Notice of Public Hearing

Re-TEFRA Project December 2020

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 December 30, 2020 at 10:00 a.m. via telephonic conference. In order to promote and protect the safety of both the public and Corporation staff in light of the COVID-19 virus, and in accordance with IRS Revenue Procedure 2020-21 and IRS Revenue Procedure 2020-49, providing guidance for the holding of teleconference public hearings in conformance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), the public hearing will be held via teleconference line in lieu of physical presence at the public hearing. Members of the public may use the dial-in information provided at the end of this notice.

The subject of the public hearing will be a proposal by St. Andrew’s School, a Rhode Island non-profit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Institution”), to use the proceeds of the Corporation’s Educational Institution Revenue Refunding Bonds (St. Andrew’s School Issue – Series 2018 A) and Educational Institution Revenue Bonds (St. Andrew’s School Issue – Series 2018 B), originally issued in the maximum aggregate face amount of $20,000,000 (the “Bonds”) for the purposes of: (a) refinancing the projects financed and refinanced with the Corporation’s Educational Institution Revenue Bond (St. Andrew’s School Issue – Series 2013) (the “Series 2013 Bond”), located on the Institution’s campus in Barrington, Rhode Island, comprising the area generally bounded to the South by Federal Road, to the west by Middle Highway, to the north by Winsor Drive and to the east by County Road, together with certain other facilities located at 474 County Road, 484 County Road, 494 County Road, 520 County Road, 48 Federal Road, 50 Federal Road, 63 Federal Road, 88 Federal Road, 90 Federal Road, 82 Middle Highway and 111 Middle Highway, or adjacent or proximate sites (collectively, the “Campus”); (b) refinancing of a taxable loan, the proceeds of which were used for the acquisition of residential properties at 474 County Road and 82 Middle Highway, both located in Barrington, Rhode Island; (c) financing or refinancing a new money project located on the Institution’s Campus, including (1) the construction, renovation, equipping and/or furnishing of an approximate 18,000 square foot, 40-bed student residence hall to be located at 63 Federal Road, Barrington, Rhode Island, (2) the acquisition, construction, renovation, equipping and/or furnishing of new faculty housing, including without limitation, a facility comprised of approximately 12 units of up to 2,000 square feet per unit consisting of 2-4 beds, to be located on the Institution’s Campus, (3) the renovation, improvement, furnishing and equipping of other existing residential, academic, administrative and faculty housing facilities located on the Institution’s Campus, (4) infrastructure and grounds improvements including, but not limited to, sidewalk and roadways, safety and security improvements and the acquisition of miscellaneous equipment and vehicles, (5) removal of existing tennis or other athletic courts, construction of a new athletic court facility and outdoor athletic courts, including, but not limited to, a squash court and basketball court, related landscape and hardscape improvements, and renovation of an existing building into an athletic team room and bathroom facility, (6) 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 for fiscal years 2019, 2020 and/or 2021 and located or to be located on the Institution’s Campus, and (e) financing the payment of certain costs of issuance of the Bonds.

The Series 2013 Bond financed: (A) the current refunding of the Corporation’s outstanding Educational Institution Revenue Refunding Bond, St. Andrew’s School Issue, Series 2010 (the “Series 2010 Bonds”), the proceeds of which currently refunded the Corporation’s outstanding Educational Institution Revenue Bonds (St. Andrew’s School Issue – Series 1999) (the “Series 1999 Bonds”) and financed the payment of certain costs of issuance of the Series 2010 Bonds. The Series 1999 Bonds financed the acquisition, construction, renovation, equipping and furnishing of various of the Institution’s facilities and equipment to be used in furtherance of the Institution’s educational mission and refinanced indebtedness or reimbursed the Institution for costs related to the acquisition, construction, renovation, equipping and furnishing of such facilities and equipment, including residential program facilities (acquisition, renovation, equipping and furnishing) located at 494 County Road, Barrington, Rhode Island, residential program facilities (renovation, equipping and furnishing) located at 484 County Road, Barrington, Rhode Island, a student services facility (new construction, equipping and furnishing), a science classroom facility (new construction, equipping and furnishing), an athletic complex (renovation, expansion, equipping and furnishing) and a performing arts facility (new construction, equipping and furnishing) located at 63 Federal Road, Barrington, Rhode Island, other miscellaneous Institution facilities, including, without limitation, dormitories, residential facilities, administrative facilities, academic facilities, grounds improvements and/or roof and boiler improvements (acquisition, construction, renovation, equipping and furnishing) at locations owned or operated by the Institution at 50 Federal Road, 63 Federal Road and 111 Middle Highway in Barrington, Rhode Island, and miscellaneous Institution equipment and vehicles, including, without limitation, maintenance vehicles and equipment and/or transportation vehicles (acquisition) and the payment of certain expenses of issuance with respect to the Series 1999 Bonds; (B) the current refunding of the Corporation’s outstanding Educational Institution Revenue Bond, St. Andrew’s School Issue, Series 2012 (the “Series 2012 Bonds”). The proceeds of the Series 2012 Bonds were used to (i) finance the renovation and expansion of two dormitories known as The Cady House and a portion of Bill’s House located on the Institution’s Campus; (ii) refinance a taxable loan, the proceeds of which were used to finance renovations to the Institution’s dining facility known as Gardiner Hall located on the Institution’s Campus; (iii) finance a portion of the Institution’s routine capital upgrades and equipping of its educational facilities located on its Campus for its fiscal years 2013 and 2014; and (iv) finance the payment of certain costs of issuance of the Series 2012 Bonds; (C) a new money project consisting of (i) financing the completion of renovations to Bill’s House located on the Campus and (ii) financing a portion of Borrower’s routine capital upgrades and equipping of its educational facilities located on its Campus for fiscal years 2013, 2014 and 2015; and (D) the payment of certain costs of issuance of the Series 2013 Bond.

The owner and/or operator of the facilities financed or refinanced with the proceeds of the Bonds will be the Institution. Neither the State of Rhode Island 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 or 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 above-referenced Bonds and the location and nature of the facilities to be financed and refinanced therewith. Interested persons may access the teleconference using the following conference call dial-in information:

Telephone number: (866) 528-2256 (toll free)
Access code: 5962298
Those requesting interpretative service for the hearing impaired must notify the Corporation (401) 831-3770, forty-eight (48) hours in advance of this meeting.

Kimberly Mooers
Executive Director and Hearing Officer
Rhode Island Health and Educational Building
Corporation
3366831.1/70721-206