, certain credit enhancement costs, and 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 $37 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 Maret
School, Inc. Revenue Bonds Project Emergency Approval Resolution of 2025 be adopted on an
emergency basis.
Sec. 4. This resolution shall take effect immediately.