Notice of Public Hearing to be Held September 3, 2026 – The Compass School

NOTICE IS HEREBY GIVEN that a public hearing will be conducted by the Rhode Island Health and Educational Building Corporation (the “Corporation”) on Thursday, September 3, 2026 at 10:30 a.m. 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 The Compass School, a Rhode Island non-profit corporation (the “Institution”), that the Corporation amend the terms of its Revenue Bonds, The Compass School Issue, Series 2019 (the “Bonds”), thereby causing the Bonds to be treated as reissued for federal tax law purpose.  The Bonds are and will remain qualified 501(c)(3) bonds, with a maximum aggregate face amount at the time of reissuance not exceeding $3,130,280.  As reissued, the Bonds will refinance (1)  the Corporation’s Compass School Issue Revenue Bond, Series 2011A (Federally Taxable – Direct Payment Qualified School Construction Bond) (the “Series 2011A Bond”); (2) the Corporation’s Compass School Issue Revenue Bond, Series 2011C (Tax-Exempt) (the “Series 2011C Bond,” and together with the Series 2011A Bond, the “Prior Bonds”); and (3) the construction, equipping and furnishing of the following educational projects to be located at the Institution’s campus, 537 Old North Road, Kingston, Rhode Island  (the “Campus”): (a) the external and internal conversion of an approximately 6,000 square-foot barn structure to an approximately 14,500 square-foot middle school facility containing 6 classrooms, 2 learning centers and 2 rooms accommodating a science lab, a music/art classroom, and library and other uses; (b) site work to increase parking spaces from approximately 40 spaces to approximately 90 spaces and to build a barn access road to the middle school facility; (c) repairs and upgrades to the main Campus building, including siding, flooring and acoustics; (d) the funding of a debt service reserve fund and capitalized interest on the Bonds; and (e) the payment of certain expenses of issuance with respect to the Bonds.

The Prior Bonds were issued to provide loans to the Institution, the proceeds of which were used to acquire an approximately 20-acre parcel of land and improvements, including fixtures, and the acquisition, renovation, development, furnishing, equipping and improvement of the existing buildings at the Campus location.   

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 Notes.  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 by using the following toll-free call-in numbers and Meeting ID and Passcode:

• 833 548 0276 US Toll-free
• 833 548 0282 US Toll-free
• 877 853 5257 US Toll-free
• 888 475 4499 US Toll-free

Meeting ID: 874 6021 0070
Passcode: 018249

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.

Dylan Zelazo

Executive Director
Rhode Island Health and Educational Building Corporation