Notice of Public Hearing to be Held on March 14, 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”) at 2 p.m. on March 14, 2023 via the following toll-free telephonic conference line:

 

Dial-in:  (866) 528-2256 (toll-free)

Participant Code:  5962298#

 

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 $140,000,000 (the “Bonds”) 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) ‎finance and refinance and/or reimburse the Institution for expenditures incurred by the Institution (as may be permitted by ‎‎federal tax law) for the following 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, a new ‎facility to be initially dedicated to a school of nursing and health sciences, which shall include ‎laboratory, classroom and office space; (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;

 

(b) finance capitalized interest and/or a debt service reserve fund, if necessary‎; 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.  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