Friendship Public Charter School, Inc. Revenue Bonds Project Approval Resolution of 2026

MURIEL BOWSER
MAYOR
March 19, 2026
The Honorable Phil Mendelson
Chairman
Council of the District of Columbia
John A. Wilson Building
1350 Pennsylvania Avenue, NW, Suite 504
Washington, DC 20004
Dear Chairman Mendelson:
Enclosed for consideration and adoption by the Council of the District of Columbia is a proposed
resolution titled "Friendship Public Charter School Revenue Bonds Project Approval Resolution of
2026".
The resolution authorizes the issuance, sale, and delivery of tax-exempt revenue bonds, notes, or other
obligations in an aggregate principal amount not to exceed $90,000,000. The bonds will be used for
refinancing Series 20 16A bonds and financ ing the acquisi tion and reonovatio ns of property located at
4069-4089 Minnesota Ave NE located in Ward 7.
In accordance with section 490 of the Home Rule Act, it has been determined that the bonds, when, as,
and if issued, 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 full faith and credit or the taxing power of the District;
shall not constitute a debt of the District; and shall not constitute a lending of public credit for a private
undertaking as prohibited in section 602(a)(2) of the Home Rule Act. 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.
I urge the Council to take prompt and favorable action on the enclosed measure.
Sincerely,
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7 A PROPOSED RESOLUTION
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at the request of the Mayor
11 IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
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15 To authorize and provide for the issuance, sale, and delivery in an aggregate principal amount not to
16 exceed $90 million of District of Columbia revenue bonds in one or more series pursuant
17 to a plan of finance and to authorize and provide for the loan of the proceeds of such
18 bonds to assist Friendship Public Charter School, Inc., in the financing, refinancing, or
19 reimbursing of costs associated with an authorized project pursuant to section 490 of the
20 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 "Friendship Public Charter School, Inc. Revenue Bonds Project
24 Approval Resolution of 2026".
25 Sec. 2. Definitions.
26 For the purposes of this resolution, the term:
27 (1) "Authorized Delegate" means the Mayor or the Deputy Mayor for Planning and
28 Economic Development, or any officer or employee of the Executive Office of the Mayor to whom
29 the Mayor has delegated or to whom the foregoing individuals have subdelegated any of the
30 Mayor's functions under this resolution pursuant to section 422(6) of the Home Rule Act.
31 (2) "Bond Counsel" means a firm or firms of attorneys designated as bond counsel
32 from time to time by the Mayor.

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(3) “Bonds” means the District of Columbia revenue bonds, notes, or other 33
obligations (including refunding bonds, notes, and other obligations), in one or more series, 34
authorized to be issued pursuant to this resolution. 35
(4) “Borrower” means the owner of the assets financed, refinanced, or reimbursed 36
with proceeds from the Bonds, which shall be Friendship Public Charter School, Inc., a corporation 37
organized and existing under the laws of the District of Columbia, qualified to do business in the 38
District of Columbia, and which is exempt from federal income taxes under 26 U.S.C. § 501(a) as an 39
organization described in 26 U.S.C. § 501(c)(3). 40
(5) “Closing Documents” means all documents and agreements other than Financing 41
Documents that may be necessary and appropriate to issue, sell, and deliver the Bonds and to make 42
the Loan, and includes agreements, certificates, letters, opinions, forms, receipts, and other similar 43
instruments. 44
(6) “District” means the District of Columbia. 45
(7) “Financing Documents” means the documents other than Closing Documents that 46
relate to the financing, refinancing or reimbursement of transactions to be effected through the 47
issuance, sale, and delivery of the Bonds and the making of the Loan, including any offering 48
document, and any required supplements to any such documents. 49
(8) “Home Rule Act” means the District of Columbia Home Rule Act, approved 50
December 24, 1973 (87 Stat. 774; D.C. Official Code § 1-201.01 et seq.). 51
(9) “Issuance Costs” means all fees, costs, charges, and expenses paid or incurred in 52
connection with the authorization, preparation, printing, issuance, sale, and delivery of the Bonds 53
and the making of the Loan, including, but not limited to, underwriting, legal, accounting, rating 54
agency, and all other fees, costs, charges, and expenses incurred in connection with the development 55

