VERMONT EDUCATIONAL AND HEALTH BUILDINGS FINANCING AGENCY NOTICE OF PUBLIC HEARING
Vermont Educational and Health Buildings Financing Agency, Burlington, Vermont (the “Agency”), a body corporate and politic constituting a public instrumentality of the State of Vermont, proposes to issue one or more issues of its Vermont Educational and Health Buildings Financing Agency Revenue Bonds (St. Michael’s College Project) Series 2023 (the “Bonds”), in a total amount not to exceed $40,000,000, as qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986, as amended (the “Code”), to make one or more loans to St. Michael’s College, Inc. (the “College”) for purposes of: (i) paying, or reimbursing the College for paying, a portion of the cost of capital projects relating to the College’s capital assets, including, but not limited to renovations and upgrades of its athletic facilities, upgrades to its WiFi and other technological infrastructure, upgrades to its building control systems and classroom, laboratory, artistic performance and office spaces (collectively, the “2023 Project”); (ii) current refunding all or a portion of the Agency’s outstanding Revenue Bonds (St. Michael’s College Project) Series 2012 issued on behalf of the College (the “2012 Bonds”), and (iii) paying certain costs incurred in connection with the issuance of the Bonds.
The proceeds of the 2012 Bonds were used to make a loan to the College for the purposes of (i) refunding all or a portion of the Agency’s outstanding (a) Revenue Refunding Bonds (St. Michael’s College Project) Series 1999 (the “1999 Bonds”), (b) Revenue Bonds (St. Michael’s College Project) Series 2001 (the “2001 Bonds”), and (c) Revenue Bonds (St. Michael’s College Project) Series 2003 (the “2003 Bonds”), the proceeds of which were loaned by the Agency to the College and used to finance or refinance capital improvements undertaken by the College (with the 2012 Project defined below, the “Prior Projects”); (ii) paying, or reimbursing the College for paying, a portion of the costs of the acquisition, construction and equipping of (a) an apartment-style residence hall; and (b) a student center (the “2012 Project”); (iii) funding a debt service reserve fund for the 2012 Bonds; and (iv) paying a portion of the costs of issuance of the 2012 Bonds.
The Prior Projects are, and the 2023 Project will be, owned and operated by the College. The Prior Projects are, and the 2023 Project will be, located on the College’s main campus at Winooski Park in Colchester, Vermont 05404.
Please Take Notice that the Agency will hold a public hearing as required by Section 147(f) of the Code at 10:00 a.m. on February 15, 2023, at which time any person may be heard regarding the issuance of the proposed Bonds, the financing of the 2023 Project, and the refinancing of the Prior Projects through the refunding of the 2012 Bonds, as described above.
The general public may participate in the public hearing by calling the following toll-free telephone number 833-548-0282 and use meeting I.D. 354 583 7863#. 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 February 15, 2023.
Written comments may also be submitted to the Agency via email at michael@vtbondagency.org no later than 9:00 a.m. on February 15, 2023.
Documents regarding the proposed Bonds 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: http://www.vehbfa.org/non-profit-finance-announcements/
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.
Vermont Educational and Health Buildings Financing Agency, Burlington, 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 Refunding Bond (The University of Vermont Medical Center Project) Refunding Series 2023A (the “Bond”), in an amount not to exceed $26,250,000, as qualified 501(c)(3) bonds, as defined in Section 145 of the Internal Revenue Code of 1986 (the “Code”), to make a loan to The University of Vermont Medical Center Inc. (the “Borrower”) for purposes of current refunding the Agency’s Revenue Bond (Fletcher Allen Health Care Project) Refunding Series 2013A issued on behalf of the Borrower (the “2013 Bond”), and paying certain costs incurred in connection with the issuance of the Bond.
The proceeds of the 2013 Bond were used to current refund the Agency’s Variable Rate Hospital Revenue Bonds (Fletcher Allen Health Care Project) Series 2000A (the “2000A Bonds”), which were issued by the Agency for the purpose of (i) paying or reimbursing the Borrower for paying, a portion of the cost of the acquisition, construction, refurbishing and equipping of: (a) a new ambulatory care facility and laboratory therein, (b) a new cancer center for treatment, teaching and clinical research, (c) a new education center consisting of teaching laboratories, simulation rooms, offices, a conference center and an auditorium, (d) a patient access center, (e) moveable equipment at the Borrower’s Fanny Allen Campus and (f) certain Borrower routine capital improvements and equipment (collectively, the “Project”); (ii) funding a debt service reserve fund; and (iii) paying certain expenses in connection with the authorization and issuance of the 2000A Bonds.
The Borrower is and will be the legal owner and principal user of the Project all of which constitutes an integrated operation of the Borrower at 111 Colchester Avenue, Burlington, Vermont.
Please Take Notice that the Agency will hold a public hearing as required by Section 147(f) of the Code at 10:00 a.m. on January 3, 2023, at which time any person may be heard regarding the issuance of the proposed Bond, the refinancing of the Project, and the refunding of the 2013 Bond described above.
In light of the continuing COVID-19 pandemic, the general public may participate in the public hearing by calling the following toll-free telephone number 833-548-0282 and use meeting I.D. 354 583 7863#. 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 January 3, 2023.
Written comments may also be submitted to the Agency via email at michael@vtbondagency.org no later than 9:00 a.m. on January 3, 2023.
Documents regarding the proposed Bond and other public records regarding the Project described above are in the possession of the Agency and may be viewed on the Agency’s website at: http://www.vehbfa.org/non-profit-finance-announcements/.
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. Vermont Educational and Health Buildings Financing Agency, Burlington, Vermont (the “Agency”), a body corporate and politic constituting a public instrumentality of the State of Vermont, proposes to issue its Vermont Educational and Health Buildings Financing Agency Revenue Bonds (The Putney School Project) (the “Bonds”) in a total principal amount not to exceed $13,000,000, as qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986, as amended (the “Code”), to make a loan to The Putney School (the “School”) for the purposes of: (i) paying, or reimbursing the School for paying, a portion of the cost of acquiring, constructing, equipping and furnishing two new dormitories, each consisting of a two-story building of approximately 16,000 square feet, with 11 double-occupancy dorm rooms and 2 three-bedroom faculty apartments, and related improvements and sitework, and other capital projects relating to the School’s capital facilities over the next three fiscal years (collectively, the “Project”); and (ii) paying certain costs incurred in connection with the issuance of the Bonds.
The School is and will be the legal owner and principal user of the Project, all of which constitutes an integrated operation of the School and located on its main campus at 418 Houghton Brook Road, Putney, Vermont, 05346, and 499 Houghton Brook Road, Putney, Vermont 05346.
Please Take Notice that the Agency will hold a public hearing as required by Section 147(f) of the Code at 10:00 a.m. on April 13, 2022, at which time any person may be heard regarding the issuance of the proposed Bonds and the financing of the Project described above.
The general public may participate in the public hearing by calling the following toll-free telephone number: 833-548-0282 and use meeting I.D.: 354 583 7863#. 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 April 13, 2022.
Written comments may also be submitted to the Agency via email at michael@vtbondagency.org no later than 9:00 a.m. on April 13, 2022.
Documents regarding the proposed Bonds and other public records regarding the Project described above are in the possession of the Agency and may be viewed on the Agency’s website at: http://www.vehbfa.org/non-profit-finance-announcements/.
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.
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/s/ Michael Gaughan |
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Executive Director |
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Vermont Educational and Health Buildings Financing Agency |