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 (Middlebury College Project) Series 2020 (the “Bonds”), in an amount not to exceed $110,000,000, as qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986 to make a loan to The President and Fellows of Middlebury College (the “College”) for purposes of (i) paying, or reimbursing the College for paying, a portion of the cost of acquiring, constructing, renovating or equipping capital projects relating to the College’s capital facilities, including, but not limited to, the renovation of Warner Hall, including, but not limited to, the installation of an elevator, new mechanical and fire protection systems, upgraded restrooms and other accessibility items, new windows, interior finishes, and classroom technology, and the renovation of Dana Auditorium (collectively, the “2020 Project”); (ii) currently refunding the Agency’s outstanding Revenue Refunding Bonds (Middlebury College Project) Series 2010 issued on behalf of the College (the “2010 Bonds”), and (iii) paying certain costs incurred in connection with the issuance of the Bonds.
The proceeds of the 2010 Bonds were used for the purposes of (i) current refunding the Agency’s (a) Adjustable Rate Revenue Bonds (Middlebury College Project) Series 1988A, (the “1988A Bonds”), (b) Revenue Bonds (Middlebury College Project) Series 2002B (the “2002B Bonds”), and (c) Revenue Bonds (Middlebury College Project) Series 2008, (the “2008 Bonds”), and (iii) paying certain costs incurred in connection with the issuance of the 2010 Bonds.
The 1988A Bonds were issued for the purposes of (i) financing a portion of the costs of (a) the construction of the Mahaney Center for the Arts and the McCullough Student Center, and (b) the renovation and equipping of 13 existing buildings and other capital improvements at the main College campus (collectively, the “1988A Project”), and (ii) paying certain costs of issuance of the 1988A Bonds.
The 2002B Bonds were issued for the purposes of (i) financing a portion of the costs of (a) the acquisition, construction, and equipping of an approximately 135,000 sq. ft. library and technology center, (b) the acquisition construction and equipping of the Atwater Commons Project, consisting of two residence halls containing an aggregate of approximately 155 beds and an approximately 255 seat dining hall with a lounge and a seminar room, together with related parking and site improvements, and (c) the renovation of numerous buildings located throughout the main College campus (collectively, the “2002B Project”), and (ii) paying certain costs of issuance of the 2002B Bonds.
The 2008 Bonds were issued for the purposes of (i) retiring indebtedness incurred by the College to purchase and cancel or to pay and redeem the Agency’s Revenue Bonds (Middlebury College Project), Series 2006B (the “2006B Bonds”), and (ii) paying certain costs of issuance of the 2006B Bonds.
The 2006B Bonds were issued for the purposes of (i) current refunding the Agency’s Revenue Bonds (Middlebury College Project) Series 1996 (the “1996 Bonds”), (ii) financing a portion of the cost of (a) the renovation of the College’s Starr Library to convert it from a 84,000 sq. ft. library building to the “Axinn Center,” an 80,000 sq. ft. building, comprised of faculty offices, classrooms and other facilities for academic and College use, site development for the Axinn Center, including new steam and electrical service, new subsurface storm and sanitary services, and a new chilled water service, the construction of a new biomass (woodchip burning) gasification heating and power system serving the College’s main campus, and related site work, and the improvement of steam lines serving the main College campus, renovation of various building roofs, office and classroom buildings, and the installation of carbon monoxide detection systems in residence halls (collectively, the “2006B Project”) and (b) certain costs incurred in connection with the issuance of the 2006B Bonds.
The 1996 Bonds were issued for the purpose of financing (i) a portion of the costs of the acquisition, construction, renovation, and equipping of the College’s existing facilities, including the construction of Bicentennial Hall, a 220,000 sq. ft. facility for the sciences, the construction of eight residential houses for the housing of approximately 240 students, the construction of a multipurpose student function facility, the renovation of a 3500 sq. ft. Commons Associates home, renovations to the College’s existing dormitories, completion of the Natatorium swimming complex, the renovation of Old Chapel, the College’s administration building, the upgrade of the steam distribution system, boiler and co-generator, the acquisition and installation of a new PBX telephone system, improvements to the humidity and the climate control system of the Mahaney Center for the Arts, the upgrade of the College’s AS400 computer system, development of the College Design Guidelines, and Master Plan interior modification to the Service Building, the renovation of the ventilation system in the College’s Art Studio, the renovation of the Freeman International Center, the upgrade of the sewer line and storm sewer separation, renovation of the Wright Theatre and the Johnson Building, the completion of the College’s computer network, the renovation of the Courthouse building, the development and implementation of the College’s Athletic Facility Master Plan, which included a hockey rink, indoor tennis courts, indoor track and additional athletic facilities, the construction of an 80,000 sq. ft. new dining center, including the removal of the Hillcrest building, the construction of a 10,000 sq. ft. New Technology Center for foreign languages, and the renovation of the McCullough Student Center (collectively, the “1996 Project”); and (ii) certain costs incurred in connection with the issuance of the 1996 Bonds.
The College is and will be the legal owner and/or principal user of the 1988A Project, the 2002B Project, the 2006B Project, and the 1996 Project (collectively, the “Prior Projects”) and the 2020 Project (collectively with the Prior Projects, the “Projects”) and, with the exception of the Courthouse building portion of the 1996 Project, the Projects are located on the main campus of the College in Middlebury, Vermont. The Courthouse building portion of the 1996 Project is located on 5 Court Street, Middlebury, Vermont.
Please Take Notice that the Agency will hold a public hearing at 12:00 noon on May 8. 2020 at which time any person may be heard regarding the issuance of the proposed Bonds, the financing of the 2020 Project, the refunding of the 2010 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. 955 5475 4388#. 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 firstname.lastname@example.org no later than 10:00 a.m. on May 8, 2020.
Written comments may also be submitted to the Agency via email at email@example.com no later than 12:00 noon on May 8, 2020.
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 www.vehbfa.org/VEHBFA_TEFRA_2020.
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 Middlebury Loan Agreement
2020 Middlebury Authorizing Resolution
2020 Middlebury Trust Indenture
|| /s/ Michael Gaughan
|| Executive Director
|| Vermont Educational and Health Buildings Financing Agency