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and implementation of the Financing Documents, the Closing Documents, and those other 56
documents necessary or appropriate in connection with the authorization, preparation, printing, 57
issuance, sale, marketing, and delivery of the Bonds and the making of the Loan, together with 58
financing fees, costs, and expenses, including program fees and administrative fees charged by the 59
District, fees paid to financial institutions and insurance companies, initial letter of credit fees (if 60
any), compensation to financial advisors and other persons (other than full-time employees of the 61
District) and entities performing services on behalf of or as agents for the District. 62
(10) “Loan” means the District’s lending of proceeds from the sale, in one or more 63
series, of the Bonds to the Borrower. 64
(11) “Project” means the financing, refinancing, or reimbursing of the Borrower for 65
all or a portion of the Borrower’s costs incurred in connection with: 66
(A) The refunding of the District of Columbia Revenue Bonds (Friendship 67
Public Charter School, Inc. Issue), Series 2016A, issued in the original principal amount of 68
$57,895,000; 69
(B) Certain capital improvements at the following locations of the Borrower: 70
(i) Tech Prep Academy Campus, located at 2705 Martin Luther King 71
Jr. Avenue SE, Washington, DC 20032 and the adjacent office building located at 642 Milwaukee 72
Place SE, Washington, DC 20032; 73
(ii) Chamberlain Elementary Campus and Middle Campus, an 74
approximately 80,660 square foot primary and secondary school located at 1345 Potomac Avenue 75
SE, Washington, DC 20003 and 14th Street SE, Washington, DC 20003; 76

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(iii) Woodridge Elementary Campus and Middle Campus, an 77
approximately 115,000 square foot primary school located at 2959 Carlton Avenue NE, 78
Washington, DC 20018 and 2900 Central Avenue, Washington, DC 20018; 79
(iv) Blow Pierce Elementary Campus and Middle Campus, an 80
approximately 62,994 square foot primary school located at 725 19th Street NE, Washington, DC 81
20002 and Claggett Place Street NE, Washington, DC 20002; 82
(v) Carter G. Woodson Collegiate Academy, an approximately 83
151,558 square foot high school located at 4095 Minnesota Avenue NE, Washington, DC 20019; 84
(vi) Southeast Elementary Campus and Middle Campus, an 85
approximately 115,261 square foot school complex located at 2715 Martin Luther King Jr. Avenue 86
SE, 645 Milwaukee Place SE, and the adjacent facility located at 620 Milwaukee Place SE, 87
Washington, DC 20032; 88
(vii) Ideal Elementary Campus and Middle Campus, an 89
approximately 111,251 school complex located at 6130 North Capitol Street NW, Washington, DC 90
20011 and 6200 Kansas Avenue NE, Washington, DC 20011; 91
(viii) Armstrong Elementary Campus and Middle Campus, an 92
approximately 70,000 square foot elementary school located at 1400 First Street NW, Washington, 93
DC 20001, also known as 111 O Street NW, Washington, DC 20001; and 94
(ix) Online Academy, a virtual online school located in an 95
approximately 10,000 square foot facility at 1351 Nicholson Street NW, Washington, DC 20011 96
(collectively, the “Friendship Campuses”); 97
(C) The acquisition and renovation of certain facilities located at 4069-4089 98
Minnesota Avenue NE, Washington, DC 20019 (the “Minnesota Avenue Project”); 99

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(D) The purchase of certain equipment and furnishings for the Friendship 100
Campuses and the Minnesota Avenue Project; 101
(E) The purchase of certain other property, real and personal, functionally 102
related and subordinate to the Friendship Campuses and the Minnesota Avenue Project; 103
(F) Funding of capitalized interest; 104
(G) Funding of certain reserves; and 105
(H) Funding of certain Issuance Costs. 106
Sec. 3. Findings. 107
The Council finds that: 108
(1) Section 490 of the Home Rule Act provides that the Council may by resolution 109
authorize the issuance of District revenue bonds, notes, or other obligations (including refunding 110
bonds, notes, or other obligations) to borrow money to finance, refinance, or reimburse costs, and to 111
assist in the financing, refinancing, or reimbursing of the costs of undertakings in certain areas 112
designated in section 490 and may effect the financing, refinancing, or reimbursement by loans 113
made directly or indirectly to any individual or legal entity, by the purchase of any mortgage, note, 114
or other security, or by the purchase, lease, or sale of any property. 115
(2) The Borrower has requested the District to issue, sell, and deliver revenue bonds, 116
in one or more series, in an aggregate principal amount not to exceed $90 million and to make the 117
Loan for the purpose of financing, refinancing, or reimbursing costs of the Project. 118
(3) The Project is located in the District and will contribute to the health, education, 119
safety, or welfare of, or the creation or preservation of jobs for, residents of the District, or to 120
economic development of the District. 121

