NOTICE OF PUBLIC HEARING BEARTOOTH BILLINGS CLINIC

NOTICE OF PUBLIC HEARING

ON A PROPOSED ISSUE OF A HEALTH CARE FACILITIES REVENUE BOND BY THE

MONTANA FACILITY FINANCE  AUTHORITY FOR THE MEMORIAL HOSPITAL ASSOCIATION, INC. D/B/A BEARTOOTH BILLINGS CLINIC

NOTICE IS HEREBY GIVEN that the Executive Director of the Montana  Facility Finance Authority (the “Authority”) or his designee, on August 18, 2021, in the offices of the Authority at 2401 Colonial Drive, Third Floor, Helena, Montana  59601, at 3:30 p.m. 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 Bond (the “Bond”), under Montana Code Annotated, Title 90, Chapter 7, Parts 1, 2 and 3, as amended.  The proceeds of the Bond, if issued, will be loaned by the Authority to the Memorial Hospital Association, Inc. d.b.a. Beartooth Billings Clinic, a Montana nonprofit corporation (the “Borrower”).  The Borrower intends to  undertake the complete redemption of its Amended Series 2009A $12,395,000 Taxable Hospital Revenue Bonds; Series 2009B $1,380,000 Taxable Hospital Revenue Bonds; and Series 2010 $6,000,000 United States Department of Agriculture (USDA) Rural Development Note issued to finance the construction of a critical access hospital facility located at 2525 Broadway Ave N, Red Lodge, MT 59068. The aggregate principal amount of the Bond to be issued is estimated not to exceed $15,936,000.

If the Bond is 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 Bond when due.  The Bond will be payable from and secured by a pledge of the loan repayments from the Borrower and a pledge of revenues of the Borrower.  The Bond may also (but need not be) further be secured by additional collateral as may be provided by the Borrower.

The Bond, if issued, shall be a special, limited obligation of the Authority payable solely from the loan repayments and amounts realized from the enforcement of the security interest provided by the Borrower.  The Bond shall not constitute or give rise to a pecuniary liability of the State of Montana or a charge against its general credit or taxing powers.

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.


All persons interested may appear and be heard at the public hearing at the time and place described above or may file written comments with the Executive Director of the Authority at 2401 Colonial Drive, Third Floor, P.O. Box 200506, Helena, Montana 59620, prior to the time of the hearing.

Dated:  August 11, 2021.

MONTANA  FACILITY FINANCE AUTHORITY

 

By:  Adam Gill, Executive Director


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