Saint Raphael’s Academy
NOTICE IS HEREBY GIVEN that a public hearing will be conducted by the Rhode Island Health and Educational Building Corporation (the “Corporation”) on April 10, 2019 at 10:45 a.m. at the Corporation’s office located at 55 Dorrance Street, Suite 300, Providence, Rhode Island 02903. If the Corporation’s offices are closed on April 10, 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 subject of the public hearing will be a proposal by Saint Raphael’s Academy, 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 Educational Institution Revenue Refunding Bonds, in a maximum aggregate face amount not to exceed $3,200,000 (the “Bonds”), for the purposes of: (a) refinancing a project (the “Project”) originally financed and refinanced with the Corporation’s Educational Institution Revenue Refunding Bond (Saint Raphael’s Academy Issue – Series 2015) (the “Series 2015 Bond”), located at 123 Walcott Street, Pawtucket, Rhode Island (the “Facilities”), and (b) financing the payment of certain costs of issuance of the Bonds.
The Series 2015 Bond financed: (1) the prepayment on a current basis of the entire principal amount outstanding of the loan incurred by the Borrower from the proceeds of the Corporation’s $17,500,000 Educational Facility Revenue Bonds, Catholic School Pool Program Issue, Series 2006A (the “Series 2006 Loan”), the proceeds of which Series 2006 Loan financed: (a) the construction and equipping of an approximately 30,225 square foot athletic and wellness center, and (b) the renovation and conversion of an approximately 45,000 square foot building into a fine arts center; and (2) the payment of certain expenses of issuance of the Series 2015 Bond.
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.
Persons interested 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 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.
Executive Director and Hearing Officer
Rhode Island Health and Educational Building