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(4) The Project is an undertaking in the area of elementary, secondary and college 122
and university facilities, within the meaning of section 490 of the Home Rule Act. 123
(5) The authorization, issuance, sale, and delivery of the Bonds and the Loan to 124
the Borrower are desirable, are in the public interest, will promote the purpose and intent of 125
section 490 of the Home Rule Act, and will assist the Project. 126
Sec. 4. Bond authorization. 127
(a) The Mayor is authorized pursuant to the Home Rule Act and this resolution to assist in 128
financing, refinancing, or reimbursing the costs of the Project by: 129
(1) The issuance, sale, and delivery of the Bonds, in one or more series, in an 130
aggregate principal amount not to exceed $90 million; and 131
(2) The making of the Loan. 132
(b) The Mayor is authorized to make the Loan to the Borrower for the purpose of financing, 133
refinancing, or reimbursing the costs of the Project and establishing any fund with respect to the 134
Bonds as required by the Financing Documents. 135
(c) The Mayor may charge a program fee to the Borrower, including, but not limited to, an 136
amount sufficient to cover costs and expenses incurred by the District in connection with the 137
issuance, sale, and delivery of each series of the Bonds, the District’s participation in the monitoring 138
of the use of the Bond proceeds and compliance with any public benefit agreements with the 139
District, and maintaining official records of each bond transaction and assisting in the redemption, 140
repurchase, and remarketing of the Bonds. 141
(d) The Bond authorization set forth in this resolution includes the authorization to issue 142
refunding Bonds to refinance any Bonds previously issued under this resolution to finance the 143

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Project; provided, that the maximum principal amount of Bonds outstanding at any time does not 144
exceed the maximum principal amount of Bonds authorized hereunder. 145
Sec. 5. Bond details. 146
(a) The Mayor and each Authorized Delegate is authorized to take any action reasonably 147
necessary or appropriate in accordance with this resolution in connection with the preparation, 148
execution, issuance, sale, delivery, security for, and payment of the Bonds of each series, including, 149
but not limited to, determinations of: 150
(1) The final form, content, designation, and terms of the Bonds, including a 151
determination that the Bonds may be issued in certificated or book-entry form; 152
(2) The principal amount of the Bonds to be issued and denominations of the Bonds; 153
(3) The rate or rates of interest or the method for determining the rate or rates of 154
interest on the Bonds; 155
(4) The date or dates of issuance, sale, and delivery of, and the payment of interest on 156
the Bonds, and the maturity date or dates of the Bonds; 157
(5) The terms under which the Bonds may be paid, optionally or mandatorily 158
redeemed, accelerated, tendered, called, or put for redemption, repurchase, or remarketing before 159
their respective stated maturities; 160
(6) Provisions for the registration, transfer, and exchange of the Bonds and the 161
replacement of mutilated, lost, stolen, or destroyed Bonds; 162
(7) The creation of any reserve fund, sinking fund, or other fund with respect to the 163
Bonds; 164
(8) The time and place of payment of the Bonds; 165

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(9) Procedures for monitoring the use of the proceeds received from the sale of the 166
Bonds to ensure that the proceeds are properly applied to the Project and used to accomplish the 167
purposes of the Home Rule Act and this resolution; 168
(10) Actions necessary to qualify the Bonds under blue sky laws of any jurisdiction 169
where the Bonds are marketed; and 170
(11) The terms and types of credit enhancement, if any, under which the Bonds may 171
be secured. 172
(b) The Bonds shall contain a legend, which shall provide that the Bonds are special 173
obligations of the District, are without recourse to the District, are not a pledge of, and do not 174
involve the faith and credit or the taxing power of the District, do not constitute a debt of the District, 175
and do not constitute lending of the public credit for private undertakings as prohibited in section 176
602(a)(2) of the Home Rule Act. 177
(c) The Bonds shall be executed in the name of the District and on its behalf by the manual 178
or facsimile signature of the Mayor, and attested by the Secretary of the District of Columbia by the 179
Secretary of the District of Columbia’s manual or facsimile signature. The Mayor’s execution and 180
delivery of the Bonds shall constitute conclusive evidence of the Mayor’s approval, on behalf of the 181
District, of the final form and content of the Bonds. 182
(d) The official seal of the District, or a facsimile of it, shall be impressed, printed, or 183
otherwise reproduced on the Bonds. 184
(e) The Bonds of any series may be issued in accordance with the terms of a trust instrument 185
to be entered into by the District and a trustee to be selected by the Borrower subject to the approval 186
of the Mayor, and may be subject to the terms of one or more agreements entered into by the Mayor 187
pursuant to section 490(a)(4) of the Home Rule Act. 188

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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 189
one or more series. 190
Sec. 6. Sale of the Bonds. 191
(a) The Bonds of any series may be sold at negotiated or competitive sale at, above, or below 192
par, to one or more persons or entities, and upon terms that the Mayor considers to be in the best 193
interest of the District. 194
(b) The Mayor or an Authorized Delegate may execute, in connection with each sale of the 195
Bonds, offering documents on behalf of the District, may deem final any such offering document on 196
behalf of the District for purposes of compliance with federal laws and regulations governing such 197
matters and may authorize the distribution of the documents in connection with the sale of the 198
Bonds. 199
(c) The Mayor is authorized to deliver the executed and sealed Bonds, on behalf of the 200
District, for authentication, and, after the Bonds have been authenticated, to deliver the Bonds to the 201
original purchasers of the Bonds upon payment of the purchase price. 202
(d) The Bonds of any series shall not be issued until the Mayor receives an approving 203
opinion from Bond Counsel as to the validity of the Bonds of such series and, if the interest on the 204
Bonds of such series is expected to be exempt from federal income taxation, the treatment of the 205
interest on the Bonds of such series for purposes of federal income taxation. 206
Sec. 7. Payment and security. 207
(a) The principal of, premium, if any, and interest on, the Bonds shall be payable 208
solely from proceeds received from the sale of the Bonds, income realized from the temporary 209
investment of those proceeds, receipts and revenues realized by the District from the Loan, income 210
realized from the temporary investment of those receipts and revenues prior to payment to the Bond 211

