The Maine Health and Higher Educational Facilities Authority (the "Authority") is empowered under the Maine Health and Higher Educational Facilities Authority Act, Chapter 413 of Title 22, Sections 2051 and 2077, inclusive, of the Maine Revised Statutes Annotated, as amended (the "Act"), to make loans for the construction, acquisition, improvement or equipping of, among other things, educational and other eligible facilities to carry out any of its purposes and to issue obligations for the purposes of carrying out any of its purposes.
The Authority has been requested to make available the proceeds of its bonds to be issued in the approximate aggregate principal amount not to exceed $3,000,000 and designated Maine Health and Higher Educational Facilities Authority Revenue Bonds, Maine College of Art Issue, Series 2018 (the "Bonds"). The proceeds of the Bonds are to be loaned by the Authority to Maine College of Art (the "Borrower") as part of a plan of financing to finance and refinance the costs of: (1) the construction, acquisition, renovation, equipping and/or improving of the Borrower's HVAC system, converting lighting fixtures to LED, replacing approximately two thirds (2/3) of the roof, and renovating two (2) passenger elevators; (2) funding a debt service reserve fund, if any, for the Bonds; (3) funding capitalized interest, if any, for the Bonds; and (4) issuing the Bonds. The facilities to be financed or refinanced with the proceeds of the Bonds are or will be used for educational purposes, owned and operated by the Borrower, and located at 522 Congress Street, Portland, Maine 04101.
Pursuant to the Internal Revenue Code of 1986, as amended, the Authority will hold a hearing on the proposed Bond issue described above at the office of the Authority at 127 Community Drive, Augusta, Maine, commencing at 9:00 am on August 28, 2018. Interested members of the public are invited to attend. The Authority will present information at such hearing on the Bond issue and provide for a question and answer period. Persons desiring to make a brief statement regarding the Bond issue should give prior notice to the Authority at the address or telephone number shown below. Written comment may be submitted to the Authority at the address shown below.
Michael R. Goodwin
Executive Director
Maine Health and Higher Educational
Facilities Authority
127 Community Drive
P.O. Box 2268
Augusta, Maine 04338-2268
(207) 622-1958
Aug. 10, 2018
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