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 Bonds (Gifford Medical Center Project) 2021 Series A (the “Bonds”), in an amount not to exceed $18,000,000, as qualified 501(c)(3) bonds, as defined in Section 145 of the Internal Revenue Code of 1986, to make a loan to Gifford Medical Center, Inc. (the “Corporation”) for purposes of (i) refunding the Agency’s outstanding Revenue Bond (Gifford Medical Center Project) 2014 Series A, issued on behalf of the Corporation (the “2014 Bonds”); and (ii) paying a portion of certain expenses incurred in connection with the issuance of the Bonds.
The proceeds of the 2014 Bonds were used for the purposes of (i) current refunding the Agency’s outstanding Revenue Bond (Gifford Medical Center Project) 2010 Series A, issued on behalf of the Corporation (the “2010 Bonds”); (ii) financing a portion of the costs of renovating, reconstructing and equipping its 30-bed skilled nursing facility that was located within the Corporation’s hospital facilities into 25 single-occupancy room, medical/surgery/transitional care units, together with the subsequent relocations of the birthing center and the inpatient physical therapy gym (collectively, the “2014 Project”); and (iii) paying certain expenses incurred in connection with the issuance of the 2010 Bonds.
The 2010 Bonds were issued to provide funds to the Corporation to (i) refund the Agency’s outstanding Hospital Revenue Bonds (Gifford Medical Center Project) 2006 Series A, issued on behalf of the Corporation (the “2006 Bonds”); and (ii) pay certain expenses incurred in connection with the issuance of the 2010 Bonds.
The proceeds of the 2006 Bonds were used to provide funds to the Corporation to (i) refund the Agency’s outstanding Variable Rate Demand Hospital Revenue Bonds (Gifford Medical Center Project) 2003 Series A, issued on behalf of the Corporation (the “2003 Bonds”); (ii) financing a portion of the costs of acquiring, constructing, renovating and equipping capital projects with respect to the Corporation’s medical care facilities, including (a) the construction of a ten-bed addition to the Corporation’s Nursing Home, the renovation and reconfiguring of the Corporation’s Rehabilitative Services Department, Diagnostic Imaging Department, Pharmacy, Laboratory and some of its provider clinics, (b) facility system upgrades, including upgrades of the Corporation’s emergency power systems, coolers, chillers and other upgrades, the addition of a new patient/visitor entrance serving the Obstetrics Department, the Medical Surgical Units, the Swing Bed Unit and the Nursing Home, and upgrades and replacements of medical technology equipment for diagnostic services (including for the Corporation’s Diagnostic Imaging Department, Respiratory Therapy Department, Laboratory and some of its provider clinics), procedural services (including for the Corporation’s Operating Room, Ambulatory Care Department and some of its outpatient clinics), and support services (including for the Corporation’s Information Systems Department and other support departments), and (c) minor renovations, soundproofing, and patient privacy and comfort improvement projects (collectively, the “2006 Project”); and (iii) pay certain expenses incurred in connection with the issuance of the 2006 Bonds.
The proceeds of the 2003 Bonds were used to provide funds to the Corporation to (i) (a) pay a portion of the costs of acquiring, constructing, renovating and equipping capital projects with respect to the Corporation’s medical care facilities, including building, equipment and land infrastructure renovations, in-patient and out-patient renovations, radiology equipment, including nuclear scanners, information systems, patient record renovations and equipment (HIPAA compliance), laboratory analyzers, and surgical equipment and (b) refinance existing taxable debt that financed a portion of the costs of acquiring, constructing, renovating and equipping capital projects with respect to the Corporation’s medical care facilities, including information systems, qualified clinical practice space, land improvements including parking, operating and emergency room renovations and equipment, in-patient area renovations, radiology furnishings and equipment, and new main entrance and patient receiving areas (items (a) and (b) collectively, the “2003 Project”); and (ii) pay certain expenses incurred in connection with the issuance of the 2003 Bonds.
The Corporation is and will be the legal owner and principal user of the 2014 Project, the 2006 Project and the 2003 Project (collectively, the “Prior Projects”). The Prior Projects are located at the Corporation’s medical care facilities sites located (a) in Randolph, Vermont at 36-53 South Main Street, 38-44 South Main Street, and 4 Maple Street, (b) in Bethel, Vermont at 1823 VT Route 107, (c) in Sharon, Vermont at 12 Shippee Lane, (d) in Rochester, Vermont at 235 South Main Street, and (e) in Chelsea, Vermont at 356 VT Route 110.
Please Take Notice that the Agency will hold a public hearing at 10:30 a.m. on February 19, 2021 at which time any person may be heard regarding the issuance of the proposed Bonds, the refunding of the 2014 Bonds, and refinancing of the Prior Projects 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. 963 1414 8665#. 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 10:00 a.m. on February 19, 2021.
Written comments may also be submitted to the Agency via email at michael@vtbondagency.org no later than 10:30 a.m. on February 19, 2021.
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 https://live-vehbfa.pantheonsite.io/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.
/s/ Michael Gaughan | |
Executive Director | |
Vermont Educational and Health Buildings Financing Agency |