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owners, other moneys that, as provided in the Financing Documents, may be made available to the 212
District for the payment of the Bonds, and other sources of payment (other than from the District), 213
all as provided for in the Financing Documents. 214
(b) Payment of the Bonds shall be secured as provided in the Financing Documents and by 215
an assignment by the District for the benefit of the Bond owners of certain of its rights under the 216
Financing Documents and Closing Documents, including a security interest in certain collateral, if 217
any, to the trustee for the Bonds pursuant to the Financing Documents. 218
(c) The trustee is authorized to deposit, invest, and disburse the proceeds received from the 219
sale of the Bonds pursuant to the Financing Documents. 220
Sec. 8. Financing and Closing Documents. 221
(a) The Mayor is authorized to prescribe the final form and content of all Financing 222
Documents and all Closing Documents to which the District is a party that may be necessary or 223
appropriate to issue, sell, and deliver the Bonds and to make the Loan to the Borrower. Each of the 224
Financing Documents and each of the Closing Documents to which the District is not a party shall 225
be approved, as to form and content, by the Mayor. 226
(b) The Mayor is authorized to execute, in the name of the District and on its behalf, the 227
Financing Documents and any Closing Documents to which the District is a party by the Mayor’s 228
manual or facsimile signature. 229
(c) If required, the official seal of the District, or a facsimile of it, shall be impressed, printed, 230
or otherwise reproduced on the Financing Documents and the Closing Documents to which the 231
District is a party. 232
(d) The Mayor’s execution and delivery of the Financing Documents and the Closing 233
Documents to which the District is a party shall constitute conclusive evidence of the Mayor’s 234

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approval, on behalf of the District, of the final form and content of the executed Financing 235
Documents and the executed Closing Documents. 236
(e) The Mayor is authorized to deliver the executed and sealed Financing Documents and 237
Closing Documents, on behalf of the District, prior to or simultaneously with the issuance, sale, and 238
delivery of the Bonds, and to ensure the due performance of the obligations of the District contained 239
in the executed, sealed, and delivered Financing Documents and Closing Documents. 240
Sec. 9. Authorized delegation of authority. 241
To the extent permitted by District and federal laws, the Mayor may delegate to any 242
Authorized Delegate the performance of any function authorized to be performed by the Mayor 243
under this resolution. 244
Sec. 10. Limited liability. 245
(a) The Bonds shall be special obligations of the District. The Bonds shall be without 246
recourse to the District. The Bonds shall not be general obligations of the District, shall not be a 247
pledge of, or involve the faith and credit or the taxing power of, the District, shall not constitute a 248
debt of the District, and shall not constitute lending of the public credit for private undertakings as 249
prohibited in section 602(a)(2) of the Home Rule Act. 250
(b) The Bonds shall not give rise to any pecuniary liability of the District and the District 251
shall have no obligation with respect to the purchase of the Bonds. 252
(c) Nothing contained in the Bonds, in the Financing Documents, or in the Closing 253
Documents shall create an obligation on the part of the District to make payments with respect to the 254
Bonds from sources other than those listed for that purpose in section 7. 255
(d) The District shall have no liability for the payment of any Issuance Costs or for any 256
transaction or event to be effected by the Financing Documents. 257

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(e) All covenants, obligations, and agreements of the District contained in this resolution, the 258
Bonds, and the executed, sealed, and delivered Financing Documents and Closing Documents to 259
which the District is a party, shall be considered to be the covenants, obligations, and agreements of 260
the District to the fullest extent authorized by law, and each of those covenants, obligations, and 261
agreements shall be binding upon the District, subject to the limitations set forth in this resolution. 262
(f) No person, including, but not limited to, the Borrower and any Bond owner, shall have 263
any claims against the District or any of its elected or appointed officials, officers, employees, or 264
agents for monetary damages suffered as a result of the failure of the District or any of its elected or 265
appointed officials, officers, employees, or agents to perform any covenant, undertaking, or 266
obligation under this resolution, the Bonds, the Financing Documents, or the Closing Documents, as 267
a result of the incorrectness of any representation in or omission from the Financing Documents or 268
the Closing Documents, unless the District or its elected or appointed officials, officers, employees, 269
or agents have acted in a willful and fraudulent manner. 270
Sec. 11. District officials. 271
(a) Except as otherwise provided in section 10(f), the elected or appointed officials, officers, 272
employees, or agents of the District shall not be liable personally for the payment of the Bonds or be 273
subject to any personal liability by reason of the issuance, sale or delivery of the Bonds, or for any 274
representations, warranties, covenants, obligations, or agreements of the District contained in this 275
resolution, the Bonds, the Financing Documents, or the Closing Documents. 276
(b) The signature, countersignature, facsimile signature, or facsimile countersignature of 277
any official appearing on the Bonds, the Financing Documents, or the Closing Documents shall 278
be valid and sufficient for all purposes notwithstanding the fact that the individual signatory 279

