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A RESOLUTION
26-166
IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
July 1, 2025
To authorize and provide for, on an emergency basis, the issuance, sale, and delivery in an
aggregate principal amount not to exceed $88 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 National Community Reinvestment Coalition, 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 “National Community Reinvestment Coalition, Inc., Revenue Bonds
Project Emergency Approval Resolution of 2025”.
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.
(3) “Bonds” means the District of Columbia revenue bonds, notes, or other
obligations (including refunding bonds, notes, and other obligations), in one or more series,
authorized to be issued pursuant to this resolution.
(4) “Borrower” means the owner of the assets financed, refinanced, or reimbursed
with proceeds from the Bonds, which shall be National Community Reinvestment Coalition, Inc., a
nonprofit corporation organized and existing under the laws of the District of Columbia, qualified to
do business in the District of Columbia, and exempt from federal income taxes under 26 U.S.C. §
501(a) as an organization described in 26 U.S.C. § 501(c)(3).
(5) “Closing Documents” means all documents and agreements other than Financing
Documents that may be necessary and appropriate to issue, sell, and deliver the Bonds and to make
the Loan, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar
instruments.
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(6) “District” means the District of Columbia.
(7) “Financing Documents” means the documents other than Closing Documents
that relate to the financing, refinancing, or reimbursement of transactions to be effected through the
issuance, sale, and delivery of the Bonds and the making of the Loan, including any offering
document, and any required supplements to any such documents.
(8) “Home Rule Act” means the District of Columbia Home Rule Act, approved
December 24, 1973 (87 Stat. 774; D.C. Official Code § 1-201.01 et seq.).
(9) “Issuance Costs” means all fees, costs, charges, and expenses paid or incurred in
connection with the authorization, preparation, printing, issuance, sale, and delivery of the Bonds
and the making of the Loan, including, but not limited to, underwriting, legal, accounting, rating
agency, and all other fees, costs, charges, and expenses incurred in connection with the development
and implementation of the Financing Documents, the Closing Documents, and those other
documents necessary or appropriate in connection with the authorization, preparation, printing,
issuance, sale, marketing, and delivery of the Bonds and the making of the Loan, together with
financing fees, costs, and expenses, including program fees and administrative fees charged by the
District, fees paid to financial institutions and insurance companies, initial letter of credit fees (if
any), compensation to financial advisors and other persons (other than full-time employees of the
District) and entities performing services on behalf of or as agents for the District.
(10) “Loan” means the District’s lending of proceeds from the sale, in one or more
series, of the Bonds to the Borrower.
(11) “Project” means the financing, refinancing, or reimbursing of the Borrower for
all or a portion of the Borrower’s costs incurred in connection with:
(A) Refinancing the District’s Revenue Bonds, Series 2018A (National
Community Reinvestment Coalition Inc. Issue) and Revenue Bonds, Series 2018B (National
Reinvestment Coalition Inc. Issue), the proceeds of which were used by the Borrower for certain
costs of the acquisition, construction, furnishing, and equipping of 740 15th Street, NW,
Washington, DC 20005 (Lot 37, Square 221), an 11-floor, 22-unit office building with a total area
of approximately 175,508 square feet;
(B) Funding any credit enhancement costs, liquidity costs, capitalized
interest or debt service reserve fund relating to the Bonds; and
(C) Funding certain Issuance Costs.
Sec. 3. Findings.
The Council finds that:
(1) Section 490 of the Home Rule Act provides that the Council may by resolution
authorize the issuance of District revenue bonds, notes, or other obligations (including refunding
bonds, notes, or other obligations) to borrow money to finance, refinance, or reimburse costs, and to
assist in the financing, refinancing, or reimbursing of the costs of undertakings in certain areas
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designated in section 490 and may effect the financing, refinancing, or reimbursement by loans
made directly or indirectly to any individual or legal entity, by the purchase of any mortgage, note,
or other security, or by the purchase, lease, or sale of any property.
(2) The Borrower has requested the District to issue, sell, and deliver revenue bonds,
in one or more series, in an aggregate principal amount not to exceed $88 million and to make the
Loan for the purpose of financing, refinancing, or reimbursing costs of the Project.
