Washington, DC—The National Law Enforcement Officers Memorial Fund (NLEOMF) announced today that it has successfully secured tax-exempt bond financing, underwritten by HJ Sims, to build the first national museum to tell the story of American law enforcement. Museum construction will commence in February, with an opening expected in mid-2018.
The Museum was authorized by the U.S. Congress and will be built in historic Judiciary Square in Washington, DC (444 E Street, NW), adjacent to the existing National Law Enforcement Officers Memorial. The $103,130,000 of the Series 2016 Revenue Bonds (National Center for Law Enforcement Issue) were issued through the District of Columbia under the DC Revenue Bond Program.
Artist’s rendering of museum exterior; subject to change.
The financing consisted of three series of non-rated, tax-exempt, fixed rate municipal bonds each with unique features. The $48,130,000 Series A Bonds consist of intermediate and long-term maturities with a final maturity in 2049. The $30,000,000 Series B Bonds consist of two terms that will be repaid from capital campaign contributions raised in support of the Museum. The $25,000,000 Series C Bonds will be subordinate to the Series A and B Bonds. Since the Museum is being built on Federal land, the Series 2016 Bonds are not secured by a mortgage, but are backed by a pledge of multiple revenue sources from the operations of NLEOMF, including the revenue generated by the future Museum.
“HJ Sims is honored to have led the financing to establish the National Law Enforcement Museum. Our entire firm has been dedicated to ensuring a successful and solid financing for the NLEOMF to make its vision of the Museum a reality and to fulfill its role of being a vital resource for the law enforcement community and the public,” explained Aaron Rulnick, Managing Principal with HJ Sims.
“Securing the financing will allow us to now complete construction of the museum and share the powerful story of law enforcement with hundreds of thousands of visitors each year,” stated NLEOMF Chairman and CEO Craig W. Floyd. “We could not have gotten to this milestone moment without the valued assistance of the District of Columbia Government, the determined effort of our bond underwriting firm, HJ Sims and, of course, the generous support of our Museum donors.”
The NLEOMF has set a goal of raising an additional $25 million over the next several years to help sustain the Museum’s operating and maintenance costs, and to help retire some of the tax-exempt bonds that have been sold to construct the Museum.
About the National Law Enforcement Museum
Authorized by Congress in the year 2000, the 57,000-square-foot National Law Enforcement Museum at the Motorola Foundation Solutions Building will be a mostly-underground institution located adjacent to the National Law Enforcement Officers Memorial in Washington, DC’s Judiciary Square. The Museum tells the story of American law enforcement by providing visitors a “walk in the shoes” experience along with educational journeys, immersive exhibitions, and insightful programs. The Museum is an initiative of the National Law Enforcement Officers Memorial Fund, a [501(c)(3)] organization established in 1984. For more information about the National Law Enforcement Museum, visit www.LawEnforcementMuseum.org.