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ceases to hold that office before delivery of the Bonds, the Financing Documents, or the Closing 280
Documents. 281
Sec.12. Maintenance of documents. 282
Copies of the specimen Bonds and of the final Financing Documents and Closing 283
Documents shall be filed in the Office of the Secretary of the District of Columbia. 284
Sec. 13. Information reporting. 285
Within 3 days after the Mayor’s receipt of the transcript of proceedings relating to the 286
issuance of the Bonds, the Mayor shall transmit a copy of the transcript to the Secretary to the 287
Council. 288
Sec. 14. Disclaimer. 289
(a) The issuance of Bonds is in the discretion of the District. Nothing contained in this 290
resolution, the Bonds, the Financing Documents, or the Closing Documents shall be construed as 291
obligating the District to issue any Bonds for the benefit of the Borrower or to participate in or assist 292
the Borrower in any way with financing, refinancing, or reimbursing the costs of the Project. The 293
Borrower shall have no claims for damages or for any other legal or equitable relief against the 294
District, its elected or appointed officials, officers, employees, or agents as a consequence of any 295
failure to issue any Bonds for the benefit of the Borrower. 296
(b) The District reserves the right to issue the Bonds in the order or priority it determines in 297
its sole and absolute discretion. The District gives no assurance and makes no representations that 298
any portion of any limited amount of bonds or other obligations, the interest on which is excludable 299
from gross income for federal income tax purposes, will be reserved or will be available at the time 300
of the proposed issuance of the Bonds. 301

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(c) The District, by adopting this resolution or by taking any other action in connection with 302
financing, refinancing, or reimbursing costs of the Project, does not provide any assurance that the 303
Project is viable or sound, that the Borrower is financially sound, or that amounts owing on the 304
Bonds or pursuant to the Loan will be paid. Neither the Borrower, any purchaser of the Bonds, nor 305
any other person shall rely upon the District with respect to these matters. 306
Sec. 15. Expiration. 307
If any Bonds are not issued, sold, and delivered to the original purchaser within 3 years of 308
the date of this resolution, the authorization provided in this resolution with respect to the issuance, 309
sale, and delivery of the Bonds shall expire. 310
Sec. 16. Severability. 311
If any particular provision of this resolution or the application thereof to any person or 312
circumstance is held invalid, the remainder of this resolution and the application of such provision to 313
other persons or circumstances shall not be affected thereby. If any action or inaction contemplated 314
under this resolution is determined to be contrary to the requirements of applicable law, such action 315
or inaction shall not be necessary for the purpose of issuing of the Bonds, and the validity of the 316
Bonds shall not be adversely affected. 317
Sec. 17. Compliance with public approval requirement. 318
This approval shall constitute the approval of the Council as required in section 147 (f) of the 319
Internal Revenue Code of 1986, as amended (the “Code”), and section 490(k) of the Home Rule Act, 320
for the Project to be financed, refinanced, or reimbursed with the proceeds of the Bonds. This 321
resolution approving the issuance of the Bonds for the Project has been adopted by the Council after 322
a public hearing held in accordance with section 147(f) of the Code, as such section may be 323

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amended, and the corresponding regulations promulgated by the United States Department of the 324
Treasury. 325
Sec. 18. Transmittal. 326
The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor. 327
Sec. 19. Fiscal impact statement. 328
The Council adopts the fiscal impact statement of the committee report as the fiscal impact 329
statement required by section 4a of the General Legislative Procedures Act of 1975, approved 330
October 16, 2006 (120 Stat. 2038; D.C. Official Code § 1-301.47a). 331
Sec. 20. Effective date. 332
This resolution shall take effect immediately. 333
Friendship Public Charter School
Friendship Public Charter School
Revenue Bond

FACT SHEET

Friendship Public Charter School has requested that the District issue up to $90,000,000 of
revenue bonds to refinance certain outstanding revenue bonds, to finance the acquisition and
renovation of 4069-4089 Minnesota Avenue NE located in Ward 7, and to finance capital
improvements at other sites.

