Notice of Public Hearing to be Held on February 20, 2024
NOTICE OF PUBLIC HEARING
NOTICE OF PUBLIC HEARING TO BE HELD BY THE RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING CORPORATION CONCERNING THE REFINANCING OF A PROJECT FOR THE ORDER OF ST. BENEDICT IN PORTSMOUTH, RHODE ISLAND (D/B/A PORTSMOUTH ABBEY SCHOOL). Notice is hereby given that the Rhode Island Health and Educational Building Corporation (the “Corporation”) will hold a public hearing on February 20, 2024 at 9:45 a.m. 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:
Dial-in: (866) 528-2256 (toll free)
Participant Code: 5962298#
The purpose of the hearing will be to consider the issuance of qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986, as amended (the “Code”) by the Corporation in a maximum aggregate principal amount not to exceed $8,000,000 (the “Bonds”), for a project owned by the Order of St. Benedict in Portsmouth, Rhode Island, a Rhode Island nonprofit corporation (the “Institution”) and operated by Portsmouth Abbey School, LLC, a Delaware limited liability company, the sole member of which is the Institution (the “School”). The proceeds of the Bonds will be used by the Institution to (a) finance the construction, renovation, improvement, furnishing and equipping of an approximate 8,000 square foot, one-story building that will house social and study spaces for students located on the Institution’s campus at 285 Cory’s Lane, Portsmouth, Rhode Island (the “Campus”), (b) finance the acquisition, partial demolition, renovation, equipping and furnishing of an approximate 1,000 square foot building located at 296 Cory’s Lane, Portsmouth, Rhode Island to be used by the Institution as a faculty residence, (c) finance the construction, renovation, equipping and/or furnishing of various existing Institution facilities, including, but not limited to, the monastery elevator, track and other routine capital projects included or to be included in the Institution’s capital budget over the next two years, all to be located at the Campus or adjacent or proximate sites and (d) pay capitalized interest, if any, and the costs of issuance of the Bonds and the Corporation’s administrative fees.
The owner of the facilities to be financed with the proceeds of the Bonds will be the Institution and the operator of such facilities will be the School.
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.
Dylan Zelazo
Executive Director and Hearing Officer
Rhode Island Health and Educational Building Corporation