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, renovation, improvement or equipping of, among other things, health care 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 previously issued bonds, as described below, in the approximate aggregate principal amount not to exceed $1,200,000 (the "Sale Proceeds") for application by Spurwink (the "Institution"). On July 24, 2014, the Authority issued its Revenue Bonds, Series 2014A (the "Bonds"), a portion of the proceeds of which were applied by the Authority to refund bonds which were issued in part to finance improvements by the Institution to its facility at 17, 12-26 Bishop Street in Portland, Maine. The Institution intends to sell the Bishop Street property and apply the Sale Proceeds to certain projects at the Institution, as described herein. In connection wherewith, the Bonds will be re-applied and re-allocated as permitted by the change-in-use rules under the Internal Revenue Code of 1986, as amended, in order to provide a plan of financing to finance and refinance the projects set forth in the next paragraph.
Sale Proceeds may be re-allocated and applied to pay all or a portion of the costs of: (1) the expansion and renovation of its facility at 52 Cheney Road in Chelsea, Maine to convert a small residence to an 8-bed capacity, 1,000 square foot facility providing residential services to children with behavioral health needs at an approximate cost of $300,000, and (2) renovations to its day treatment center for children located at 31 Spurwink Drive in Chelsea, Maine where two new facilities will be constructed: (a) a new 4,300 square-foot building to house a multi-purpose gymnasium, new occupational therapy rooms, and (b) a new art room, and a new 8,000 square-foot 16 bed facility, the portion of cost of which is to be paid from the Sale Proceeds may be up to the full amount of the Sale Proceeds (approximately $1,200,000), and (3) other capital costs at the addresses set forth above. The facilities for which the Sale Proceeds will be re-allocated and applied are owned and operated by the Institution and located at the addresses set forth above.
Pursuant to the Internal Revenue Code of 1986, as amended, the Authority will hold a hearing on the proposed re-allocation and re-application of the Bonds as described above at the office of the Authority at 127 Community Drive, Augusta, Maine, commencing at 9:00 a.m. on September 15, 2017. Interested members of the public are invited to attend. The Authority will present information at such hearing on the proposed re-allocation and re-application 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 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
Sept. 1, 2017
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