Um before the council acts on them.

The record in this matter will close at four five p.m.

on May 18th, 2026.

So we have a lot of witnesses.

Although I'm guessing it's probably about four or five percent.

I think revenue bonds project approval reserve.

Did you sign executive officer advisor and Darren Glimp, partner at ORC, Harrington and Sutcliffe LL table?

I'm fine.

And is Ms.

Dalton here?

Okay.

Um, and uh for the record, you're Patricia.

Otherwise known as Pat.

Um please proceed.

Good morning, Chairman Mendelssohn.

I am Pat Brantley of Friendship Public Charter School.

I'm here today to request the council's approval of up to 90 million in tax exempt revenue bonds, and to explain why this bond issuance is both warranted and prudent.

Friendship is a 15 campus public charter school network serving 4,600 students and employing over 1,000 staff across wards four, five, six, seven, and eight.

Our mission is straightforward, ensure that every child who walks through our doors has access to an excellent education.

Facilities are not incidental to that mission.

They are the infrastructure for it.

The council has been a partner in building that infrastructure.

Your prior approvals of bond issuances total well over $100 million, open across the district rates.

Interest rates that preserve dollars for teaching, learning, and student support rather than debt service.

We have a triple B stable bond rating and a demonstrated record of managing public resources effectively.

These bonds have never constituted a liability of the district, and that will remain true today.

The 90 million we're requesting serves two distinct purposes.

First, $65 million will refinance existing series 2016A bonds at lower current rates.

The resulting debt service savings will both free resources for direct investment in students and offset the carrying costs of the new capital financing that I will describe next.

So, second, 25 million will fund our most pressing capital needs.

The repairs and improvements we can no longer defer.

This includes HVAC systems, roofing, security infrastructure, and modernization of classrooms and instructional space across our oldest buildings, buildings that are nearing 30 years without a full renovation, along with the associated cost of issuance.

This bond financing allows us to address some of our most critical facility needs without further drawing down the operating resources our students depend on today.

And I do want to clarify our request is for renovation and refinancing, not for acquisition.

The data are clear that building conditions affect outcomes.

Schools with functional modernized facilities see measurable improvements in attendance, teacher retention, and academic performance.

Our students, the majority of whom are deemed at risk, deserve learning environments that reflect their worth and their potential.

The bonds will not constitute a debt or liability of the district.

Repayment is friendship's sole obligation.

Thus what we are asking for is the mechanism of issuance, not the money.

On behalf of our students, families, and educators, I thank the council for this opportunity and for your continued commitment to the children of Washington, D.C.

I welcome any questions you might have.

And for the record, I am joined here with borrowers' counsel, Darren Glimp of Oric, and also in the audience, we have Catherine Sanwo, our chief financial officer, and James Waller, our Chief of School Operations, in case you have any detailed questions.

Thank you.

Thank you, Miss Brantley.

Um I do have a few questions.

I'm probably going to ask similar questions for everyone who comes, every applicant who comes forward.

First question, is there any controversy around this that you know of?

I'm not aware of any controversy.

In fact, we've heard really positive results.

Essentially, every percent we save in interest or debt service annually amounts to over a million dollars in debt service savings.

So any opportunity like this one where we get to reduce our overall debt interest rate is a savings.

Second question.

Are there any changes to the legislation?

The only thing that I would clearly specify is that the total of up to 90 million is 65 million for refinance and 25 million for improvements, repair, and renovation of existing properties.

I think there was a mention of acquisition, which is not part of what we are doing with this bond financing.

Specifically, Minnesota.

Yes.

Specifically, you read an address of Minnesota Avenue.

That is not part of this request.