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, May 24, 2021, at 10:30 a.m. via telephonic conference.  In order to promote and protect the safety of both the public and Corporation staff in light of the COVID-19 virus, and in accordance with IRS Revenue Procedure 2020-21 and IRS Revenue Procedure 2020-49, providing guidance for the holding of toll-free 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 to access the hearing.

 The purpose of the public hearing is to consider the proposal of St. George’s School, a Rhode Island non-profit corporation (the “Institution”), that the Corporation issue its Educational Institution Revenue Bonds, St. George’s School Issue, which will be qualified 501(c)(3) bonds, in a maximum aggregate face amount not to exceed $55,000,000 (the “Bonds”).  The proceeds of the Bonds will be loaned to the Institution to provide moneys for the purposes of (1) refinancing all or a portion of the Corporation’s Educational Institution Revenue Bonds consisting of: St. George’s School Fixed Rate Issue – Series 2014 A,  St. George’s School Variable Rate Issue – Series 2014 B and St. George’s School Fixed Rate Issue – Series 2014 C (collectively, the “Series 2014 Bonds”), currently outstanding in the aggregate principal amount of $36,578,433, (2) financing various capital projects on the Institution’s main campus (the “Campus”), located at 372 Purgatory Road, Middletown, Rhode Island and at adjacent or proximate sites, generally consisting of construction, renovation, expansion, equipping and/or furnishing of various facilities, including existing buildings, faculty and student housing, dining facilities, athletic fields and facilities, infrastructure repairs and improvements and other miscellaneous construction and renovation projects, (3) financing the acquisition of land adjacent or proximate to the Institution’s Campus, (4) financing various other capital renovations and improvements to the Institution’s facilities, other deferred maintenance items, and the acquisition and installation of furnishings and equipment, all as included from time to time in the Institution’s capital budget and located or to be located on the Campus or at adjacent or proximate sites, and (5) pay certain costs of issuance of the Bonds. 

The proceeds of the Series 2014 Bonds were used to (1) refinance the Corporation’s then-outstanding Educational Institution Revenue Bonds (St. George’s School Issue – Series 2003) (the “Series 2003 Bonds”), (2) refinance the Corporation’s then-outstanding Educational Institution Revenue Bonds (St. George’s School Issue – Series 2010) (the “Series 2010 Bonds”), (3) refinance the Corporation’s then-outstanding Educational Institution Line of Credit Note (St. George’s School Issue – Series 2010) (the “Series 2010 Note”), (4) finance or refinance various capital improvements on the Campus consisting of (i) the design, construction, equipping and furnishing of a new academic building, (ii) renovations and improvements to existing academic buildings, and (iii) miscellaneous construction, renovations and improvements to other buildings, faculty housing, athletic fields and general infrastructure on the Campus, and (5) pay costs of issuance of the Series 2014 Bonds.

The proceeds of the Series 2003 Bonds were used to (1) finance the acquisition, construction, renovation, expansion and equipping of various of the Institution’s facilities located on the Campus, and adjacent areas, consisting of the construction of faculty houses, a new pool and campus center, renovations to certain facilities including the bookstore/radio station, the dining hall and kitchen, and faculty apartments, the acquisition of land for school purposes and certain infrastructure improvements, consisting of heating, plumbing and mechanical system renovations, roadways and drainage improvements and playing fields, and (2) refinance the Corporation’s then-outstanding Educational Institution Revenue Bonds (St. George’s School Issue – Series 2000) (the “Series 2000 Bonds”), which financed (i) the planning, acquisition, construction, renovation, equipping and furnishing of various of the Institution’s facilities located at the Campus and adjacent areas and refinanced the indebtedness or out-of-pocket expenditures of the Institution for costs related to such planning, acquisition, construction, renovation, equipping and furnishing, including a Campus master facilities plan, the acquisition, construction, renovation, equipping and furnishing of an arts center and performing arts building of approximately 35,300 square feet, a hockey rink and locker room facility of approximately 37,500 square feet, a kitchen and dining facility of approximately 8,100 square feet, dormitories and faculty housing facilities, the renovation, equipping and furnishing of a campus center, a science lecture hall, a bookstore and classroom facilities and the acquisition, construction, renovation, equipping and furnishing of other Institution facilities consisting of roof, electrical, heating, cooling, plumbing and water distribution systems, an emergency power generator system and a sprinkler system; and (ii) pay costs of issuance of the Series 2000 Bonds.

The proceeds of the Series 2010 Bonds were used to (1) refinance a line of credit note of the Institution incurred in 2007 (the “2007 Note”), which was used to finance and refinance various capital improvements located throughout the Institution facilities located at the Campus and adjacent areas, including (i) the demolition of the Behrend Pool and related site improvements, (ii) the renovation and improvement of dormitories, (iii) the renovation and improvement of exterior and interior of the Nathaniel P. Hill Memorial Library, (iv) the planning, renovation and construction of administrative, dining and academic facilities including the science facilities and the Memorial Schoolhouse, (v) the construction and renovation of new or existing faculty housing sited or to be sited on the Institution’s main campus, and (vi) the development of a Campus master plan; and (2) pay certain costs of issuance of the Series 2010 Bonds.

The proceeds of the Series 2010 Note were used to  (1) finance and refinance various capital improvements located throughout the Institution facilities located at the Campus and adjacent areas, consisting of (i) the renovation of dormitories, (ii) the renovation of the Nathaniel P. Hill Memorial Library, (iii) the planning, renovation and construction of administrative, dining and academic facilities including Campus science facilities, the Memorial Schoolhouse and the 6th Form House administration space, (iv) the purchase, renovation and construction of faculty housing including purchasing land on which to build such housing and all costs associated with a meeting space addition to the headmaster’s house, which included the relocation of the garage, (v) the planning, acquisition and installation of networking and telecommunications systems, and (vi) the planning, acquisition and installation of alternative energy solutions; and (2) pay costs of issuance of the Series 2010 Note.

The owner and/or operator of the projects and facilities to be financed and refinanced with the proceeds of the Bonds will be the Institution.  All of the foregoing financed and refinanced projects and facilities are to be operated by the Institution in an integrated operation for the provision of secondary education by 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 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 and refinanced therewith 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.

Kimberly W. Mooers

Executive Director and Hearing Officer

Rhode Island Health and Educational Building Corporation