VERMONT EDUCATIONAL AND HEALTH BUILDINGS
FINANCING AGENCY NOTICE OF PUBLIC HEARING
Vermont Educational and Health Buildings Financing Agency, Winooski, Vermont (the “Agency”), a body corporate and politic constituting a public instrumentality of the State of Vermont, intends to issue its Vermont Educational and Health Buildings Financing Agency Revenue Bond (Lyndon Institute Project) 2020 Series A (the “Bond”), in an amount not to exceed $6,000,000, as qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986 to make a loan to Lyndon Institute, Inc. (the “School”) for purposes of:
(1) paying, or reimbursing the School for paying, a portion of the cost of acquiring, constructing, renovating or equipping capital projects relating to the School’s capital facilities in Lyndon Center, Vermont, including, but not limited to: (a) renovations to (i) the exterior of Baker Hall located at 134 King Drive, (ii) the 3rd floor of the Main Building and the loading dock and Bell Tower therein, all located at 168 Institute Circle (the “Main Building”), and (iii) the exterior of the E. Harris Brown Building located at 39 Luther Circle (the “E.H. Brown Building”), (b) installation of new windows at the Main Building, (c) replacement of the roof at (i) Thompson Cottage located at 72 College Road, and (ii) Norris Arts Center located at 373 Center Street (the “Norris Arts Center”), and (d) replacement of the foundation of (i) Pearl House located at 12 King Drive (the “Pearl House”), (ii) Tavern Dormitory located at 117 King Drive (the “Tavern Dormitory”), and (iii) Prescott House located at 115 College Road (the “Prescott House”) (the capital projects described in clauses (a) through (d) are referred to collectively as the “2020 Project”);
(2) currently refunding the Vermont Economic Development Authority Revenue Bonds (Lyndon Institute Issue) Series 2006 issued on behalf of the School (the “2006 Bonds”);
(3) repaying all or a portion of a term loan obtained by the School that was used for the purpose of (a) paying a portion of the cost of constructing and equipping the Hilton Dormitory (formerly known as the Brookside Dormitory) located at 64 Campus Lane, and (b) refinancing loans used to temporarily finance the acquisition and renovation of the Buschmann Dormitory located at 245 Center Street (the “Buschmann Dormitory”) (the capital projects described in clauses (a) and (b) are referred to collectively, the “2010 Project”);
(4) repaying all or a portion of a term loan obtained by the School that was used for the purpose of paying, or reimbursing the School for paying, a portion of the cost of acquiring, constructing, renovating or equipping capital projects relating to the School’s facilities in Lyndon Center, Vermont, including, but not limited to: (a) renovations to the Red Barn located at 100 King Drive, (b) renovations to the Smith Building located at 105 King Drive, (c) renovations to the Creamery Building located at 114 King Drive, (d) improvements to the softball field located at 115 College Road, (e) a retaining wall at Prescott House, (f) replacement of the roof at Tavern Dormitory, (g) renovations to Pearl House, (f) renovations and improvements at Gateway Cottage located at 134 College Road (“Gateway”), (g) renovations and improvements to the Main Building, (h) renovations to Buschmann Dormitory, (i) replacement of a hot water tank at Sanborn Hall located at 27 College Road, (j) improvements to the exterior of the Norris Art Center, (k) renovations to the E. Harris Brown Building, (l) renovations to Campbell House Dormitory located at 40 Matty House Circle (“Campbell Dormitory”), (m) replacement of the roof at Bean Cottage located at 400 Center Street, (n) renovations to the True Building located at 83 King Drive, and (o) replacement of the sewer line at Amadon House located at 91 College Road (the capital projects described in (a) through (o) are referred to collectively as the “2015 Project”); and
(5) paying certain costs incurred in connection with the issuance of the Bond.
The proceeds of the 2006 Bonds were used to (1) current refund the Agency’s Revenue Refunding Bonds (Lyndon Institute Project) Series 1996, the proceeds of which were used to refinance eligible capital improvements of the School in Lyndon Center, including renovations to the Darling Campus complex, and construction of an auto shop, Sanborn Hall and Harris Business Center (the E. Harris Brown building) all located on the School’s campus on College Road and Center Streets (the “1993 Project”), and (2) provide funds to (a) refinance loans used to temporarily finance renovations to Gateway, Norris Arts Center, Mathewson House located at 78 Matty House Circle, and various other Lyndon Institute campus buildings, and (b) finance the cost of constructing, furnishing and equipping Campbell Dormitory (collectively, the “2006 Project”).
The School is and will be the legal owner and principal user of the 1993 Project, the 2006 Project, the 2010 Project, the 2015 Project, and the 2020 Project (collectively, the “Projects”) all of which are located at the street addresses set forth above on the main campus of the School in Lyndon Center, Vermont.
Please Take Notice that the Agency will hold a public hearing at 10:00 a.m. on August 31, 2020 at which time any person may be heard regarding the issuance of the proposed Bond, the financing of the 2020 Project, the refunding of the 2006 Bonds, and refinancing of School debt incurred for the 1993 Project, 2006 Project, the 2010 Project, and 2015 Project described above.
During the current declared state of emergency under 20 V.S.A. Chapter 1 due to the COVID-19 pandemic, in order to protect the health and welfare of the public in the State of Vermont while providing access to the operations of government, the general public may participate in the public hearing by calling the following toll-free telephone number 888-475-4499 and use meeting I.D. 992 6978 4611#. Members of the general public may also participate in the public hearing by Zoom. Requests for Zoom access should be submitted to the Agency via email at michael@vtbondagency.org no later than 9:00 a.m. on August 31, 2020.
Written comments may also be submitted to the Agency via email at michael@vtbondagency.org no later than 9:00 a.m. on August 31, 2020.
Documents regarding the proposed Bond and other public records regarding the Projects described above are in the possession of the Agency and may be viewed on the Agency’s website at www.vehbfa.org/VEHBFA_TEFRA_2020-2/.
Any person who decides to appeal any decision made by the Agency with respect to any matter considered at its hearing will need a record of the proceedings. Such person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which the appeal is to be based.
2020 Lyndon Institute Resolution (NM_Refunding)
| /s/ Michael Gaughan | |
| Executive Director | |
| Vermont Educational and Health Buildings Financing Agency |