Notice of Public Hearing to be held on August 17, 2021

NOTICE OF PUBLIC HEARING

            Notice of PUBLIC HEARING TO BE HELD BY THE RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING CORPORATION CONCERNING THE FINANCING AND REFINANCING OF a PROJECT FOR RHODE ISLAND SCHOOL OF DESIGN IN PROVIDENCE, RHODE ISLAND.  Notice is hereby given that the Rhode Island Health and Educational Building Corporation (the “Corporation”) will hold a public hearing on August 17, 2021 at 1:00 p.m.  In light of 2019 novel coronavirus (COVID-19) pandemic, the Corporation hereby notifies interested persons that the public hearing will be held via teleconference in lieu of an in-person public hearing. Persons wishing to participate in the hearing may attend by teleconference by using the toll free telephone number and passcode listed below

The purpose of the hearing will be to consider the issuance of tax-exempt revenue bonds by the Corporation in a maximum aggregate face amount not to exceed $77,000,000 (the “Bonds”) for a project to be owned by Rhode Island School of Design, a Rhode Island nonprofit corporation (the “Institution”).  The proceeds of the Bonds will be used to (a) refund all or a portion of the Corporation’s Higher Education Facility Revenue Refunding Bonds (Rhode Island School of Design Issue – Series 2008A) and the Corporation’s Higher Education Facility Revenue Refunding Bonds (Rhode Island School of Design Issue – Series 2008B) (collectively, the “Refunded Bonds”); (b) pay the termination payments with respect to certain interest rate swaps relating to the Refunded Bonds (and/or the prior bonds that were previously refunded directly or indirectly with the proceeds of the Refunded Bonds); and (c) finance the costs of issuance of the Bonds and pay funded interest on all or a portion of the Bonds.

The proceeds of the Refunded Bonds were used to refund the Corporation’s Higher Education Facility Revenue Bonds – Rhode Island School of Design Issue Series 2004A and Series 2004B (collectively, the “2004 Bonds”) and the Corporation’s Higher Education Facility Revenue Bonds – Rhode Island School of Design Issue Series 2006A and Series 2006B (collectively, the “2006 Bonds”). 

The proceeds of the 2006 Bonds were used to finance a project consisting of the acquisition, construction, conversion, renovation, expansion, equipping, replacement and furnishing of various capital improvements to the Institution’s main campus, bounded by the Providence River, Wickenden Street, Bowen Street and Brown Street, all located in Providence, Rhode Island (the “Campus”), including: (1) construction of the Chace Center located at 20 Market Square in Providence, Rhode Island; (2) renovation and/or relocation of portions of other facilities in connection with the construction of the Chace Center, including but not limited to Memorial Hall, the Radeke Building, the College Building, the Bank Building, Farnum Hall, 20 Washington Place, Carr House, Central Stores, the mail room, the Metcalf spray booth, a Foundations classroom, and the Furniture metal shop; (3) electrical and mechanical infrastructure improvements associated with those and other projects; (4) other renovations and improvements to the Institution’s Campus, to the Living-Learning Center at 15 Westminster Street, the Fletcher Building at 212 Union Street and the Mason Building at 169 Weybosset Street all in Providence, Rhode Island, that were included in the Institution’s capital budget for the fiscal years ending June 30, 2006, June 30, 2007, and June 30, 2008; (5) miscellaneous new equipment and furnishings employed on the Institution’s Campus and the aforementioned Living-Learning Center, the Fletcher Building and the Mason Building; (6) the current refunding of some or all of the Corporation’s Taxable Revenue Bonds, Rhode Island School of Design Issue – Series 2004 C, the proceeds of which were used to refund a portion of the Corporation’s Revenue Bonds, Rhode Island School of Design Issue – Series 1996 (the “1996 Bonds”), the proceeds of which were used to (i) finance various capital improvements to the Institution’s Campus, including renovation of existing buildings and dormitories, upgrading the fiber optic system, acquisition of equipment and infrastructure and energy improvements for facilities located throughout the Campus, improvements to the art supply and book store, construction of a research institute, preliminary expenditures for, including planning of, a new library and film-animation­video facility, acquisition and/or construction of parking facilities located on the Campus, acquisition and renovation or construction of a residence hall/apartment dormitory on the Campus and (ii) refund the Corporation’s Revenue Bonds, Rhode Island School of Design Issue – Series 1992, the proceeds of which were used to finance and refinance various capital improvements on the Institution’s Campus, including the construction of the Museum of Art and maintenance projects throughout the Campus, and refund the Corporation’s Revenue Bonds, Rhode Island School of Design Issue – Series 1985, the proceeds of which were used to finance and refinance various capital improvements to the Institution’s Campus, including the construction of an addition to the Homer and Nickerson dormitories and the renovation and equipping of four buildings to create the Design Center.

The proceeds of the 2004 Bonds were used to refund a portion of the 1996 Bonds and finance certain capital improvements to the Institution’s Campus, including the renovation of existing buildings at 169 Weybosset Street, known as the Fletcher and Mason Buildings, for use as the Graduate Education Center, renovation of an existing twelve-story building at 15 Westminster Street for use as a new library and student housing as part of the Living-Learning Center, acquisition of equipment and infrastructure improvements for facilities located throughout the Campus, including improvements to instructional and administrative spaces, and miscellaneous other capital projects.

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 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 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.  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