(3) The Project is located in the District and will contribute to the health, education,
safety, or welfare of, or the creation or preservation of jobs for, residents of the District, or to
economic development of the District.
(4) The Project is an undertaking in the area of commercial development within the
meaning of section 490 of the Home Rule Act.
(5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to the
Borrower are desirable, are in the public interest, will promote the purpose and intent of section 490
of the Home Rule Act, and will assist the Project.
Sec. 4. Bond authorization.
(a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist in
financing, refinancing, or reimbursing the costs of the Project by:
(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an
aggregate principal amount not to exceed $88 million; and
(2) The making of the Loan.
(b) The Mayor is authorized to make the Loan to the Borrower for the purpose of financing,
refinancing, or reimbursing the costs of the Project and establishing any fund with respect to the
Bonds as required by the Financing Documents.
(c) The Mayor may charge a program fee to the Borrower, including, but not limited to, an
amount sufficient to cover costs and expenses incurred by the District in connection with the
issuance, sale, and delivery of each series of the Bonds, the District’s participation in the monitoring
of the use of the Bond proceeds and compliance with any public benefit agreements with the
District, and maintaining official records of each bond transaction and assisting in the redemption,
repurchase, and remarketing of the Bonds.
(d) The Bond authorization set forth in this resolution includes the authorization to issue
refunding Bonds to refinance any Bonds previously issued under this resolution to finance the
Project; provided, that the maximum principal amount of Bonds outstanding at any time does not
exceed the maximum principal amount of Bonds authorized hereunder.
Sec. 5. Bond details.
(a) The Mayor and each Authorized Delegate is authorized to take any action reasonably
necessary or appropriate in accordance with this resolution in connection with the preparation,
execution, issuance, sale, delivery, security for, and payment of the Bonds of each series, including,
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but not limited to, determinations of:
(1) The final form, content, designation, and terms of the Bonds, including a
determination that the Bonds may be issued in certificated or book-entry form;
(2) The principal amount of the Bonds to be issued and denominations of the Bonds;
(3) The rate or rates of interest or the method for determining the rate or rates of
interest on the Bonds;
(4) The date or dates of issuance, sale, and delivery of, and the payment of interest
on the Bonds, and the maturity date or dates of the Bonds;
(5) The terms under which the Bonds may be paid, optionally or mandatorily
redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before
their respective stated maturities;
(6) Provisions for the registration, transfer, and exchange of the Bonds and the
replacement of mutilated, lost, stolen, or destroyed Bonds;
(7) The creation of any reserve fund, sinking fund, or other fund with respect to the
Bonds;
(8) The time and place of payment of the Bonds;
(9) Procedures for monitoring the use of the proceeds received from the sale of the
Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish the
purposes of the Home Rule Act and this resolution;
(10) Actions necessary to qualify the Bonds under blue sky laws of any jurisdiction
where the Bonds are marketed; and
(11) The terms and types of credit enhancement, if any, under which the Bonds may
be secured.
(b) The Bonds shall contain a legend, which shall provide that the Bonds are special
obligations of the District, are without recourse to the District, are not a pledge of, and do not
involve the faith and credit or the taxing power of the District, do not constitute a debt of the
District, and do not constitute lending of the public credit for private undertakings as prohibited in
section 602(a)(2) of the Home Rule Act.
(c) The Bonds shall be executed in the name of the District and on its behalf by the manual
or facsimile signature of the Mayor, and attested by the Secretary of the District of Columbia by the
Secretary of the District of Columbia’s manual or facsimile signature. The Mayor’s execution and
delivery of the Bonds shall constitute conclusive evidence of the Mayor’s approval, on behalf of the
District, of the final form and content of the Bonds.
(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or
otherwise reproduced on the Bonds.
(e) The Bonds of any series may be issued in accordance with the terms of a trust instrument
to be entered into by the District and a trustee to be selected by the Borrower subject to the approval
of the Mayor, and may be subject to the terms of one or more agreements entered into by the Mayor
pursuant to section 490(a)(4) of the Home Rule Act.
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(f) The Bonds may be issued at any time or from time to time in one or more issues and in
one or more series.
Sec. 6. Sale of the Bonds.
