Notice of Public Hearing
Notice is hereby given in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated with respect thereto (collectively the “Code”) and 10 MRSA §1043, that the Finance Authority of Maine (the “Authority”) will hold a public hearing at 10:00 a.m., Eastern Time, June 4, 2025, at its offices at 5 Community Drive, Augusta, Maine, regarding the plan of finance for a proposed issuance by the Authority of its revenue bonds in one or more series and in the aggregate principal amount of not more than $50,000,000 (the “Bonds” or the “Revenue Obligation Securities”). The Bonds will constitute qualified 501(c)(3) bonds under Section 145(a) of the Code. The Bonds will finance and refinance the construction, renovation and equipping of educational facilities (as further described below, the “Project”) owned and operated or to be owned and operated by Bowdoin College (the “Borrower”) and located as set forth below, together with costs of issuing the Bonds. The proceeds of the Bonds will be loaned by the Authority to the Borrower.
The Authority is empowered under the Finance Authority of Maine Act, Chapter 110 of Title 10 of the Maine Revised Statutes, as amended, to issue its Revenue Obligation Securities the interest on which may be exempt from Federal income taxation to assist in financing projects for the purpose of providing enlarged opportunities for gainful employment by the people of the State of Maine and to insure the preservation and betterment of the economy of the State of Maine.
The Authority has received an application for the issuance of Revenue Obligation Securities from the Borrower seeking approval for a plan of financing. At the public hearing the Authority will consider the application for a Certificate of Approval for the following Project:
PROJECT USER:
PROJECT
LOCATION:
DESCRIPTION
OF PROJECT:
Bowdoin College
The Borrower intends to use the proceeds of the Bonds to (A) refinance existing projects on the Campus including construction and 5600 College Station, Brunswick, ME (the “Campus”)
The Borrower intends to use the proceeds of the Bonds to (A) refinance existing projects on the Campus including construction and equipping of the hockey arena, Adams Hall, the fitness center, and other building renovations and equipment, and (B) finance new projects on the Campus including but not limited to (i) Sills Hall renovation; (ii) John B. Russwurm House renovation; (iii) sophomore house renovations including Burnett House, Helmreich House, Howell House, MacMillan House, and Reed House; (iv) network infrastructure upgrades; and (v) the Observatory restoration and classroom construction.
MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY THE AUTHORITY TO PROVIDE FINANCING AND REFINANCING FOR THE PROJECT: $50,000,000.
Interested members of the public are invited to attend the hearing. Persons attending will have an opportunity to make a brief statement regarding the Project or the financing. Comments are specifically requested on those criteria set forth in 10 MRSA §1043(2), including public benefit and whether the Project could result in a substantial detriment to existing business. Persons planning to attend the hearing or to make a statement at the hearing are requested to notify the Authority in writing no later than May 30, 2025. Members of the public may attend the hearing in person or via ZOOM (ZOOM link available from the Authority upon request).
The hearing may be continued to a subsequent date and time without further notice other than to those who have entered objections or requests for notification of the hearing.
Persons wishing to make written comments are requested to provide the written comments to the Authority before the hearing. Written comments will also be accepted at the hearing.
If additional information is required on the proposed Bonds and the Project, please contact:
Finance Authority of Maine
Christopher H. Roney
5 Community Drive
P.O. Box 949
Augusta, Maine 04332-0949
(207) 620-3520
croney@famemaine.com
