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, 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 $120,000,000 and designated Maine Health and Higher Educational Facilities Authority Revenue Bonds, University of New England Issue, Series 2017 (the "Bonds"). The proceeds of the Bonds are to be loaned by the Authority to the University of New England ("UNE") as part of a plan of financing to finance and refinance the costs of [font=font36821](1)[/font] advance refunding all or a portion of UNE's share of the Authority's Revenue Bonds, Series 2008C (the "Series 2008C Bonds"), currently outstanding in the approximate amount of $20,860,000, the proceeds of which were used to finance and/or refinance the costs of (a) constructing, furnishing and equipping a 22,086-square-foot biomedical research building, the Pickus Center, (b) constructing, furnishing and equipping a 48,000-square-foot building for the College of Pharmacy consisting of classrooms and laboratories, (c) constructing, furnishing and equipping a 25,800-square-foot classroom building, Morgane Hall, for undergraduate and graduate enrollment, (d) capitalized interest on the allocable portion of the Series 2008C Bonds in respect of each of the three facilities described above, (e) miscellaneous capital improvements, and (f) a debt service reserve fund for the Series 2008C Bonds; [font=font36821](2)[/font] advance refunding all or a portion of UNE's share of the Authority's Revenue Bonds, Series 2009A (the "Series 2009A Bonds"), currently outstanding in the approximate amount of $25,765,000, the proceeds of which were used to finance and/or refinance the costs of (a) construction, renovation and equipping of a 300-bed residence hall of approximately 100,000 square feet, (b) construction and installation of an artificial turf field, (c) miscellaneous capital improvements, (d) capitalized interest during the period of construction of the projects described above, and (e) a debt service reserve fund for the Series 2009A Bonds; [font=font36821](3)[/font] refinancing of an existing mortgage with a commercial bank, currently outstanding in the approximate amount of $1,370,000, the proceeds of which were used to finance the construction of the Saco Health Center, located at 655 Main Street, Saco, Maine; [font=font36821](4)[/font] the construction, expansion, renovation, equipping and/or improving of (a) the University Commons, located at 11 Hills Beach Road, Biddeford, Maine (the "Main Campus"), including an approximately 60,000-square-foot addition to be used for student services, including academic success (tutorial space), academic advising, career services, internships, global affairs (study abroad), registrar and financial aid. The University Commons will also house dining venues and their required support spaces, relocation of utility infrastructure and will also include landscaping of the waterfront adjacent to the University Commons, all at an approximate cost of $25,500,000; (b) the Business Office, located at 588 Pool Road, Biddeford, Maine, including the construction of approximately 7,000 square feet of new space for offices, human resources training/orientation, storage and other support facilities, and renovations to an existing building and additional parking and other site development work, all at an approximate cost of $2,000,000; (c) Innovation Hall, located at 760-780 Stevens Avenue, Portland, Maine, including 53,954 square feet of the former Stevens Avenue Armory, as well as adding an additional 9,034 square feet to Innovation Hall, which will house the College of Graduate and Professional Studies (online learning), a Simulation Center, an Innovation Hub, a biomedical Maker Space, classrooms, meeting space, student study and relaxation areas, all at an approximate cost of $11,500,000; and (d) Harold Alfond Forum, located at 630 Pool Road, Biddeford, Maine, including a 30,000-square-foot addition to the existing facility and an expansion which will provide additional space for athletic offerings, a large classroom/meeting space including expanded strength and conditioning, training, and laundry/storage space, as well as additional locker rooms, meeting spaces and a large classroom, all at an approximate cost of $12,000,000; [font=font36821](5)[/font] funding a debt service reserve fund, if any, for the Bonds; [font=font36821](6)[/font] funding capitalized interest, if any, for the Bonds; and [font=font36821](7)[/font] issuing the Bonds. The facilities to be financed or refinanced with the proceeds of the Bonds and the facilities financed and refinanced with the proceeds of the Series 2008C Bonds and the Series 2009A Bonds are or will be used for educational purposes, owned and operated by UNE, and located at the Main Campus or at 716 Stevens Avenue, Portland, Maine unless otherwise indicated above.
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 a.m. on December 22, 2016. 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
Dec. 8, 2016
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