(a) The Bonds of any series may be sold at negotiated or competitive sale at, above, or
below par, to one or more persons or entities, and upon terms that the Mayor considers to be in the
best interest of the District.
(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of the
Bonds, offering documents on behalf of the District, may deem final any such offering document on
behalf of the District for purposes of compliance with federal laws and regulations governing such
matters and may authorize the distribution of the documents in connection with the sale of the
Bonds.
(c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the
District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds to the
original purchasers of the Bonds upon payment of the purchase price.
(d) The Bonds shall not be issued until the Mayor receives an approving opinion from Bond
Counsel as to the validity of the Bonds of such series and, if the interest on the Bonds is expected to
be exempt from federal income taxation, the treatment of the interest on the Bonds for purposes of
federal income taxation.
Sec. 7. Payment and security.
(a) The principal of, premium, if any, and interest on, the Bonds shall be payable solely from
proceeds received from the sale of the Bonds, income realized from the temporary investment of
those proceeds, receipts and revenues realized by the District from the Loan, income realized from
the temporary investment of those receipts and revenues prior to payment to the Bond owners, other
moneys that, as provided in the Financing Documents, may be made available to the District for the
payment of the Bonds, and other sources of payment (other than from the District), all as provided
for in the Financing Documents.
(b) Payment of the Bonds shall be secured as provided in the Financing Documents and by
an assignment by the District for the benefit of the Bond owners of certain of its rights under the
Financing Documents and Closing Documents, including a security interest in certain collateral, if
any, to the trustee for the Bonds pursuant to the Financing Documents.
(c) The trustee is authorized to deposit, invest, and disburse the proceeds received from the
sale of the Bonds pursuant to the Financing Documents.
Sec. 8. Financing and Closing Documents.
(a) The Mayor is authorized to prescribe the final form and content of all Financing
Documents and all Closing Documents to which the District is a party that may be necessary or
appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower. Each of the
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Financing Documents and each of the Closing Documents to which the District is not a party shall
be approved, as to form and content, by the Mayor.
(b) The Mayor is authorized to execute, in the name of the District and on its behalf, the
Financing Documents and any Closing Documents to which the District is a party by the Mayor’s
manual or facsimile signature.
(c) If required, the official seal of the District, or a facsimile of it, shall be impressed,
printed, or otherwise reproduced on the Financing Documents and the Closing Documents to which
the District is a party.
(d) The Mayor’s execution and delivery of the Financing Documents and the Closing
Documents to which the District is a party shall constitute conclusive evidence of the Mayor’s
approval, on behalf of the District, of the final form and content of said executed Financing
Documents and said executed Closing Documents.
(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and
Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, and
delivery of the Bonds, and to ensure the due performance of the obligations of the District contained
in the executed, sealed, and delivered Financing Documents and Closing Documents.
Sec. 9. Authorized delegation of authority.
To the extent permitted by District and federal laws, the Mayor may delegate to any
Authorized Delegate the performance of any function authorized to be performed by the Mayor
under this resolution.
Sec. 10. Limited liability.
(a) The Bonds shall be special obligations of the District. The Bonds 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 faith and credit or the taxing power of the District, shall not constitute a
debt of the District, and shall not constitute lending of the public credit for private undertakings as
prohibited in section 602(a)(2) of the Home Rule Act.
(b) 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.
(c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing
Documents shall create an obligation on the part of the District to make payments with respect to
the Bonds from sources other than those listed for that purpose in section 7.
(d) The District shall have no liability for the payment of any Issuance Costs or for any
transaction or event to be effected by the Financing Documents.
(e) All covenants, obligations, and agreements of the District contained in this resolution,
the Bonds, and the executed, sealed, and delivered Financing Documents and Closing Documents to
which the District is a party, shall be considered to be the covenants, obligations, and agreements of
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the District to the fullest extent authorized by law, and each of those covenants, obligations, and
agreements shall be binding upon the District, subject to the limitations set forth in this resolution.