The Applicant

Established in 1998, Friendship Public Charter School (“Friendship”) has grown into one of the
District’s largest public charter school networks, operating 15 campuses across nine sites and
serving more than 4,500 students from pre-kindergarten through grade 12. The organization
maintains a partnership with Friendship House, a nonprofit social service agency that provides
after-school programming at Friendship PCS and manages a Community Technology Center at
the Junior Academy. Through this partnership, social workers from Friendship House collaborate
closely with school staff to deliver essential services to families, including adult education,
employment assistance, and crisis intervention. Friendship has 250 teachers and is in its 28th year
of operation. Friendship’s current enrollment is 4,594 students, which is below the DC PCSB-
mandated enrollment ceiling of 5,115 students, meaning the school is not currently at capacity.

Friendship offers a comprehensive academic curriculum that includes Honors and Advanced
Placement courses. Its Early College program provides students beginning in ninth grade with
the opportunity to enroll in college-level classes and earn up to two years of transferable college
credit while completing their high school diploma. Additionally, the Career Academy program
offers specialized coursework in three primary fields of study: Arts and Communications,
Engineering and Technology, and Health and Human Services.

Since 2017, Friendship campuses have been recognized as Bold Performing Schools, reflecting
sustained academic progress and strong outcomes for students. More recently, EmpowerK12
recognized several campuses for exceeding expectations with achievement rates significantly
above those of schools serving similarly high populations of priority student groups.
Chamberlain Elementary was recognized as the Boldest Performing School, while Armstrong
Middle, Blow Pierce Middle, and Southeast Middle were also honored for their strong
performance.

According to the 2025 DC School Report Card released by the Office of the State Superintendent
of Education (OSSE), Friendship campuses continue to rank among the top-performing charter
schools in Washington, D.C. Friendship has four of the top 11 scoring charter schools in the city
out of 90 total: Blow Pierce Middle School (ranked #2), Armstrong Middle School (ranked #6),
Southeast Middle School (ranked #8), and Woodridge Middle School (ranked #11). Friendship
Technology Preparatory Academy is ranked the #6 charter high school in the city out of 19
charter high schools.

Friendship Public Charter School
2

During the 2024-2025 academic year, Friendship’s focused efforts to accelerate student growth
led to increased achievement on the DC CAPE assessments in both English Language Arts
(“ELA”) and mathematics compared with the previous year. Notably, DC CAPE performance in
ELA surpassed levels achieved prior to the COVID-19 pandemic. Friendship’s percentage of
students scoring at Level 4 or higher in ELA and math exceeded both charter sector and state
averages for economically disadvantaged and African American student subgroups.

Friendship high school students also demonstrated academic progress on college readiness
assessments. Both high schools recorded gains on the PSAT and SAT, with the percentage of
students scoring at or above college-ready benchmarks increasing by five percentage points
across subject tests. In addition, students at Collegiate Academy and Technology Preparatory
Academy excelled in dual enrollment courses through partnerships with several institutions,
including Arizona State University, Howard University, Spelman College, Cornell University,
Trinity Washington University, Virginia State University, and the University of the District of
Columbia.

Blow Pierce Middle School earned recognition as the #1 middle school in Ward 7 based on DC
CAPE academic performance and is projected to earn Level 1 status on the DC Public Charter
School Board (PCSB) ASPIRE Framework for both its elementary and middle school campuses.
Among economically disadvantaged students citywide, Blow Pierce Middle scholars ranked #4
in math and #5 in ELA. Ideal Elementary achieved double-digit gains in ELA on the DC CAPE
and was ranked as the highest-performing middle school in Washington, D.C., according to the
2024 OSSE School Report Card. Woodridge also demonstrated strong academic growth, ranking
#5 citywide for math growth with a 13-percentage-point increase and placing among the top 10
schools in the city for both ELA and math growth among economically disadvantaged students.
The middle school campus also recorded double-digit growth in DC CAPE math performance.
Friendship continues to demonstrate strong financial management. The organization consistently
receives high ratings on the DC Public Charter School Board’s Financial Analysis Report (FAR),
which evaluates charter school financial health across eight indicators. In addition, Friendship
was recognized as a 2025 Top Workplace by The Washington Post, ranking among the top 25
large organizations in the Washington, D.C. region.

Woodridge Elementary School also received national recognition as a National Blue Ribbon
School, highlighting its academic excellence and commitment to student achievement.
Friendship’s high school campuses maintain graduation outcomes that exceed state, DC Public
Schools, and charter sector averages. Friendship Collegiate Academy and Friendship Technology
Preparatory Academy consistently achieve strong four- and five-year Adjusted Cohort
Graduation Rates (ACGR). The five-year graduation rate reflects the schools’ commitment to
ensuring students persist through high school to earn a diploma, with Technology Preparatory
Academy graduating students in five years at rates approaching 100 percent annually.

