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 $252,000,000 and designated Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth Issue, Series 2018 (the "Bonds"). The proceeds of the Bonds are to be loaned by the Authority to Maine Medical Center ("MMC") as part of a plan of financing to finance and refinance the costs of: (1) currently refunding all or a portion of the Authority's Revenue Bonds, Series 2008A (the "Series 2008A Bonds"), currently outstanding in the approximate amount of $47,540,000, the proceeds of which Series 2008A Bonds were used to currently refund all of the Authority's Revenue Bonds, Series 2006D and Series 2006E (collectively, the "Series 2006 Bonds"), the proceeds of which Series 2006 Bonds were used to finance and/or refinance the cost of: (a) the construction of a four-story, 192,000-square-foot Women's & Infants' Building located at 22 Bramhall Street, Portland, Maine (the "MMC Main Campus"), (b) the construction of a four-story, 480-space parking garage located at or near 872 and 878 Congress Street in Portland, Maine, (c) miscellaneous capital improvements and/or equipment at the locations above, (d) the current refunding of MMC's allocable portion of the Authority's Revenue Bonds, Series 1996B, the proceeds of which were used to finance (i) the construction of a two-story, 62,000-square-foot addition to the L.L. Bean Building used for a medical/surgical nursing unit and a pediatric nursing unit and renovation of the fourth floor mechanical room of said building, (ii) the addition of 5,600 square feet to the existing emergency department, (iii) the renovation of an aggregate of approximately 83,000 square feet of space in the Richards Building, including the Emergency Department and Pavilions A, C and D, covering medical/surgical and pediatric inpatient units for use as clinics (adult medicine, pediatrics, surgery and obstetrics/gynecology), relocation of the psychiatric unit, creation of isolation rooms and renovation to the pharmacy and blood bank, (iv) the demolition and reconstruction of 20,000 square feet of MMC's space in Scarborough, Maine, into an ambulatory-care facility to house a linear accelerator and support activities, (v) the renovation of leased space of approximately 80,000 square feet for use as offices for adult and pediatric medical oncologist and a diagnostic radiology center, and an IV therapy center, a laboratory and offices for an endocrinology practice, a portion of which was financed from other funds available to the MMC, and (vi) miscellaneous capital improvements and/or equipment, all used for hospital purposes, owned and operated by MMC and located on the MMC Main Campus with respect to (i), (ii), (iii) and (vi) and at 108 U.S. Route 1, Scarborough, Maine with respect to (iv), (v) and (vi); (2) the construction, acquisition, expansion, renovation, equipping and/or improving of (a) two new levels of the MMC East Tower building to provide for an additional 64 universal, single-occupancy patient rooms located on the MMC Main Campus in the approximate amount of $83 million, (b) additional levels of the existing visitor parking garage to provide for approximately 250 additional spaces on the MMC Main Campus in the approximate amount $12 million, (c) a new employee parking structure which will provide approximately 2,400 parking spaces, to be located at 222 St. John Street, Portland, Maine, in the approximate amount of $70 million, (d) an administrative office building with about 130,000 square feet of space to be used primarily to house the MaineHealth Information Services team and located at One Riverfront Plaza, Westbrook, Maine, in the approximate amount of $18.3 million, (e) a building to be used to house a Consolidated Service Center to provide distribution services to MaineHealth members, located at 102 Hutchins Drive, Portland, Maine, in the approximate amount of $8.4 million, and (f) miscellaneous capital expenditures at MMC's facilities located at the MMC Main Campus in the approximate amount of $50.0 million and/or at Campus Drive in Scarborough, Maine in the approximate amount of $50.0 million; (3) funding a debt service reserve fund, if any, for the Bonds; (4) funding capitalized interest, if any, for the Bonds; and (5) 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 2008A Bonds are or will be used for hospital purposes, owned and operated by MMC, and located at the MMC Main Campus or as 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 May 25, 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
May 11, 2018
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