Kingston Hill Academy
NOTICE OF PUBLIC HEARING TO BE HELD BY THE RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING CORPORATION CONCERNING THE FINANCING OF a PROJECT FOR Kingston Hill Academy IN SOUTH KINGSTOWN, RHODE ISLAND. Notice is hereby given that the Rhode Island Health and Educational Building Corporation (the “Corporation”) will hold a public hearing on July 10, 2019 at 10:00 a.m. at 55 Dorrance Street, Suite 300, Providence, Rhode Island. If the Corporation’s offices are closed on July 10, 2019 due to unforeseen circumstances, including adverse weather conditions, the public hearing will be held on the next business day on which the Corporation’s offices are open at the same time and location. The purpose of the hearing will be to consider the issuance of qualified 501(c)(3) bonds, as defined in Section 145 of the Internal Revenue Code of 1986, as amended (the “Code”), by the Corporation in a maximum aggregate principal amount not to exceed $6,200,000 (the “Bonds”) for a project to be owned and operated by Kingston Hill Academy (the “Institution”), a Rhode Island nonprofit corporation and independent charter public school operating under a charter granted by the Rhode Island Council on Elementary and Secondary Education. The proceeds of the Bonds will be used as part of a plan of financing to: (a) refinance the Corporation’s Educational Facility Revenue Bonds, The Groden Center Affiliates Issue, Series 2004A (the “2004A Bonds”), the proceeds of which were used to finance and refinance the acquisition, construction, renovation, improvement, furnishing and equipping of the Institution’s existing charter school facility located at 850 Stony Fort Road, South Kingstown (Saunderstown), Rhode Island (the “Charter School”) and the costs of issuance of the 2004A Bonds, (b) finance and refinance the renovation, improvement, furnishing and equipping of certain portions of the Charter School and the construction, renovation, improvement, furnishing and equipping of an approximate 12,000 square foot addition to the Charter School and a new preschool facility within, adjacent or proximate to the Charter School, (c) finance various other capital renovations and improvements to the Institution’s facilities, other deferred maintenance items, and the acquisition and installation of furnishings and equipment, all as included from time to time in the Institution’s capital budget and located or to be located at the Charter School or adjacent or proximate sites, (d) finance capitalized interest, if necessary, and (e) finance costs of issuance of the Bonds. The owner and/or operator of the facilities to be financed or refinanced with the proceeds of the Bonds will be the Institution. 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 any municipality or political subdivision thereof is pledged to the payment of the Bonds. The Corporation does not have taxing power. Interested persons 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. The Corporation is accessible to the handicapped. Those requesting interpreter services for the hearing impaired must notify the Corporation (401-831-3770) at least 48 hours in advance of the hearing.
Kimberly W. Mooers
Executive Director and Hearing Officer
Rhode Island Health and Educational Building Corporation