Notice of Public Hearing to be Held on May 18, 2022
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 May 18, 2022 at 10:00 a.m. via telephone conference. In accordance with IRS Revenue Procedure 2022-20, providing guidance for the holding of teleconference public hearings in conformance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), 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. The subject of the public hearing will be the proposed use of proceeds or disposition proceeds of the Corporation’s Hospital Financing Revenue Refunding Bonds Care New England Issue Series 2016 B originally issued in the maximum aggregate face amount of $138,265,000 (the “2016 B Bonds”). The Corporation loaned the proceeds of the 2016 B Bonds to Care New England Health System (“CNE”), Butler Hospital (“Butler”), Kent County Memorial Hospital (“Kent”), Women & Infants Corporation (“WIC”), Women & Infants Hospital of Rhode Island (“WIH”), The Memorial Hospital, dba Memorial Hospital of Rhode Island (“Memorial”), Southeastern Healthcare System, Inc. (“SHS”) and, The Providence Center, Inc. (“Providence Center”) (collectively, the “2016 Obligated Group”). In 2017, Memorial withdrew and was released from the 2016 Obligated Group. (The members of the 2016 Obligated Group after the withdrawal and release of Memorial are collectively, the “Institutions”). The Institutions, a brief description of their principal facilities, and their addresses are described below:
Care New England Health System, 45 Willard Avenue, Providence, Rhode Island, 02905.
Butler Hospital, 345 Blackstone Boulevard, Providence, Rhode Island, 02906 (143-bed psychiatric care hospital).
Kent County Memorial Hospital, 455 Toll Gate Road, Warwick, Rhode Island, 02886 (359-bed acute care hospital).
Women & Infants Corporation, 101 Dudley Street, Providence, Rhode Island, 02905.
Women & Infants Hospital of Rhode Island, 101 Dudley Street, Providence, Rhode Island, 02905 (247-bed center for women and infants’ care).
Southeastern Healthcare System, Inc., 111 Brewster Street, Pawtucket, Rhode Island 02860.
The Providence Center, Inc., 528 North Main Street, Providence, Rhode Island 02904 (Behavioral Health and Substance Abuse Provider).
The 2016 B Bonds were issued to finance or refinance various projects, plus the payment of certain costs of issuance of the 2016 B Bonds, and the funding of a debt service reserve fund, if required (collectively, the “2016 B Project”):
- The current refunding of the Corporation’s remaining outstanding $14,156,000 Hospital Financing Revenue Refunding Bonds – Care New England Issue, Series 2016 A (the “Series 2016 A Bonds”). The Series 2016 A Bonds current refunded the Corporation’s Hospital Financing Revenue Bonds – Care New England Issue, Series 2011 (the “Series 2011 Bonds”). The Series 2011 Bonds were a new money issue which financed various health care facilities, including (1) an approximately 32,000 of gross square foot two-story addition to Butler’s hospital facility located at 345 Blackstone Boulevard, Providence, Rhode Island, to house Patient Assessment Services and a 26 bed inpatient wing; (2) the refinancing of a commercial mortgage between WIH and Bank Rhode Island, then outstanding in the principal amount of $1,958,087.38 (the “WIH Mortgage”), the proceeds of which were used to acquire a building at 70 Elm Street of approximately 16,868 gross square feet, Providence, Rhode Island, which is used by WIH for research laboratory purposes; and (3) reimbursing and financing a portion of the fiscal years ending 2010, 2011, 2012 and 2013 routine capital upgrades of the health care facilities at the Butler and WIH campuses at the addresses listed above and at the Kent’s campus located at 455 Toll Gate Road, Warwick, Rhode Island.
- The current refunding of the Corporation’s outstanding $42,810,000 Hospital Financing Revenue Bonds – Care New England Issue, Series 2014 A (the “Series 2014 A Bonds”). The Series 2014 A Bonds financed (1) the current refunding of the Corporation’s then remaining outstanding $38,210,000 Hospital Financing Revenue Bonds – Care New England Issue, Series 2008 B (the “Series 2008 B Bonds”); and (2) a new money project consisting of the financing of: (a) a portion of the fiscal years ending 2013, 2014 and 2015 routine capital upgrades of the health care facilities at the Butler, Kent, WIH and Memorial hospital campuses and adjacent areas; and (b) the acquisition, licensing and installation of information technology hardware and software for the purpose of creating, storing, retrieving, transmitting and modifying electronic health and medical records including, without limitation, information technology to be provided by Epic Systems Corporation (the “Epic System”) to be located at the Institutions’ campuses, at a CNE information/data center located at 10 Health Lane, Warwick, Rhode Island 02886, and at other locations of the Institutions or non-profit affiliates of the Institutions located within the State (the “Epic Locations”), as more particularly discussed and defined below. The Series 2008 B Bonds were a new money issue which financed the construction, equipping and furnishing of: (i) a five story addition with a two-story connection to WIH’s existing hospital building located at 101 Dudley Street, Providence, Rhode Island. The addition was approximately 140,418 of gross square feet; and (ii) a portion of the fiscal years ending 2008 and 2009 routine capital upgrades of the health care facilities at the Butler, Kent and the WIH hospital campuses at the addresses listed above.
