Agenda - 09-20-2016 - 5-a - Approval Pursuant to Internal Revenue Code Section 147(f) of the Issuance of $6,500,000 in Bonds by Carolina Friends School

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Attachment 2 5 NOTICE OF A PUBLIC HEARING REGARDING TAX-EXEMPT BONDS TO BE ISSUED BY THE PUBLIC FINANCE AUTHORITY ON BEHALF OF THE CAROLINA FRIENDS SCHOOL NOTICE IS HEREBY GIVEN to all interested persons that the Public Finance Authority, a public authority existing under the laws of the State of Wisconsin (the"Issuer"), has been requested to issue one or more series of its Education Facilities Revenue Bonds (Carolina Friends School), Series 2016 (the"2016 Bonds") and to lend the proceeds thereof to The Carolina Friends School (the"Borrower") to provide funds, together with other available funds, to (1) finance and equip an approximately 12,600 square foot performing arts center and other capital improvements to the Borrower's campus (collectively, the"Project"), (2) fund a debt service reserve fund, and (3)pay certain costs of issuance of the 2016 Bonds. The maximum principal amount of 2016 Bonds proposed to be issued by the Issuer for the purposes set forth above is $6,500,000. The 2016 Bonds are expected to be issued pursuant to Section 66.0304 of the Wisconsin Statutes, as amended. Bonds issued under said Section are limited obligations of the Issuer payable solely from the loan repayments to be made by the Borrower to the Issuer. NEITHER THE ORANGE COUNTY, NORTH CAROLINA, NOR THE STATE OF NORTH CAROLINA HAS ANY RESPONSIBILITY FOR THE PAYMENT OF THE PRINCIPAL OR INTEREST ON THE BONDS OR FOR ANY COSTS INCURRED BY THE BORROWER WITH RESPECT TO THE BONDS OR THE PROJECT. ORANGE COUNTY, NORTH CAROLINA DOES NOT, NOR DOES THE STATE OF NORTH CAROLINA PLEDGE THEIR TAXING POWER NOR REVENUES FOR THE BONDS, NOR FOR ANY COST, FEE, OR INDEBTEDNESS OF THE BORROWER. ORANGE COUNTY, NORTH CAROLINA WILL HAVE NO RESPONSIBILITY WHATSOEVER FOR THE BONDS AND THE PUBLIC HEARING IS FOR THE SOLE PURPOSE OF COMPLYING WITH SECTION 147(F) OF THE INTERNAL REVENUE CODE. The Borrower owns and operates, or will own and operate, all of the facilities and equipment to be financed or refinanced with the proceeds of the 2016 Bonds (or an affiliate will own or operate the same). The Project is or will be located on the Borrower's campus located at 4809 Friends School Road, Durham,North Carolina 27705. NOTICE IS HEREBY GIVEN that the County Commissioners of Orange County, North Carolina will hold a regular meeting at the Southern Human Services Center 2501 Homestead Road, Chapel Hill, North Carolina 27516 on September 20, 2016 at 7:00 p.m.. It is anticipated that, at said meeting, the County Commissioners will conduct a public hearing concerning the proposed issuance of the 2016 Bonds and the nature and location of the Project and will conduct such other business as may properly come before the County Commissioners. At the hearing, the County Commissioners will invite comments from the public concerning the issuance of the 2016 Bonds by the Issuer, the use of proceeds thereof and the nature and location of the Project. The County Commissioners also intends at the September 20, 2016 meeting to consider and take action on a proposal to approve the issuance of the 2016 Bonds by the Issuer and to approve the issuance of the 2016 Bonds for the purposes of financing and refinancing all or a part of the Project. The public hearing will provide an opportunity for all interested persons to express their views, both orally and in writing, on the proposed issuance of the 2016 Bonds and the Project. Any person wishing to comment in writing on the Project or the issuance of the 2016 Bonds should do so within fourteen (14) days after the date of publication of this Notice to the 200 S. Cameron Street, Hillsborough,North Carolina 27278,Attn: County Clerk. COUNTY OF ORANGE,NORTH CAROLINA By: Donna Baker