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”) at 10:00 a.m. on April 27, 2021. In order to promote and protect the safety of both the public and Corporation staff in light of the COVID-19 pandemic, and pursuant to Revenue Procedure 2020-49 issued by the Internal Revenue Service regarding public hearing requirements under Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”) and pursuant to the Executive Order 20-46 of the Governor of the State issued on June 12, 2020, as most recently extended by Executive Order 21-30 of the Governor of the State issued on March 31, 2021, and as may be further extended from time to time, regarding the conduct of public hearings in the State, 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 will be to consider the proposal of Providence College, a Rhode Island nonprofit corporation (the “Institution”) that the Corporation issue qualified 501(c)(3) bonds (as defined in Section 145 of the Code) in a maximum aggregate principal amount not to exceed $85,000,000 to finance and refinance certain higher educational facilities owned and operated by the Institution for educational purposes and located on the Institution’s campus at One Cunningham Square, Providence, Rhode Island (the “Campus”), or adjacent or proximate sites.
The proceeds of the Bonds will be loaned to the Institution and will be used by the Institution as part of a plan of financing to:
(a) refinance all or a portion of the Corporation’s outstanding Higher Education Facility Revenue Bonds, Providence College Issue, Series 2012 (the “Series 2012 A Bonds”), the proceeds of which were used to finance projects on the Campus, including some or all of: (i) the construction and equipping of a Humanities Building located adjacent to the Phillips Memorial Library, (ii) the construction of a new 200 bed residence hall on the upper Campus near Raymond Hall, (iii) the renovation of an existing residence hall for use as the School of Business on the lower Campus, (iv) the creation of a track and turf field complex behind Raymond Hall and bordering Huxley Avenue, (v) relocation of the existing tennis courts and the softball field on Huxley Avenue to Hendricken Field which borders River Avenue and Wardlaw Avenue, and (vi) costs of issuance of the Series 2012 A Bonds;
(b) finance and refinance the following new projects located on the Campus, (i) the acquisition, construction, renovation, expansion, equipping and/or furnishing of various Institution facilities including, but not limited to, a new residence hall, existing residence halls, the Science Complex, including laboratory, classroom and office space, and existing dining facilities (primarily Raymond Dining Hall); (ii) other miscellaneous capital projects included in the Institution’s master plan over the next three years; (iii) infrastructure and grounds improvements; and (iv) the acquisition and installation of furnishings and equipment; and
(c) pay certain costs of issuance with respect to the Bonds.
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.
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 projects 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 at least forty-eight (48) hours in advance of this meeting.
Kimberly W. Mooers
Executive Director and Hearing Officer
Rhode Island Health and Educational Building Corporation