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NOTICE OF PUBLIC HEARING ON A PROPOSED ISSUE OF HEALTH CARE FACILITIES REVENUE BONDS MONTANA FACILITY FINANCE AUTHORITY

Community Hospital of Anaconda

Wednesday, June 2, 2021/Categories: Public Hearings

NOTICE OF PUBLIC HEARING

ON A PROPOSED ISSUE OF
HEALTH CARE FACILITIES REVENUE BONDS

MONTANA FACILITY FINANCE AUTHORITY

NOTICE IS HEREBY GIVEN that, on June 10, 2021 at 9:30 a.m., in the offices of the Authority at 2401 Colonial Drive, Third Floor, Helena, Montana 59620, the Executive Director of the Montana Facility Finance Authority (the “Authority”) or his designee will hold a public hearing pursuant to the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, on a proposal that the Authority issue its health care facilities revenue bonds, in one or more series (the “Series 2021 Bonds”), under Montana Code Annotated, Title 90, Chapter 7, Parts 1, 2 and 3, as amended.  The maximum aggregate principal amount of Series 2021 Bonds to be issued is estimated to be $30,000,000.

The proceeds of the Series 2021 Bonds will be loaned by the Authority to Community Hospital of Anaconda, a Montana nonprofit corporation (the “Borrower”), which owns and operates certain hospital and healthcare facilities located at 401 West Pennsylvania Street and 310 West Pennsylvania Street, Anaconda, Montana 59711 (collectively, the “Hospital Campus”).  The Borrower will use proceeds of the Series 2021 Bonds as follows:

  1. in the maximum principal amount of $8,000,000, to finance or reimburse the Borrower for all or a portion of the costs of design, engineering, construction, and equipping of improvements to the hospital facilities consisting of a new hematology/oncology clinic, including exam rooms, infusion center, pharmacy space, and office, research, and other work spaces; parking improvements; and other site improvements; all to be located on the Hospital Campus;
  2. to refinance loans of the Borrower outstanding in the aggregate principal amount of $19,703,921.85, which loans originally financed or refinanced improvements to the Hospital Campus, consisting of the design, construction, and equipping of emergency, physical therapy and surgical facilities, the acquisition and improvement of medical office buildings, and related improvements;
  3. to make deposits to debt service reserve funds for the Series 2021 Bonds;
  4. to pay a portion of the expenses incurred in connection with the issuance of the Series 2021 Bonds and the refinancing. 

If the Series 2021 Bonds are issued and the proceeds thereof loaned to the Borrower as proposed, the Borrower will agree to repay the loan at times and in amounts sufficient to provide for the prompt payment of the principal of, premium, if any, and interest on the Series 2021 Bonds when due.  The Series 2021 Bonds will be payable from and secured by a pledge of the loan repayments from the Borrower.  Up to $8,000,000 aggregate principal amount of the Series 2021 Bonds may also be secured by a pledge of a loan to the Authority from the Board of Investments of the State of Montana under the Master Loan Program.  The Series 2021 Bonds may also (but need not) be secured by additional collateral as may be provided by the Borrower.

The Series 2021 Bonds shall not constitute or give rise to a debt of the State of Montana, and neither the faith and credit nor the taxing power of the State of Montana is pledged to the payment of the principal of or the interest on the Series 2021 Bonds.

The Authority makes reasonable accommodations for any known disability that may interfere with a person’s ability to participate in public meetings.  Persons needing an accommodation must notify the Authority by telephone at (406) 444-0259 or writing at P.O. Box 200506, Helena, Montana 59620, no later than three days prior to the hearing to allow adequate time to make needed arrangements.

Dated:  June 2, 2021.

MONTANA FACILITY FINANCE AUTHORITY

 

By:  Adam Gill, Executive Director

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MONTANA FACILITY FINANCE AUTHORITY | MONTANA DEPARTMENT OF COMMERCE
2401 COLONIAL DR. 3rd Floor | PO BOX 200506 | HELENA, MT 59620-0506 | P: (406) 444-0259 | F: (406) 444-0019 | TDD: (406) 841-2702

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