MINNESOTA HIGHER EDUCATION FACILITIES AUTHORITY NOTICE OF PUBLIC HEARING ON REVENUE OBLIGATIONS NOTICE IS HEREBY GIVEN that a public hearing will be held by the Minnesota Higher Education Facilities Authority (the "Authority") with respect to a proposal to issue revenue bonds or other obligations on behalf of Carleton College (the "College"), as owner and operator of Carleton College, at the Authority's office at 380 Jackson Street, Suite 450, St. Paul, Minnesota on March 15, 2017 at 2:00 p.m. Under the proposal, the Authority would issue its revenue bonds or other obligations in an original principal amount of up to approximately $180,000,000 to finance a project (the "Project") consisting of (a) the acquisition, design, construction, renovation, improvement and equipping of various facilities, including (i) renovation and additions of approximately 58,131 square feet to the Weitz Center for Creativity, including fixtures, furnishings and equipment, (ii) renovation and addition to the science complex including Olin and Hulings Halls and the Center for Mathematics and Computing and an addition of approximately 102,000 square feet to replace Mudd Hall, (iii) temporary renovations to accommodate the science departments relocated out of Mudd Hall during construction of the new science facilities, and (iv) utility infrastructure improvements and additions, including a new hot and chilled water plant, a campus geothermal system and onsite electrical generation, to serve the existing campus facilities and the planned additions or expansions; (b) the refunding of certain series of bonds of the Authority issued on behalf of the College, including (i) the Authority's outstanding Variable Rate Demand Revenue Bonds, Series Five-G (Carleton College), dated June 8, 2000, which were issued in the original principal amount of $23,000,000 (the "Series Five-G Bonds"), (ii) the Authority's outstanding Revenue Bonds, Series Six-D (Carleton College), dated April 13, 2005, which were issued in the original principal amount of $31,460,000 (the "Series Six-D Bonds"), (iii) the Authority's outstanding Revenue Bonds, Series Six-T (Carleton College), dated December 4, 2008, which were issued in the original principal amount of $19,665,000 (the "Series Six-T Bonds"), and (iv) the Authority's outstanding Revenue Bonds, Series Seven-D (Carleton College), dated June 29, 2010, which were issued in the original principal amount of $30,455,000 (the "Series Seven-D Bonds"); and (c) the termination of an interest rate swap agreement associated with the Series Six-D Bonds. The Series Five-G Bonds were issued to provide funds to finance (a) the acquisition, construction, equipping and furnishing of the Language and Dining Center, an academic facility and dining hall totaling approximately 63,000 square feet, (b) the acquisition, construction, equipping and furnishing of approximately 24 units of student housing in multiple buildings for approximately 100 students, (c) the construction of approximately 50 spaces of surface parking, and (d) the improvement and restoration of certain bridges, walkways and lighting on the western shore of Lyman Lakes, including appurtenant site improvements. The Series Six-D Bonds were issued to provide funds to finance (a) the costs related to the preliminary planning and construction of a new student residential facility, (b) the acquisition and renovation of selected properties (including the Northfield Middle School) within three blocks of the College campus perimeter for academic or residential use, and (c) the refunding of (i) the Authority's Variable Rate Demand Revenue Bonds, Series Three-L1 (Carleton College), dated October 1, 1992, which were issued in the original principal amount of $10,000,000 to finance (A) the acquisition and construction of Johnson House and Alumni Guest House, the Center for Mathematics and Computing, Hulings Hall and a student housing facility, remodeling, expansion and improvement of Boliou Hall, Olin Hall, Mudd Hall, and (B) electrical, heating, cooling and telecommunication systems on the College campus, and (ii) the Authority's Revenue Bonds, Series Four-N (Carleton College), dated June 1, 1997, which were issued in the original principal amount of $24,440,000 to finance (A) the construction, furnishing and equipping of (1) an approximately 80,000 square foot recreation center and related site improvements, including athletic fields, surface parking areas and restoration of Lyman Lake, and (2) an approximately 15,000 square foot dining hall located in Burton Hall, (B) the renovation of (1) Mudd Hall for chemistry and geology, (2) Goodhue Dining Hall for recreation use, and (3) Evans Dining Hall for housing and social use, and (C) the acquisition and installation of a chiller and related piping system and a computer system, serving the College campus. The Series Six-T Bonds were issued to provide funds to finance the acquisition, construction, furnishing and equipping of student housing known as James Hall and Cassat Hall, consisting of two adjacent four-story buildings with a total of approximately 230 beds, and acquisition, construction and equipping of utility infrastructure improvements to provide backup electrical generation for the College campus. The Series Seven-D Bonds were issued to provide funds to finance the construction, improvement and equipping of the Carleton Arts Union, a 130,000 square foot, three floor, two story building located adjacent to the College campus, and construction of an auxiliary art studio warehouse located on the College campus. All the facilities and improvements to be financed or refinanced by the Project are or will be owned and operated by the College and located on or adjacent to the College's campus, the principal street address of which is 1 North College Street, Northfield, Minnesota. At said time and place the Authority shall give all parties who appear or have submitted written comments an opportunity to express their views with respect to the proposal to undertake and finance the Project. Dated: February 27, 2017 By Order of the Minnesota Higher Education Facilities Authority Barry W. Fick Executive Director
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