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, intends to issue its Vermont Educational and Health Buildings Financing Agency Revenue and Revenue Refunding Bonds (Southwestern Vermont Medical Center Project) Series 2021 (the “Bonds”), in an amount not to exceed $29,700,000, 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 Southwestern Vermont Medical Center, Inc. (the “Borrower”) for purposes of:
(1) paying, or reimbursing the Borrower for paying, a portion of the cost of acquiring, constructing, renovating or equipping capital projects relating to the Borrower’s hospital capital facilities, including, but not limited to: (a) the addition of 6,700 square feet of new construction to, and renovation of its existing Emergency Department, including demolition of the Lodge Building, creation of a new main entrance and lobby, relocation of outpatient registration, phlebotomy, and the imaging department’s waiting room, minor upgrades to the café and laboratory, creation of a mental health crisis area within the Emergency Department, equipment to support telemedicine communication installed in the Emergency Department treatment rooms, and equipping the Emergency Department with negative pressure and other safety features to deal with potentially infectious situations, and (b) various capital expenditures in the Borrower’s fiscal year 2022 capital budget, including new inpatient hospital beds, a hospital wide cardiac monitoring system, and other clinical related equipment (the capital projects described in clauses (a) and (b) are referred to collectively as the “2021 Project”);
(2) current refunding the Agency’s Variable Rate Demand Revenue Bonds (Southwestern Vermont Medical Center Project) 2008 Series A issued on behalf of the Borrower (the “2008 Bonds”); and
(3) paying certain costs incurred in connection with the issuance of the Bonds.
The proceeds of the 2008 Bonds were used to current refund the Agency’s Hospital Revenue Bonds (Southwestern Vermont Medical Center Project), Series 1995 issued on behalf of the Borrower to finance the acquisition, construction, and equipping of approximately 56,800 gross square feet of new space, with related renovation, attached to the Borrower’s West Wing containing a new surgical suite, ambulatory care center, maternity center, central sterile supply and enlarged facilities for cardiology and respiratory services and a new cancer center, and the cost of renovating and equipping existing hospital facilities (the “1995 Project”).
The Borrower is and will be the legal owner and principal user of the 2021 Project and the 1995 Project (collectively, the “Projects”) all of which constitute an integrated operation of the Borrower and are located at 100 Hospital Drive, Bennington, 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 October 28, 2021 at which time any person may be heard regarding the issuance of the proposed Bonds, the financing of the 2021 Project, and the refunding of the 2008 Bonds 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 October 28, 2021.
Written comments may also be submitted to the Agency via email at michael@vtbondagency.org no later than 9:00 a.m. on October 28, 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 |