(401) 831-3770

Financing Facilities for a Better Future

Notice of Public Hearing

Portsmouth Abbey School

Notice of Public Hearing

NOTICE IS HEREBY GIVEN that a public hearing will be conducted by the Rhode Island Health and Educational Building Corporation (the “Corporation”) on Wednesday, April 15, 2020 at 10:00 a.m. at the Corporation’s office located at 55 Dorrance Street, Suite 300, Providence, Rhode Island 02903, on the proposal of the Order of Saint Benedict in Portsmouth, Rhode Island, a Rhode Island non‑profit corporation (the “Institution”), that the Corporation issue its Educational Institution Revenue Bonds, Portsmouth Abbey School Issue in a maximum aggregate face amount not to exceed $20,000,000 in one series or separate series of bonds (the “Bonds”) for the purposes of (i) refinancing the projects financed and refinanced with the Corporation’s Educational Institution Revenue Refunding Bond, Portsmouth Abbey School Issue – Series 2011 (the “Series 2011 Bonds”), (ii) refinancing the projects financed and refinanced with the Corporation’s Educational Institution Revenue Bond, Portsmouth Abbey School Issue – Series 2014 (the “Series 2014 Bonds”), (iii) refinancing the projects financed and refinanced with the Corporation’s Educational Institution Revenue Bonds, Portsmouth Abbey School Issue – Series 2017 A and Series 2017 B (collectively, the “Series 2017 Bonds”), (iv) financing or refinancing the acquisition, construction, renovation, equipping, and/or furnishing of various existing Institution facilities including, but not limited to, the dining hall, the monastery bathrooms, related land improvements and other routine capital projects included or to be included in the Institution’s capital budget over the next two years, all to be located on the Institution’s campus at 285 Cory’s Lane, Portsmouth, Rhode Island, (v) funding capitalized interest, if any, for the Bonds, and (vi) paying certain expenses of issuance with respect to the Bonds (collectively, the “Project”).

The Series 2011 Bonds financed the current refunding of the Corporation’s outstanding Educational Institution Revenue Bonds, Portsmouth Abbey School Issue – Series 2001 and the payment of certain expenses of issuance with respect to the Series 2011 Bonds.  The Series 2001 Bonds were issued for the purposes of: (i) financing a project consisting of the acquisition, construction, renovation, equipping and furnishing of various of the Institution’s facilities located at 285 Cory’s Lane, Portsmouth, Rhode Island, and adjacent areas to be used in furtherance of the Institution’s educational mission and the refinancing of indebtedness or reimbursement of the Institution for costs related to such acquisition, construction, renovation, equipping and furnishing, including the acquisition, renovation, equipping and furnishing of a fine arts center of approximately 11,000 square feet, an athletic and recreation center of approximately 17,600 square feet, a leaching system serving the Institution’s facilities and Institution parking facilities; the renovation, equipping and furnishing of a kitchen and dining facility of approximately 11,500 square feet; and the acquisition, construction, renovation, equipping and furnishing of other miscellaneous Institution facilities; and (ii) the payment of certain expenses of issuance with respect to the Series 2001 Bonds.

The Series 2014 Bonds were issued for the purpose of: (i) financing various capital improvements to facilities of the Institution located on its main campus at 285 Cory’s Lane in Portsmouth, Rhode Island, including, without limitation, the replacement of the roof on the hockey rink together with related mechanical, electrical and insulation improvements and the replacement of the heating system in the Administrative Building, (ii) repayment of indebtedness incurred by the Institution in connection with the acquisition of real property and improvements located at 252 Cory’s Lane in Portsmouth, Rhode Island (the “New Property”), to be used as faculty housing or administrative offices, (iii) financing the renovation, equipping and furnishing of certain improvements at the New Property, and (iv) the payment of certain costs of issuance with respect to the Series 2014 Bonds.

The Series 2017 Bonds financed and refinanced: (i) a project located on the Institution’s main campus at 285 Cory’s Lane, Portsmouth, Rhode Island consisting of the acquisition, construction, renovation, equipping and furnishing of a science building of approximately 32,000 square feet including multiple laboratories, classrooms and faculty offices together with related land improvements, (ii) funding capitalized interest, if any, for the Series 2017 Bonds, and (iii) paying certain expenses of issuance with respect to the Series 2017 Bonds.

The owner and/or operator of the facilities financed with the proceeds of the Bonds will be the Order of Saint Benedict in Portsmouth, Rhode Island, a Rhode Island non‑profit corporation.  Neither the State of Rhode Island and Providence Plantations nor the Corporation is obligated to pay the principal or redemption price of or interest on the Bonds, and neither the faith and credit nor the taxing power of the State of Rhode Island and Providence Plantations or of any municipality or political subdivision thereof is pledged to the payment of the Bonds.  The Corporation does not have taxing power.

Persons interested are invited to offer comments and ask questions with regard to the issuance of the above‑referenced Bonds and the location and nature of the facilities to be financed and refinanced therewith.  To accommodate the participation of interested persons for this hearing, the Corporation is providing its conference call telephone number:  (866) 528-2256 (toll free), access code 5962298.

The Corporation is accessible to the handicapped.  Those requesting interpretative service for the hearing impaired must notify the Corporation at (401) 831‑3770 forty‑eight (48) hours in advance of this meeting.

Kimberly W. Mooers,
Executive Director
Rhode Island Health and Educational Building Corporation
55 Dorrance Street, Suite 300
Providence, RI 02903