Bill
PR 26-0676
Authorize up to $30.5 million in DC revenue bonds to finance/refinance St. Patrick’s Episcopal Day School projects, including a new 33,000 sq ft middle school.
Jurisdiction: District of Columbia | Session: 26
Date introduced: April 24, 2026
Sponsor: Chairman Phil Mendelson (Co-sponsor)
Status: Referred to Committee of the Whole (as of May 5, 2026)
Purpose and intent
- Authorize the issuance, sale, and delivery of up to $30.5 million in District revenue bonds to finance, refinance, or reimburse costs associated with St. Patrick’s Episcopal Day School (the Borrower) in the District of Columbia.
- Provide for a loan of bond proceeds from the District to the Borrower to support the Project, pursuant to section 490 of the District of Columbia Home Rule Act and the District’s Revenue Bond Program.
What the bill would do (key provisions)
- Bond authorization:
- Authorizes the Mayor, acting through designated Authorized Delegates, to issue up to $30.5 million in DC revenue bonds (in one or more series).
- Authorizes the District to make a Loan of bond proceeds to the Borrower.
- Allows for refunding bonds to refinance prior bonds, provided aggregate outstanding bonds do not exceed $30.5 million.
- Project scope (defined as the “Project”):
- Refunding of the District’s 2016 Revenue Bonds (St. Patrick’s Episcopal Day School Issue) originally totaling $17,995,000, for improvements at two campuses: 4700/4701 Whitehaven Parkway NW (Main Campus) and 1801 Foxhall Road NW (Foxhall Campus).
- Financing/refinancing the construction, expansion, improvement, and development of a new approximately 33,000 square foot middle school facility on the Main Campus, including related parking and facilities.
- Acquisition of furniture, fixtures, and equipment for the Middle School Project.
- Acquisition of related real and personal property for the Borrower’s Campuses.
- Funding for capitalized interest, reserves, issuance costs, interest-rate swap termination costs, lease termination costs, and working capital.
- Project beneficiaries and public interest:
- The Project is located in the District and is framed as contributing to health, education, safety, welfare, job creation/preservation, and broader economic development for residents.
- The Project falls within the “elementary, secondary, and college/university facilities” category under section 490 of the Home Rule Act.
- Financial and governance structure:
- Bonds are special, obligations of the District with no recourse to District taxing power or general obligations; they are not a debt of the District and do not pledge District funds beyond collateral described in the Financing Documents.
- The District may impose program fees to cover issuance, monitoring, and administrative costs.
- The Bonds may be issued in certificated or book-entry form; terms, interest rates, dates, redemption provisions, and security arrangements will be set in Financing Documents.
- A trustee may be involved; credit enhancement terms may be included if applicable.
- Issuance and sale:
- Bonds may be sold by negotiated or competitive sale, at par, above, or below par, as determined by the Mayor.
- The Mayor may sign and seal all related documents; final forms require bond counsel opinions (including tax-exemption considerations if applicable).
- Security, payment, and receipts:
- Principal, interest, and any premiums are payable from bond proceeds, investment income, loan receipts, and other defined sources in the Financing Documents (not from District general funds).
- Security interests and assignments to bond trustees, as described in the Financing Documents, will secure payments.
- Financing and closing documents:
- The Mayor may finalize and execute all Financing and Closing Documents; the District’s seal may be affixed as required.
- The Mayor may deliver documents prior to or with bond issuance.
- Delegation and liability:
- Authority to perform related actions can be delegated to Authorized Delegates; the bonds are discretionary and carry limitations on District liability.
- Bonds are not District debts; District officials are not personally liable for bond payments.
- Compliance and procedures:
- Public approval requirements under the Internal Revenue Code and Home Rule Act are acknowledged; a public hearing has occurred.
- Expiration: If bonds are not issued within 3 years, the authorization expires.
- Expiration and severability clauses preserve validity of remaining provisions if any provision is found invalid.
- Reporting and transparency:
- Copies of final bonds and Financing/Closing Documents must be filed with the Office of the Secretary of the District of Columbia.
- The Mayor must transmit the transcript of proceedings to the Secretary to the Council within 3 days of issuance.
Proposed Project details (as per the fact sheet)
- Project location: Ward 3, DC.
- Borrower: St. Patrick’s Episcopal Day School, a 501(c)(3) organization.
- Financing plan: Approximately $30.5 million in bond proceeds.
- Uses: $18.725 million for new construction (Middle School Facility and related parking), $11.5 million for refinancing/renovation of the 2016 Bonds, $275,000 for issuance costs.
- Rationale: The project aims to support expansion, modernization, and continued operation of a District-based independent school serving hundreds of students and promoting local educational facilities.
Overall impact
- Enables St. Patrick’s Episcopal Day School to refinance existing debt and fund a substantial expansion (33,000 sq ft middle school) on its DC campuses.
- Creates potential long-term effects on educational infrastructure in Ward 3 and surrounding areas, with associated job creation and related economic activity.
- Involves typical Revenue Bond Program mechanics: tax-exempt (where applicable), non-recourse bonds, and a financing structure subject to outside counsel opinions and federal tax compliance.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
