Roger Williams University

NOTICE OF PUBLIC HEARING

NOTICE OF PUBLIC HEARING TO BE HELD BY THE RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING CORPORATION CONCERNING THE FINANCING AND REFINANCING OF PROJECTS AND THE AMENDMENT AND REISSUANCE OF BONDS FOR ROGER WILLIAMS UNIVERSITY IN BRISTOL, RHODE ISLAND.

Notice is hereby given that the Rhode Island Health and Educational Building Corporation (the “Corporation”) will hold a public hearing on November 13, 2019 at 4:30 p.m. at 55 Dorrance Street, Suite 300, Providence, Rhode Island. If the Corporation’s offices are closed on November 13, 2019 due to unforeseen circumstances, including adverse weather conditions, the public hearing will be held on the next business day on which the Corporation’s offices are open at the same time and location. The public hearing will be held for the purpose of providing a reasonable opportunity for interested individuals to express their views, either orally or in writing on the following:

(I) Issuing Bonds to Refinance Projects–a proposal by Roger Williams University, a Rhode Island non-profit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Institution”), that the Corporation issue its Higher Education Facility Revenue Refunding Bonds, as qualified 501(c)(3) bonds as defined in section 145 of the Internal Revenue Code of 1986 (the “Code”), in a maximum aggregate face amount not to exceed $15,500,000 (the “Bonds”) for the purpose of refinancing the Corporation’s $21,675,000 Higher Education Facility Revenue Refunding Bonds Roger Williams University Issue, Series 2013A (the “Series 2013 Bonds”) which refinanced the Corporation’s $32,000,000 Higher Education Facility Revenue Refunding Bonds Roger Williams University Issue, Series 2003 (the “Series 2003 Bond”), and financing the payment of certain costs of issuance of the Bonds. 

The Series 2003 Bonds financed the following projects located on the Institution’s campus at One Old Ferry Road, Bristol, Rhode Island or adjacent and proximate locations (the “Campus”), except as otherwise noted:

(A) the refunding in part on a current basis of the Corporation’s Higher Education Facility Revenue Bonds, Roger Williams University Issue, Series 1992, the proceeds of which were used:

(1) to finance the construction, furnishing and equipping of a law school;

(2) to advance refund the Corporation’s Higher Education Facility Revenue Bonds Roger Williams College Issue – Series 1985 (the “1985 Bonds”) which financed:  (a) the acquisition, construction and equipping of performing arts center, (b) the construction and equipping of an architecture building and (c) the refinancing of the Corporation’s Higher Education Facility Revenue Bonds, Roger Williams College Issue, Series 1981 (the “1981 Bonds”), which financed the construction, furnishing and equipping of a recreational building containing facilities including a multi-purpose space for basketball, tennis, volleyball and track, exercise and training rooms, ticket office and concession area, administrative offices and storage and laundry rooms; and

(3) to advance refund the Corporation’s Higher Education Facility Revenue Bonds, Roger Williams College Issue, Series 1988 (the “1988 Bonds”), which were used on its Campus to finance the construction, furnishing and equipping of a library, a law schoola building for use by the engineering school, an addition to the existing engineering building, an addition to the School of Science and Math, to refinance a taxable loan the proceeds of which were used in part to finance the renovation of the old library and to finance the acquisition of property adjacent to the Institution, to finance the renovation of certain dormitories, the Almeida Townhouses and the administration building and the relocation of the campus entry and guardhouse and other improvements and renovations to the campus facilities, and to finance furnishings and equipment for the Institution’s facilities on its Campus.

(II)  Amending and Reissuing the 2011 A Bonds–the proposed reissuance for federal tax purposes and associated extension of maturity of its $26,410,000 Higher Education Facilities Revenue Bonds, Roger Williams University Issue, Series 2011 A originally issued in May 2011 (the “2011 A Bonds”) torefund the Corporation’s Higher Education Facility Revenue Bonds Roger Williams University Issue, Series 1998, and (the “1998 Bonds”), the proceeds of which were used on its Campus:

(A) to improve, renovate and equip existing facilities, including residence halls, apartments, classrooms, auxiliary and administrative areas; to construct an addition to and renovate the Student Union and Recreation Center; and to construct a new President’s house; to complete other improvements at the Institution including technological upgrades in the field of Information Technology including telecommunications, data and multi-media audio/visual functions, renovation of the Fine Arts Center and Gabelli School of Business, and the conversion of the Ferrycliff Farm Barn complex; and

(B) to refund a portion of the Corporation’s Higher Education Facility Revenue Bonds Roger Williams Issue, Series 1992 (the “1992 Bonds”), the proceeds of which were used on its Campus:

