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 Tuesday, February 16, 2021 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 toll-free 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 to access the hearing.

The purpose of the public hearing is to consider the proposal of Rhode Island Mayoral AcademySM Blackstone Valley in Cumberland, Rhode Island, a Rhode Island nonprofit corporation (the “Institution”), that the Corporation issue its Educational Institution Revenue Bonds, Blackstone Valley Prep Mayoral Academy Issue, in a maximum aggregate face amount not to exceed $16,500,000 in one series or separate series of bonds (the “Bonds”) for the purposes of (i) refinancing existing indebtedness incurred for the acquisition, construction and renovation of real estate and facilities located at 291 Broad Street, Cumberland, Rhode Island (“291 Broad Street”) that are used by the Institution in its school operations (the maximum amount of proceeds of the Bonds to be used for such purpose is $4,550,000); (ii) refinancing of existing indebtedness incurred for the construction and renovation of facilities located at 3 Fairlawn Way, Lincoln, Rhode Island (“3 Fairlawn Way”) that are used by the Institution in its school operations (the maximum amount of proceeds of the Bonds to be used for such purpose is $3,250,000); (iii) finance the purchase of real estate and facilities located at 52 Broad Street, Cumberland, Rhode Island (“52 Broad Street” and, collectively with 291 Broad Street and 3 Fairlawn Way, the “Project”) that are to be used by the Institution in its school operations (the maximum amount of proceeds of the Bonds to be used for such purpose is $8,700,000); and (iv) paying certain costs of issuance and other common costs with respect to the Bonds.  The acquisition of the Bonds by their initial purchaser, or affiliate entity,  is expected to be financed or refinanced at a later date by a larger issuance of bonds issued by the Arizona Industrial Development Authority, a nonprofit corporation designated as a political subdivision of the State of Arizona, for the benefit of multiple public charter schools in multiple states, including, but not limited to, the Institution.

The owner and/or operator of all of the real estate and facilities comprising the Project will be the Institution, with the exception of 291 Broad Street, which is expected to continue to be operated under the ownership of School Holdings I, LLC, whose sole member is the Institution.  Neither the State of Rhode Island nor the Corporation is obligated to pay the principal or redemption price of or interest or premium on the Bonds, and neither the faith and credit nor the taxing power of the State of Rhode Island or of any municipality or political subdivision thereof is pledged to the payment of the Bonds.  The Corporation does not have taxing power.

Interested members of the public are invited to participate in the hearing and to offer comments and ask questions with regard to the issuance of the above-referenced Bonds and the location and nature of the Project to be financed and refinanced therewith by using the following toll free call-in number:

Dial-in:                       (866) 528-2256 (toll free)

Participant Code:       5962298

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 and Hearing Officer Rhode Island Health and Educational Building Corporation