(f) No person, including, but not limited to, the Borrower and any Bond owner, shall have
any claims against the District or any of its elected or appointed officials, officers, employees, or
agents for monetary damages suffered as a result of the failure of the District or any of its elected or
appointed officials, officers, employees, or agents to perform any covenant, undertaking, or
obligation under this resolution, the Bonds, the Financing Documents, or the Closing Documents, or
as a result of the incorrectness of any representation in or omission from the Financing Documents
or the Closing Documents, unless the District or its elected or appointed officials, officers,
employees, or agents have acted in a willful and fraudulent manner.
Sec. 11. District officials.
(a) Except as otherwise provided in section 10(f), the elected or appointed officials, officers,
employees, or agents of the District shall not be liable personally for the payment of the Bonds or be
subject to any personal liability by reason of the issuance, sale or delivery of the Bonds, or for any
representations, warranties, covenants, obligations, or agreements of the District contained in this
resolution, the Bonds, the Financing Documents, or the Closing Documents.
(b) The signature, countersignature, facsimile signature, or facsimile countersignature of any
official appearing on the Bonds, the Financing Documents, or the Closing Documents shall be valid
and sufficient for all purposes notwithstanding the fact that the individual signatory ceases to hold
that office before delivery of the Bonds, the Financing Documents, or the Closing Documents.
Sec. 12. Maintenance of documents.
Copies of the specimen Bonds and of the final Financing Documents and Closing
Documents shall be filed in the Office of the Secretary of the District of Columbia.
Sec. 13. Information reporting.
Within 3 days after the Mayor’s receipt of the transcript of proceedings relating to the
issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the
Council.
Sec. 14. Disclaimer.
(a) The issuance of Bonds is in the discretion of the District. Nothing contained in this
resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed as
obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or assist
the Borrower in any way with financing, refinancing, or reimbursing the costs of the Project. The
Borrower shall have no claims for damages or for any other legal or equitable relief against the
District, its elected or appointed officials, officers, employees, or agents as a consequence of any
failure to issue any Bonds for the benefit of the Borrower.
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(b) The District reserves the right to issue the Bonds in the order or priority it determines in
its sole and absolute discretion. The District gives no assurance and makes no representations that
any portion of any limited amount of bonds or other obligations, the interest on which is excludable
from gross income for federal income tax purposes, will be reserved or will be available at the time
of the proposed issuance of the Bonds.
(c) The District, by adopting this resolution or by taking any other action in connection with
financing, refinancing, or reimbursing costs of the Project, does not provide any assurance that the
Project is viable or sound, that the Borrower is financially sound, or that amounts owing on the
Bonds or pursuant to the Loan will be paid. Neither the Borrower, any purchaser of the Bonds, nor
any other person shall rely upon the District with respect to these matters.
Sec. 15. Expiration.
If any Bonds are not issued, sold, and delivered to the original purchaser within 3 years of
the date of this resolution, the authorization provided in this resolution with respect to the issuance,
sale, and delivery of the Bonds shall expire.
Sec. 16. Severability.
If any particular provision of this resolution or the application thereof to any person or
circumstance is held invalid, the remainder of this resolution and the application of such provision
to other persons or circumstances shall not be affected thereby. If any action or inaction
contemplated under this resolution is determined to be contrary to the requirements of applicable
law, such action or inaction shall not be necessary for the purpose of issuing of the Bonds, and the
validity of the Bonds shall not be adversely affected.
Sec. 17. Compliance with public approval requirement.
This approval shall constitute the approval of the Council as required in section 147(f) of the
Internal Revenue Code of 1986 (26 U.S.C. § 147(f)) (“Code”), as amended, and section 490(k) of
the Home Rule Act, for the Project to be financed, refinanced, or reimbursed with the proceeds of
the Bonds. This resolution approving the issuance of the Bonds for the Project has been adopted by
the Council after a public hearing held in accordance with section 147(f) of the Code, as such
section may be amended, and the corresponding regulations promulgated by the United States
Department of the Treasury.
Sec. 18. Transmittal.
The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor.
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Sec. 19. Fiscal impact statement.
The Council adopts the fiscal impact statement of the Chief Financial Officer as the fiscal
impact statement required by section 4a of the General Legislative Procedures Act of 1975,
approved October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a).
Sec. 20. Effective date.
This resolution shall take effect immediately.