- The advance refunding of the Corporation’s remaining outstanding $76,275,000 Hospital Financing Revenue Bonds – Care New England Issue, Series 2013 A (the “Series 2013 A Bonds”). The Series 2013 A Bonds financed (1) the current refunding of the Corporation’s then remaining outstanding $46,730,000 Hospital Financing Revenue Bonds – Care New England Issue, Series 2008 A (the “Series 2008 A Bonds”); (2) the current refunding of the Corporation’s then remaining outstanding $25,000,000 Hospital Financing Revenue Bonds, The Memorial Hospital Issue, Series 2003 (the “Series 2003 Bonds”); and (3) a new money project consisting of the financing of: (a) a portion of the fiscal years ending 2013, 2014 and 2015 routine capital upgrades of the health care facilities at the Butler, Kent, WIH and Memorial hospital campuses and adjacent areas; and (b) the acquisition, licensing and installation of information technology hardware and software for the purpose of creating, storing, retrieving, transmitting and modifying electronic health and medical records including, without limitation, information technology to be provided by the Epic System to be located at the Institutions’ campuses, at CNE information/data center located at 10 Health Lane, Warwick, Rhode Island 02886, and at the other Epic Locations of the Hospitals or non-profit affiliates of the Hospitals located within the State. The Series 2008 A Bonds current refunded the Corporation’s Hospital Financing Revenue Bonds – Care New England Issue, 2002 Series A (the “2002 Series A Bonds”). The 2002 Series A Bonds financed the acquisition, construction, renovation, equipping, and furnishing of various health care facilities, including: (a) an 11,000 square foot expansion of the Butler campus at 345 Blackstone Boulevard, Providence, Rhode Island to increase inpatient capacity by 12 beds; (b) renovation of an existing 8,000 square foot building on the Butler campus for a new residential treatment program; (c) an approximately 10,100 square foot expansion of Kent’s emergency room located on the Kent campus at 455 Toll Gate Road, Warwick, Rhode Island; (d) an upgrade of HVAC system on the Kent campus; (e) renovation of the operating rooms at Kent; (f) the acquisition of various Diagnostic Equipment for Kent, including, but not limited to the following: GE Multislice CT; Mobile Ultrasound Unit; Nuclear Medicine Camera Refurbish; Harmony Short Bore MRI; and Department PACS System; (g) renovation of 137 inpatient rooms at the WIH campus located at 101 Dudley Street, Providence, Rhode Island; (h) acquisition and renovation by WIH of a 24,960 square foot medical office building located at 100 Dudley Street, Providence, Rhode Island; (i) acquisition and renovation by WIH of a 22,000 square foot research facility located at 200 Chestnut Street, Providence, Rhode Island; (j) construction, equipping and furnishing of an approximately 20,000 square foot information/data center by CNE to be located on the Kent hospital campus at the address listed above; and (k) routine capital expenditures at Butler, Kent and WIH. The Series 2003 Bonds were a new money issue which financed various improvements at Memorial’s campus, and adjacent area including (a) renovations to Memorial’s Richardson Building including, but not limited to, the endoscopy lab, the pain clinic, HVAC units, the roof, the elevator, sprinklers, and beds; (b) the purchase and installation of CAT scan and nuclear cardiology equipment; (c) the renovation and equipping of a cardiac catheter lab; (d) the modernization and renovation of the angiography and fluoroscopy suites; (e) renovations to the emergency room, operating rooms and the cardiology and neurology suites; (f) renovations to and redesign of nursing units including new beds, HVAC units and furniture; (g) renovations to the rehabilitation and critical care unit; and (h) certain equipment contained in Memorial’s 2004 capital budget.
- The advance refunding of the Corporation’s remaining outstanding $9,511,649 Hospital Financing Revenue Refunding Bonds – Care New England Issue, Series 2010 (the “Series 2010 Bonds”). The Series 2010 Bonds were a new money issue which financed (a) the funding of the renovation, equipping and furnishing of existing Kent space to house a ten bed short stay unit; (b) the construction, equipping and furnishing of a 30,000 square foot ambulatory surgical center, such center to comprise part of a two story addition with a connection to Kent’s existing hospital building located at 455 Toll Gate Road, Warwick, Rhode Island. The addition will be approximately 60,000 of gross square feet, constructed on land ground leased to a third party for a term of 60 years, with the ambulatory surgery center space leased back to Kent; and (c) the payment of certain expenses of issuance with respect to the financing.
