Notice of Public Hearing to be Held on December 11, 2023

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 Monday, December 11, 2023 at 10:00 a.m. via telephonic conference.  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 Nurses Institute Middle College Charter High School, a Rhode Island nonprofit corporation (the “Institution”), that the Corporation issue its Educational Facilities Revenue Bonds, Rhode Island Nurses Institute Middle College Charter High School Issue, Series 2024, in a maximum aggregate face amount not to exceed $25,300,000 as part of a plan of finance, in one or more series or sub-series of bonds (the “Bonds”), for the purposes of: (a) financing the purchase of a 73,940 square foot facility and adjacent parking area located at 132-150 Washington Street, Providence, Rhode Island, and  renovations thereto that are expected to include, but are not limited to, (i) demolition to create additional classroom space and the furnishing and equipping thereof; (ii) energy efficiency improvements to lighting and HVAC systems and installation of energy recovery ventilation units; (iii) expanded laboratory and cafeteria spaces; (iv) improvements to lavatories, including accessibility upgrades; (v) replacement of electrical switchgear; (vi) relocation of office spaces; (vii) exterior weather-proofing and window and paving repairs; (viii) life safety upgrades; and (ix) painting, flooring and other similar upgrades (the “Project”), used and to be used by the Institution in its school operations; and (b) 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 two or more eligible borrowers in multiple states, including, but not limited to, the Institution.

The owner and/or operator of the real estate, the facility and other assets comprising the Project 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 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 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.

 

 

Channavy Chhay

Interim Executive Director

Rhode Island Health and Educational Building Corporation