to consider adoption of a resolution authorizing the issuance by the Authority of not to exceed $12,300,000 initial aggregate principal amount of its Higher Educational Facilities Financing Authority Revenue Refunding Bonds (Beacon College, Inc., ...

 

OTHER AGENCIES AND ORGANIZATIONS

Independent Colleges and Universities of Florida

The Higher Educational Facilities Financing Authority announces a public meeting to which all persons are invited.

DATE AND TIME: March 29, 2017, 12:00 Noon

PLACE: Offices of the Independent Colleges and Universities of Florida, 542 East Park Avenue, Tallahassee, Florida 32301

GENERAL SUBJECT MATTER TO BE CONSIDERED: to consider adoption of a resolution authorizing the issuance by the Authority of not to exceed $12,300,000 initial aggregate principal amount of its Higher Educational Facilities Financing Authority Revenue Refunding Bonds (Beacon College, Inc., Project) in one or more series (the “Bonds”) the proceeds of which will be loaned to Beacon College, Inc. (“Beacon College”).

The loan proceeds will be allocated for the purposes of financing, or refinancing the prior indebtedness of Beacon College, for the cost of the acquisition, construction, renovating, improving and/or equipping of educational facilities to be used by Beacon College, the components of which include, without limitation:

(i) Storage and residence hall facilities, to consist of: a 1,780 square foot building to be located at 118 West Meadow; a 16,485 square foot building to be located at 311 North Palmetto Street and/or the vacant lot adjacent to and west of 311 North Palmetto Street; and a 2,008 square foot building to be located at 106 South Palmetto Street, each in Leesburg, Lake County, Florida;

(ii) student dining facility and cafeteria, consisting of a 4,489 square foot building located at 117 West Main Street, and a 1,925 square foot parking facility located at 153 South 1st Street, each in Leesburg, Lake County, Florida;

(iii) a dormitory/residence hall facility, consisting of a 9,136 square foot facility located at 100 East Woodward Street, in Leesburg, Lake County, Florida;

(iv) library and classroom facilities, consisting of a 7,788 square foot building located at 109 West Main Street, and a 11,986 square foot classroom facility located at 101 West Main Street, each in Leesburg, Lake County, Florida;

(v) a dormitory/residence hall facility, consisting of three buildings which total 29,148 square feet, located at 600 West Oak Terrace, each in Leesburg, Lake County, Florida;

(vi) administrative office space, consisting of a 5,000 square foot building located at 300 North 3rd Street, in Leesburg, Lake County, Florida;

(vii) a dormitory/residence hall facility, consisting of five buildings which total 35,568 square feet, located at 412 -420 North 3rd Street, each in Leesburg, Lake County, Florida;

(viii) administrative office and classroom space consisting of a 4,104 square foot building located at 105 East Main Street, and 9,600 square feet of related parking space located at 126 East Magnolia Street, each in Leesburg, Lake County, Florida;

(ix) school and fitness activities facility, consisting of approximately 18,000 square feet of real property located at 111 East Main Street in Leesburg, Lake County, Florida;

(x) office, bookstore and student center facility, consisting of an 8,903 square foot building located at 118 East Main Street in Leesburg, Lake County, Florida;

(xi) student tutoring and academic counseling facility, consisting of a 4,860 square foot building located at 122 East Main Street in Leesburg, Lake County, Florida; and

(xii) the payment of capitalized costs, payments to the debt reserve fund, if any, and the payment of the costs of issuance of the Bonds (subsections (i) through (vii), collectively, the “Project”).

All of the improvements financed or refinanced with proceeds of the Bonds will be owned and operated by Beacon College.

The Bonds shall be payable solely from the revenues derived by the Authority from a loan agreement and other financing documents between the Authority and Beacon College. Such Bonds and the interest thereon shall not constitute an indebtedness of the Authority within the meaning of any constitutional provision or limitation or pledge of the general credit or taxing power of the Authority, the State of Florida or any political subdivision or agency thereof. Issuance of the Bonds shall be subject to several conditions including satisfactory documentation, the approval by bond counsel as to the tax-exempt status of the interest on all or a portion of the Bonds and receipt of necessary approvals for the financing.

The aforementioned meeting and hearing will be conducted in a manner that provides a reasonable opportunity to be heard for persons with different views of both the issuance of the Bonds and the Project. Persons wishing to express their views may appear at the hearing or may submit their views in writing regarding the proposed issuance of the Bonds and the Project. Comments made at the hearing are for the consideration of the members of the Authority and will not bind any legal action to be taken by the Authority.

All persons for or against said approval can be heard at said time and place. If a person decides to appeal any decision made by the Authority with respect to such meeting, such person will need to ensure that a verbatim record of such hearing or meeting is made, which record includes the testimony and evidence upon which the appeal is based.

Subsequent to the public hearing, the Governor of Florida will be required to approve the Bonds, in accordance with Section 147(f) of the Code, prior to issuance thereof by the Authority.

 

Higher Educational Facilities Financing Authority

By: Ben Donatelli

Title: Secretary/Treasurer

A copy of the agenda may be obtained by contacting: Melissa Armstrong, Independent Colleges and Universities of Florida, 542 East Park Avenue, Tallahassee, Florida 32301, [phone].

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Melissa Armstrong, Independent Colleges and Universities of Florida, 542 East Park Avenue, Tallahassee, Florida 32301, [phone]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

For more information, you may contact: Melissa Armstrong, Independent Colleges and Universities of Florida, 542 East Park Avenue, Tallahassee, Florida 32301, [phone].