District Briefing

Second Appeals Hearing Over Missing Pants Rejected; District Gets First AAA Bond Rating

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Tuesday, March 3, 2009

APPEALS COURT

Pants Hearing Rejected

The District's Court of Appeals yesterday denied Roy L. Pearson Jr.'s request to have a second appeals hearing before the entire nine-judge panel.

In December, three judges on the court unanimously rejected Pearson's initial appeal regarding his $54 million lawsuit against a neighborhood dry cleaner over a pair of pants he said the cleaners lost.

At the time, the judges said Pearson, a former administrative judge, failed to show that the store's promise of "satisfaction guaranteed" amounted to fraud.

Yesterday, none of the remaining six judges objected to the previous ruling, in effect unanimously rejecting Pearson's request. Pearson's final option is to request a hearing before the U.S. Supreme Court.

-- Keith L. Alexander

D.C. FINANCES

First AAA Bond Rating

The District has received its first AAA bond rating, making it eligible for lower interest rates for upcoming capital projects, according the city's chief financial officer.

Yesterday, Standard & Poor's assigned the highest possible rating to the series 2009A income-tax secured bonds and series 2009B income-tax secured refunding bonds. "The stable outlook reflects very strong coverage of annual debt service and a history of overall, long-term growth," it said.

The D.C. Council is expected to approve a resolution today to sell bonds to pay for dozens of capital improvement projects worth $652 million.

"In 2010 alone, we will make $4 million less in interest payments, which will go back into the District's general fund," Natwar M. Gandhi, the chief financial officer, said in statement. "We expect these savings to grow over the next four years to as much as $28 million."

The largest amount -- more than $158 million -- will help modernize public schools. Other projects include nearly $10 million for library renovations and construction and $54 million to improve recreation centers.

-- Nikita Stewart


© 2009 The Washington Post Company

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