NOTICE OF PUBLIC HEARING
PHILADELPHIA AUTHORITY
FOR INDUSTRIAL DEVELOPMENT
NOTICE IS HEREBY GIVEN that a public hearing will be held on Thursday, June 26, 2014 at 10 a.m. by the Philadelphia Authority for Industrial Development (the "Authority") in the offices of the Philadelphia Industrial Development Corporation located at 1500 Market Street, Suite 2600 West, Philadelphia, Pennsylvania 19102, to discuss, and take comment with respect to the financing of the following projects through the issuance of revenue bonds by the Philadelphia Authority for Industrial Development:
Name of Applicant: Chestnut Hill College
Project Addresses: 9200 to 9250 Germantown Avenue and the Chestnut Hill College campus, with its administration office located at 9601 Germantown Avenue, all within the City and County of Philadelphia, Pennsylvania 19118.
Amount of Issue Requested: Not to exceed $28,000,000 in the aggregate and for each project described below.
Project Description: The Debt/Bonds to be issued will be used on behalf of the Applicant for the following purposes: (i) the current refunding of the outstanding principal amount of the Cheltenham Township Industrial Development Authority's Construction Line of Credit/Permanent Mortgage Note Series 2005 A 1 (Chestnut Hill College) dated September 19, 2005; (ii) the current refunding of the outstanding principal amount of the Authority's Tax-Exempt Adjustable Mode Educational Facilities Revenue Bonds (Chestnut Hill College Project) Series A of 2007 (the "Series 2007A Bonds"), and the Authority's Tax-Exempt Adjustable Mode Educational Facilities Revenue Bonds (Chestnut Hill College Project) Series B of 2007 (the "Series 2007B Bonds"), (iii) the current refunding of the outstanding principal amount of a construction loan provided to the Applicant by Wells Fargo Bank, National Association, (iv) the payment of the costs of terminating an interest rate management agreement related to the Series 2007A Bonds, (v) the acquisition, construction and installation of certain capital improvements on the Applicant's campus and (vi) financing certain costs and expenses incurred in connection with the issuance of the Debt/Bonds. Proceeds of the debt/bonds to be refunded were used by the Applicant to finance or refinance (i) the acquisition, construction, installation and equipping of various capital improvements on the Applicant's campus and (ii) the acquisition and renovation of certain real property known as Sugarloaf located at 9200 to 9250 Germantown Avenue, Philadelphia, Pennsylvania.
Project Owner and User: Chestnut Hill College
DEBT/BOND OBLIGATIONS OF THE PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT ARE NOT OBLIGATIONS OF THE COMMONWEALTH OF PENNSYLVANIA, THE COUNTY OF PHILADELPHIA, THE CITY OF PHILADELPHIA, NOR OF ANY CITY, BOROUGH, TOWNSHIP, COUNTY OR OTHER POLITICAL SUBDIVISION OF THE COMMONWEALTH OF PENNSYLVANIA.
At the public hearing, members of the public may appear in person or by attorney to provide information and make statements concerning the foregoing applications. This Notice is published in accordance with the requirements of Section 147(f) of the Internal Revenue Code, as amended.
PHILADELPHIA AUTHORITY
FOR INDUSTRIAL DEVELOPMENT
Ref# 0003154292-01
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