Mayor could issue bonds for Nationals Park renovations

The Council would authorize the Mayor to issue bonds for Nationals Park renovation costs. The bonds would fund financing, refinancing, or reimbursement of development costs for renovating Nationals Park. The total principal could not exceed $410 million, or a lesser amount needed to generate $380 million in net proceeds for development costs. The amount issued could not exceed the funding supportable by Ballpark Preservation and Improvement Fund revenues, as determined by the Office of the Chief Financial Officer. Up to $380 million of proceeds could pay development costs; the balance could cover financing costs, interest, and required reserves. Before issuing bonds, Bond Counsel must provide an approving opinion on their validity and, if the interest is expected to be exempt from federal income tax, its federal tax treatment. The authority to issue bonds would expire on September 30, 2031.

Bond payments and related administrative costs would be payable only from specified proceeds, revenues, and other available funds. These payment rules would cover the bonds’ principal, interest, any premium, and ongoing administrative expenses. The specified revenues include receipts and revenues deposited into the Ballpark Preservation and Improvement Fund. Other funds must be made available to the District from sources outside the District under the financing documents. The bonds would not be a general District debt or backed by the District’s credit or taxing power, except for taxes or fees deposited into the Fund. These payment rules would apply while the bonds and related costs remain unpaid.