Friendship students also continue to earn significant financial support and recognition for higher
education. Graduates from Friendship Collegiate Academy and Friendship Technology
Preparatory Academy collectively received more than $30 million in scholarships. Students were
awarded several prestigious honors, including OSSE Scholar, Gates Millennium Scholar, and
QuestBridge Scholar distinctions, as well as full scholarships from institutions such as American
Friendship Public Charter School
3

University, Cornell University, and the U.S. Naval Academy. Friendship graduates have also
earned acceptances to highly selective colleges and universities including Columbia University,
Yale University, Georgetown University, Hampton University, Howard University, Carnegie
Mellon University, Morehouse College, Spelman College, North Carolina A&T State University,
Xavier University of Louisiana, Virginia Tech, and Syracuse University.

The school’s waitlist data for the most recent two years shows the number of students waiting for
admission by grade level in Fall 2024 and Fall 2025. In Pre-School, the waitlist decreased from
53 students in Fall 2024 to 15 in Fall 2025. Pre-K also declined from 42 to 12, while
Kindergarten dropped from 48 to 16. In 1st Grade, the number decreased from 27 in 2024 to 6 in
2025, and 2nd Grade fell from 40 to 13. Third Grade went from 64 to 30 students.

In the upper elementary grades, 4th Grade decreased from 115 students on the waitlist in Fall
2024 to 34 in Fall 2025, while 5th Grade declined from 75 to 26. Sixth Grade saw a significant
drop from 231 students in 2024 to 81 in 2025. Seventh Grade decreased from 205 to 101, and
Eighth Grade declined from 208 to 104.

At the high school level, 9th Grade went from 203 students on the waitlist in Fall 2024 to 107 in
Fall 2025, while 10th Grade decreased from 202 to 117. Eleventh Grade dropped from 126 to
106, and 12th Grade increased slightly from 63 to 86 students. Overall, the total waitlist declined
significantly from 1,702 students in Fall 2024 to 854 students in Fall 2025.

Proposed Project

The project consists of three primary components. First, it involves the refunding of the District
of Columbia Revenue Bonds (Friendship Public Charter School, Inc. Issue), Series 2016A. These
bonds were originally issued in the principal amount of $57,895,000.

The second component of the project includes funding for certain capital improvements across
multiple facilities operated by Friendship PCS, collectively referred to as the “Friendship
Campuses.” These improvements are planned at several elementary, middle, and high school
locations throughout Washington, DC, as well as an online academy facility. The scope of
improvements may include renovations, upgrades, repairs, or other capital expenditures
necessary to support ongoing educational operations:

• At the Tech Prep Academy Campus, located at 2705 Martin Luther King Jr. Avenue SE,
as well as an adjacent office building at 642 Milwaukee Place SE, Friendship PCS will
make capital improvements to upgrade the equipment and technology at this location.
These facilities support both academic programming and administrative functions for the
campus.

• At the Chamberlain Elementary and Middle Campus, located at 1345 Potomac Avenue
SE, which together comprises an approximately 80,660 square foot primary and
secondary school. These facilities serve students at both elementary and middle school
levels.

Friendship Public Charter School
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• At the Woodridge Elementary and Middle Campus, located at 2959 Carlton Avenue NE,
there will also be capital improvements. This campus includes an approximately 115,000
square foot primary school facility located at 2959 Carlton Avenue NE and 2900 Central
Avenue, Washington, DC 20018, supporting a combined elementary and middle school
educational program.

• At the Blow Pierce Elementary and Middle Campus, located at 725 19th Street NE,
capital improvements will also happen. This campus consists of an approximately 62,994
square foot primary school facility located at 725 19th NE and Claggett Place Street NE
in Washington, DC 20002, providing space for both elementary and middle school
instruction.

• At the Carter G. Woodson Collegiate Academy, located at 4095 Minnesota Avenue NE,
the high school facility is also included in the project. This campus encompasses
approximately 151,558 square feet. The planned improvements will support high school-
level academic and extracurricular programs.

• At the Southeast Elementary and Middle Campus, located at 2715 Martin Luther King
Jr., Avenue SE, 645 Milwaukee Place SE, and an adjacent building at 620 Milwaukee
Place SE, represent a larger school complex totaling approximately 115,261 square feet.
The Capital improvements at this site will support both elementary and middle school
operations across multiple connected buildings.

• At the Ideal Elementary and Middle Campus, located at 6130 North Capitol Street NW,
and 6200 Kansas Avenue NE, which together form an approximately 111,251 square foot
school complex, capital improvements are also planned. These facilities serve students in
both elementary and middle school grades.

• At the Armstrong Elementary and Middle Campus, located at 111 O Street NW, there
will be capital improvements to an approximately 70,000 square foot elementary school
facility located at 1400 First Street NW, also known as 111 O Street NW, Washington,
DC 20001. This campus supports elementary and middle school education within a single
site.