- The current refunding of the Corporation’s remaining outstanding $2,546,026 Health Facilities Revenue Bonds (The Providence Center Issue – Series 2013) (the “Providence Center 2013 Bonds”). The Providence Center 2013 Bonds financed (1) a new money project consisting of the planning, construction, renovation, equipping and furnishing of an approximately 72,000 square foot health facility located at 528 and 530 North Main Street in Providence, Rhode Island and (2) the current refunding of the Corporation’s then remaining outstanding $2,262,247.83 Health Facilities Revenue Bonds (The Providence Center Issue – Series 2012) (the “Providence Center 2012 Bonds”). The Providence Center 2012 Bonds financed (a) the planning, construction, renovation, equipping and furnishing of an approximately 4,000 square foot housing facility located at 777 River Avenue in Providence, Rhode Island; (b) the planning, construction, renovation, equipping and furnishing of an approximately 72,000 square foot health facility located at 528 and 530 North Main Street in Providence, Rhode Island and (c) the payment of costs of issuance with respect to the financing.
The Epic Locations were:
WIH Properties:
2, 100, 118, and 120 Dudley Street, Providence, Rhode Island 02907
1 Blackstone Place, Providence, Rhode Island 02905
70 Elm Street, Providence, Rhode Island 02903
200 Chestnut Street, Providence Rhode Island 02903
300 Richmond Street, Providence Rhode Island 02903
1050 Main Street, East Greenwich, Rhode Island 02818
11 Wells Street, Westerly, Rhode Island 02891
695, 888, and 908 Eddy Street, Providence, Rhode Island 02903
90 and 101 Plain Street, Providence, Rhode Island 02903
134 Thurbers Avenue, Providence, Rhode Island 02905
50 Holden Street, Providence, Rhode Island 02908
49 South County Commons Way, South Kingstown, Rhode Island 02879
2168 Diamond Hill Road, Woonsocket, Rhode Island 02895
333 Valley Road, Middletown, Rhode Island 02842
Kent Properties:
166, 215, 390, and 626 Toll Gate Road, Warwick, Rhode Island 02886
1351, 1405 and 2358 South County Trail, East Greenwich, Rhode Island 02818
982 Tiogue Avenue, Coventry, Rhode Island 02816
1620 Nooseneck Hill Road, Coventry, Rhode Island 02816
1681 Cranston Street, Cranston, Rhode Island 02920
905 Pontiac Avenue, Cranston, Rhode Island 02910
750 Reservoir Avenue, Cranston, Rhode Island 02910
308 Callahan Road, North Kingstown, Rhode Island 02852
1051 Ten Rod Road, North Kingstown, Rhode Island 02852
59 South County Commons Way, South Kingstown, Rhode Island 02879
227, 250, 277 and 535 Centerville Road, Warwick, Rhode Island 02886
190 Commerce Drive, Warwick, Rhode Island 02886
11 Knight Street, Building C, Units 9, 10, 11 & 12, Building C-10 & C-12 and
Building D-15, Warwick, Rhode Island 02886
1087 Warwick Avenue, Warwick, Rhode Island 02886
3661 W. Shore Road, Warwick, Rhode Island 02886
1079 Main Street, West Warwick, Rhode Island 02893
171 Service Avenue, Warwick, Rhode Island 02886
595 Washington Street, Coventry, Rhode Island 02816
Disposition proceeds from the disposition of certain portions of the foregoing 2016 B Project will be used to finance the:
- Purchase, replacement and updating of equipment at WIH located at 101 Dudley Street, Providence, Rhode Island 02905, including but not limited to incubators, infant warmers, combo beds, ventilators, and bilirubin.
- Purchase and replacement of ICU, transport and MRI compatible ventilators at Kent located at 455 Toll Gate Road, Warwick, Rhode Island 02886.
- Construction, renovation, equipping, and upgrades to a sterilizer enclosure room and staff locker space, including modifications to electrical, drainage, exhaust and plumbing utilities and installation of new sterilizer equipment at WIH located at 101 Dudley Street, Providence, Rhode Island 02905.
- Construction, renovation and equipping of a 9,000 square foot space to provide exam rooms, consult rooms and accessory spaces for Outpatient Gynecology, Oncology and Integrative Therapy, and Lymphedema services, including plumbing, HVAC and lighting renovations for conversion of office space into new clinical space; and construction, renovation and equipping of a 1,500 square foot compounding mixing pharmacy to support the Infusion unit, including construction of hazardous and non-hazardous, sterile compounding rooms and associated storage, receiving and administration, new mixing hoods, storage refrigerators and all associated lighting, HVAC and accessory systems all at WIH located at 688 Eddy Street, Providence, Rhode Island 02903.
The owners and/or operators of the facilities to be financed or refinanced with the proceeds of the 2016 B Bonds or with disposition proceeds will be one of the Institutions or affiliated non-profit entities. Neither the State of Rhode Island nor the Corporation is obligated to pay the principal or redemption price of or interest on the 2016 B 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 2016 B Bonds. The Corporation does not have taxing power.
Persons interested are invited to offer comments and ask questions with regard to the above‑referenced 2016 B Bonds and the location and nature of the facilities to be financed and refinanced therewith. Interested persons may access the teleconference using the following conference call dial-in information:
Telephone number: (866) 528-2256 (toll free)
Access code: 5962298
Those requesting interpretative service for the hearing impaired must notify the Corporation (401) 831‑3770, forty‑eight (48) hours in advance of this meeting.
Kimberly Mooers
Executive Director and Hearing Officer
Rhode Island Health and Educational Building Corporation