• PUBLIC MEETING NOTICE Phila...

PUBLIC MEETING NOTICE



Philadelphia Authority for Industrial Development (the "Authority") will hold a public hearing on May 9, 2017, at 10:00 A.M. prevailing time, at the offices of Philadelphia Industrial Development Corporation located at 1500 Market St., Suite 2600 West, Philadelphia, PA 19102 to discuss the issuance by the Authority of its revenue bonds (the "Bonds") to provide funds, which will be used to finance all or a portion of the following project (the "Project"):


A. Owners: The Children's Hospital of Philadelphia, a Pennsylvania nonprofit corporation and The Children's Hospital of Philadelphia Foundation, a Pennsylvania nonprofit corporation (each an "Institution" and, collectively the "Institutions"), both exempt from Federal income taxation under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended.


B. Maximum Amount of Bonds: $210,000,000


C. Description of Project: The Project consists of (a) refunding, on a current basis, of all of the Hospital and Higher Education Facilities Authority of Philadelphia's Hospital Revenue Bonds (The Children's Hospital of Philadelphia Project), Series A of 2007 issued in the original principal amount of $222,825,000 (the "Series 2007A Bonds") and (b) paying the costs of issuing the Bonds.


The Series 2007A Bonds were issued to finance a project consisting of: (i) completion of the West Towers (to be used for operating rooms, clinical laboratories, patient rooms, cafeteria, radiology, emergency room extension and administrative/physician offices); (ii) construction of the new South Campus (vivarium, research building, central utility plant and design and planning for other facilities); (iii) other miscellaneous capital projects, equipment purchases and campus renovations; (iv) loaning certain funds to PGH Development Corporation to enable it to refund, on a current basis, all or a portion of the Philadelphia Authority for Industrial Development's $22,745,000 Project Revenue Bonds (PGH Development Corporation), Series 1993 (which bonds financed the construction of a parking garage); (v) refunding, on a current basis, all or a portion of the Hospitals and Higher Education Facilities Authority of Philadelphia's $65,000,000 Hospital Revenue Bonds, Series C of 2002 (The Children's Hospital of Philadelphia Project) and its $65,000,000 Hospital Revenue Bonds, Series D of 2002 (The Children's Hospital of Philadelphia Project) (which bonds financed a portion of the construction of a research facility, an expansion of the Institutions' main building and the refunding of certain obligations issued on behalf of the Institutions to finance certain capital facilities for the Institutions); and (vi) funding of reserves, payment of capitalized interest costs during construction, payment of bond issuance expenses (including any credit enhancement and/or liquidity) and reimbursing the Institutions for certain costs heretofore incurred in connection with such project.


D. Location of Project: All of the equipment, facilities and buildings referred to herein are located on property owned by the Institutions at the campus located at 34th Street and Civic Center Boulevard, and 3500 Civic Center Boulevard, Philadelphia, Pennsylvania.


At the public hearing, any and all persons in attendance will be afforded an opportunity to comment on the proposed Project and the issuance by the Authority of its Bonds therefor. If you need an accommodation due to a disability and want to attend this meeting, please call (215) 496-8020 at least 24 hours in advance so arrangements can be made.


This notice is published, and the public hearing is being held, by and on behalf of the Authority as Issuer of the bonds as required by the Internal Revenue Code of 1986, as amended, and regulations promulgated thereunder.



Ref# 0003315226-01
PostedApril 23, 2017