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 11, 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 $32,000,000 (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 The Waynflete School (the “School”) and located as set forth below, together with capitalized interest on the Bonds and costs of issuing the Bonds. The proceeds of the Bonds will be loaned by the Authority to the School.

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 School 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: The Waynflete School

PROJECT LOCATIONS: 360 Spring Street, Portland, Maine 04102

DESCRIPTION OF PROJECT: The School intends to use the proceeds of the Bonds to (a) finance or refinance costs of facilities owned by the School, including (i) up to $16,520,000 in proceeds to refund the Finance Authority of Maine Education Refunding and Revenue Bonds, Series 2014A and 2014B, proceeds of which financed and refinanced costs of facilities at the School’s campus at 360 Spring Street in the City of Portland, Maine, and to pay the cost of terminating certain existing interest rate swap transactions; and (ii) up to $14,980,000 in proceeds to be used, with other available funds (including capital campaign and institutional funds), for demolition of the existing gymnasium and construction of a new Wellness and Athletic Center located at 360 Spring Street, Portland, Maine, to include a full-size varsity basketball court (including two practice courts when the bleachers are retracted) with bleacher seating for up to 350 spectators, locker rooms, and a variety of wellness, athletic and fitness rooms, or for other capital expenditures on the campus; (b) pay capitalized interest on the Bonds; and (c) pay all or part of the costs of issuance of the Bonds.

MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY THE AUTHORITY TO PROVIDE FINANCING AND REFINANCING FOR THE PROJECT: $32,000,000.

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 June 9, 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