(1) to finance the construction, furnishing and equipping of a law school;

(2) to advance refund the Corporation’s Higher Education Facility Revenue Bonds Roger Williams College Issue – Series 1985 (the “1985 Bonds”) which financed:  (a) the acquisition, construction and equipping of performing arts center, (b) the construction and equipping of an architecture building and (c) the refinancing of the Corporation’s Higher Education Facility Revenue Bonds, Roger Williams College Issue, Series 1981 (the “1981 Bonds”), which financed the construction, furnishing and equipping of a recreational building containing facilities including a multi-purpose space for basketball, tennis, volleyball and track, exercise and training rooms, ticket office and concession area, administrative offices and storage and laundry rooms; and

(b) to advance refund the Corporation’s Higher Education Facility Revenue Bonds, Roger Williams College Issue, Series 1988 (the “1988 Bonds”), the proceeds of which were used on its Campus l to finance the construction, furnishing and equipping of a library, a law school, a building for use by the engineering school, an addition to the existing engineering building, an addition to the School of Science and Math, to refinance a taxable loan the proceeds of which were used in part to finance the renovation of the old library and to finance the acquisition of property adjacent to the Institution, to finance the renovation of certain dormitories, the Almeida Townhouses and the administration building and the relocation of the campus entry and guardhouse and other improvements and renovations to the campus facilities, and to finance furnishings and equipment for the Institution’s facilities on its Campus (collectively, (A) and (B)  are  the “2011 A Projects”). 

The 2011A Bonds were, and as reissued will continue to be, qualified 501(c)(3) bonds as defined in section 145 of the Code for the educational purposes described in this paragraph (II).  The 2011 A Projects are owned and operated by the Institution, or an affiliate thereof and located on the Campus; and

(III)  Amending and Reissuing the 2011 B Bonds–the proposed reissuance for federal tax purposes of its $12,025,000 Higher Education Facilities Revenue Bonds, Roger Williams University Issue, Series 2011 B originally issued in November, 2011 (the “2011 B Bonds”) to refund the Corporation’s Higher Education Facility Revenue Bonds Roger Williams University Issue, Series 2000, (the “2000 Bonds”), the proceeds of which were used on its Campus:

(A) to finance new dormitories, (B) to purchase land adjacent to the Institution  and build a parking garage; (C) for technology upgrades, in the field of Information Technology including data, multimedia, audio visual functions; (D) for renovations to Facilities Management including the conversion of the engineering lab to house the Facilities Management Department; and to convert the Facilities building to class rooms; (E) to renovate to the student union building; (F) to the relocate of the main entrance to the northern part of the Campus; and (G) to improve campus wide parking. (the “2011 B Projects”). 

The 2011 B Bonds were, and as reissued will continue to be, qualified 501(c)(3) bonds as defined in section 145 of the Code for the educational purposes described in this paragraph (III). The 2011B Projects are owned and operated by the Institution, or an affiliate thereof and located at the Campus; and

(IV) Amending and Reissuing the 2014 Bonds–the proposed reissuance for federal tax purposes of its $15,667,000 Higher Education Facilities Revenue Bonds, Roger Williams University Issue, Series 2014 (the “2014 Bonds”) originally issued in October, 2014 to advance refund the Corporation’s Higher Education Revenue Bonds, Roger Williams University Issue, Series 2006B (the “2006B Bonds”) the proceeds of which were used on its Campus in part:

(A) to finance the construction, furnishing, and equipping of a new dormitory known as the North Campus Residence Hall; (B) to finance other capital improvements on the  Campus, including the construction, furnishing, and equipping of a new alumni and admissions building and a new academic building known as Global Heritage Hall, (C) to finance the addition of another level to the Institution’s northern parking deck, and (D) to finance water sewer, and electrical infrastructure upgrades (the “2014 Projects”). 

The 2014 Bonds were, and as reissued will continue to be, qualified 501(c)(3) bonds as defined in section 145 of the Code for the educational purposes described in this paragraph (IV). The 2014 Projects are owned and operated by the Institution, or an affiliate thereof and located at the Campus.  Neither the State of Rhode Island and Providence Plantations 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 and Providence Plantations 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. The Corporation is accessible to the handicapped. Those requesting interpreter services for the hearing impaired must notify the Corporation (401-831-3770) at least 48 hours in advance of the hearing.

Kimberly W. Mooers,
Executive Director
Rhode Island Health and Educational Building Corporation
55 Dorrance Street, Suite 300
Providence, RI 02903