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, December 22, 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 Procedures 2020-21, 2020-49 and 2021-39, 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 Achievement First Rhode Island, Inc. in Providence, Rhode Island, a Rhode Island nonprofit corporation (the “Institution”), that the Corporation issue its Series 2022A Note and Series 2022 B Note in a maximum aggregate face amount not to exceed $75,000,000 in one series or separate series of notes (the “Notes”) for the benefit of the Institution for the purposes of (i) financing or refinancing the purchase of property and improvements thereon located at 206 Elmwood Avenue (also known as 1 Jakes Way), and properties adjacent thereto, Providence, Rhode Island (the “Elmwood Avenue Facility”), for a new high school, and the renovation of such properties (approximately $35,000,000); (ii) financing or refinancing the purchase of property and improvements thereon, located at 85 Garfield Avenue, and properties adjacent thereto, Cranston, Rhode Island (the “Garfield Avenue Facility”), operating as Achievement First Iluminar Mayoral Academy Middle School, and the renovation of such properties, including the construction of a gymnasium and field complex (approximately $30,000,000); (iii) financing or refinancing various other capital renovations and improvements to the Institution’s facilities 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 Elmwood Avenue Facility or the Garfield Avenue Facility (approximately $10,000,000); (iv) refunding the outstanding $7,400,000 Rhode Island Health and Educational Building Corporation Educational Institution Revenue Bonds, Achievement First Rhode Island Issue, Series 2019A, and $2,100,000 Rhode Island Health and Educational Building Corporation Educational Institution Revenue Bonds, Achievement First Rhode Island Issue, Series 2019B (together, the “2019 Bonds”), which (a) refinanced certain outstanding taxable loans the proceeds of which were used to finance the renovation, improvement, furnishing and equipping of the approximate 170,000 square foot facility located at 370 Hartford Avenue, Providence, Rhode Island (the “Hartford Avenue Facility”) leased by the Institution and currently used by the Institution as (x) a charter school for Kindergarten through grade 4 known as the Achievement First Providence Mayoral Academy Elementary School, (y) a charter school for Kindergarten through grade 1 known as the Achievement First Envision Elementary School, and (z) a charter school for grades 5 through 8 known as the Achievement First Providence Mayoral Academy Middle School ($6,363,363); and (b) financed (including through reimbursement to the Institution) the renovation, improvement, furnishing and equipping of (x) the Hartford Avenue Facility to provide additional instructional and professional development space to increase the capacity of the Institution’s charter schools and serve additional grade levels, and (y) the Garfield Avenue Facility leased by the Institution and to be used to expand one or more of the Institution’s charter schools to increase capacity and serve additional grade levels ($3,026,501); and (c) financed the costs of issuance of the 2019 Bonds; and (v) paying certain expenses of issuance with respect to the Notes (collectively, the “Project”). The acquisition of all or a portion of the Notes by their initial purchasers 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 the facilities financed or refinanced with the proceeds of the Notes 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 or premium on the Notes, 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 Notes. 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 Notes and their purchase to be financed and refinanced by the Arizona Industrial Development Authority 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