5593328 Resolution 21-202, Revised Friendship Public Charter School, Inc. Revenue Bonds Project Emergency Declaration Resolution of 2015

A RESOLUTION

                                                        

21-202

 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

 

July 14, 2015         

 

           

To declare the existence of an emergency with respect to the need to approve the Revised Friendship Public Charter School, Inc. Revenue Bonds Project Emergency Approval Resolution of 2015.

 

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the "Revised Friendship Public Charter School, Inc. Revenue Bonds Project Emergency Declaration Resolution of 2015".

 

Sec. 2. The Council finds that:         

(a)  Friendship Public Charter School, Inc. ("Borrower") has requested that the District issue revenue bonds ( “Bonds”).

            (b)  The proposed financing will make available funds critically needed for the financing, refinancing, or reimbursing of all or a portion of the Borrower's costs of:

                                    (1)  Acquiring and constructing improvements at an existing elementary school facility, including a parking lot and playground, located at 645 Milwaukee Place S.E., Washington, D.C. 20032 (Lot 0815, Square 5982) (“Southeast Elementary”);

                        (2)  Certain capital improvements at the following locations of the Borrower:

   (A) Tech Prep Academy Campus, a middle school located at 620 Milwaukee Place, S.E., Washington, D.C. 20032 (Lot 0045, Square 5982) and an adjacent high school located at 2705 Martin Luther King Avenue, S.E., Washington, D.C. 20032 (Lot 0049, Square 5982) (collectively, “Tech Prep”);

                                       (B) Chamberlain Elementary Campus and Middle Campus, an approximately 80,660 square-foot primary and secondary school located at 1345 Potomac Avenue, S.E., Washington, D.C. 20003 (Lot 0847, Square 1046) (“Chamberlain”);

                                       (C) Woodridge Elementary Campus and Junior Academy Campus, an approximately 115,000 square-foot primary school located at 2959 Carlton Avenue, N.E., Washington, D.C. 20018 (Lot 812, Square 4339) (“Woodridge”);

                                       (D) Blow-Pierce Elementary Campus and Junior Academy Campus, an approximately 62,994 square-foot primary school located at 725 19th Street, N.E., Washington, D.C. 20002 (Lots 833, 834, Square 4515) (“Blow-Pierce”);

                                       (E) Carter G. Woodson Collegiate Academy, an approximately 151,558 square-foot high school located at 4095 Minnesota Avenue, N.E., Washington, D.C. 20019 (Lot 0813, Square 5078) (“Collegiate”);

                                       (F) FPCS Armstrong Amos Campus, an approximately 70,000 square-foot elementary school located at 1400 1st Street, N.W., Washington, D.C. 20001 (Lot 844, Square 553) (which campus is to be assumed by the Borrower in connection with taking over the operations of Community Academy Public Charter School, Inc. (“CAPCS”)); and

                                       (G) FPCS Online Academy, a virtual online school located in an approximately 10,000 square-foot facility at 1335 Nicholson Street, N.W., Washington D.C. 20011 (Lot 846, Square 2794) (which campus is to be assumed by the Borrower in connection with taking over the operations of CAPCS);

(3)  Currently refunding the District's Revenue Bonds (Friendship Public Charter School, Inc. Issue) Series 2003, in the original principal amount of $44.88 million, the proceeds of which were used to:

(A) Finance or refinance all or a portion of the costs of acquisition or leasing, construction, renovation, furnishing and equipping of the Borrower’s Blow-Pierce, Chamberlain, Woodridge and Collegiate campuses;

(B) Fund working capital costs;

(C) Fund a required debt service reserve fund;

(D) Pay costs of issuance; and

(E) Pay the cost of credit enhancement;

                        (4)  Advance refunding the District's Revenue Bonds (Friendship Public Charter School, Inc. Issue) Series 2006, in the original principal amount of $15 million, the proceeds of which were used to:

(A) Finance, refinance, or reimburse the Borrower for costs of construction of a building addition and equipment at the Southeast Elementary campus;

(B) Fund a required debt service reserve fund;

(C) Pay costs of issuance; and

(D) Pay the cost of credit enhancement;

(5)  Refinancing the District's Revenue Bonds (Community Academy Public Charter School, Inc. Issue), Series 2007, in the original principal amount of $25 million, assumed by the Borrower in connection with taking over the operations of CAPCS;

(6)  Funding a debt service reserve fund with respect to the Bonds, if deemed necessary in connection with the sale of the Bonds;

(7)  Funding capitalized interest on the Bonds, if deemed necessary in connection with the sale of the Bonds; and

(8)  Paying allowable issuance costs with respect to the Bonds.

(c)  Due to current and expected future market conditions and the need of the Borrower to meet certain timing requirements with respect to the proposed financing, it is important to expedite the process for the issuance of the Bonds and avoid any delay that could adversely affect the financing costs of the Borrower.

 

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 Revised Friendship Public Charter School, Inc. Revenue Bonds Project Emergency Approval Resolution of 2015 be adopted on an emergency basis.

 

Sec. 4. This resolution shall take effect immediately.