• At the Friendship Online Academy, located at 1351 Nicholson Street, NE, the project
includes capital improvements for the virtual online school supported by an
approximately 10,000 square foot facility. This facility houses administrative offices,
instructional support services, and technology infrastructure necessary for the operation
of the online academic program.

Third, the project includes the acquisition and renovation of facilities located at 4069–4089
Minnesota Avenue NE, Washington, DC 20019, and the purchase of equipment and furnishings.

The project also provides for the funding of capitalized interest, the establishment of certain
reserves, and the payment of issuance costs. The bonds referenced will not be used to expand
enrollment or add additional students.
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Financing Plan

A summary of the proposed sources and uses of funds is attached (see Table 1).

Feasibility/Structure/Security of the Bonds

First Tryon Advisors has reviewed the financial feasibility of the Friendship Public Charter
School in connection with the proposed $90,000,000 Revenue Bond application. Based on the
assessment of the school’s financial position and financing needs, First Tryon believes such
financing is feasible.

Legal and Regulatory Affairs

The law firm of Bryant Miller Olive is assigned as bond c ounsel to the Revenue Bond Program
and has preliminarily determined t hat the applicant is a 501(c)(3) organization, and the project
constitutes a permissible undertaking in Section 490(a)(1) of the District of Columbia Home
Rule Act.

Based upon the information outlined in the application, the Revenue Bond Program staff has
determined that the proposed project complies with the criteria for approval of a proposed
financing transaction through the District’s Revenue Bond Program and will assist the Borrower
in furthering its organizational mission

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TABLE 1
PROPOSED SOURCES AND USES OF FUNDS

SOURCES OF FUNDS
Bond Proceeds $90,000,000

Total Sources of Funds $90,000,000

USE OF FUNDS
Acquisition of Building $5,000,000
Refinancing $58,750,000
Site Improvements $16,250,000
Cost of Issuance $1,250,000
Net Capitalized Interest $5,000,000
Contingency Fund $3,750,000

Total Uses of Funds $90,000,000
GOVERNMENT OF THE DISTRICT OF COLUMBIA
OFFICE OF THE ATTORNEY GENERAL

Commercial Division
Tax & Finance Section

MEMORANDUM

TO: William Liggins
Director, Revenue Bond Program
Office of the Deputy Mayor for Planning and Economic Development

FROM: Patrick Allen
Senior Assistant Attorney General
Commercial Division

DATE: January 20, 2026

SUBJECT: Legal Sufficiency Certification of the “Friendship Public Charter School,
Inc. Revenue Bonds Project Approval Resolution of 2026”.

This is to certify that the Commercial Division has reviewed the above-referenced
resolution and found it to be legally sufficient. If you have any questions in this regard,
please do not hesitate to call me on (202) 724-7754.

_________________________________
Patrick Allen
Senior Assistant Attorney General

100 M Street, SE, Suite 400, Washington, DC 20003 = (202) 328-2660 =mwalkerdavis@dcpcsb.org
MICHELLE WALKER-DAVIS, Ed.D. EXECUTIVE DIRECTOR
November 17, 2025
RE: Letter of Good Standing for Friendship Public Charter School
To Whom It May Concern:
This letter confirms that the charter held by Frienship Public Charter School is in
good standing with the DC Public Charter School Board, its school authorizer. It has no
outstanding issues with respect to any financial, academic or compliance matters.
Please feel free to contact me with any follow-up questions at mwalkerdavis@dcpcsb.org.
Sincerely,
Michelle Walker-Davis, Ed.D.
Executive Director
District of Columbia Public Charter School Board

NORTH CAROLINA 704.926.2445 | 6101 Carnegie Blvd, Suite 210 | Charlotte, NC 28209
MARYLAND 410.267.8811 | 1 Park Place, Suite 485 | Annapolis, MD 21401

October 27, 2025

Mr. William A. Liggins
Director
DC Revenue Bond Program
Office of the Deputy Mayor
for Planning and Economic Development
1350 Pennsylvania Ave, NW, Suite 317
Washington, DC 20004

Re: Friendship Public Charter School
Application for Tax-Exempt Bond Financing
Financial Feasibility Letter

Dear Mr. Liggins,

We serve as Friendship Public Charter School’s municipal advisor in connection with the refinancing of the District
of Columbia’s Series 2016A Revenue Bonds issued on behalf of Friendship. A targeted closing date of March 1,
2026, has been assumed for planning purposes at this time.

Based on our assessment of Friendship’s finances and financing needs, we have advised the School to pursue a
“direct purchase” tax-exempt financing with a one or more commercial banks and believe that such a transaction
is not only feasible, but highly beneficial to Friendship under current market conditions. Friendship and w e
respectfully request the District’s consideration and approval of the School’s proposed financing.

If you have any questions, please call me at 410-267-8811.

Sincerely,

Christopher O. Wienk
Managing Director

cc: Darrin Glymph, Esq. (Orrick)