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Maryland Health And Higher

MARYLAND HEALTH AND HIGHER EDUCATIONAL FACILITIES AUTHORITY NOTICE OF PUBLIC HEARING CONCERNING ISSUANCE OF BONDS A public hearing will be held at 10:00 a.m. on Friday, August 24, 2018, at the offices of Maryland Health and Higher Educational Facilities Authority (the “Authority”), 401 East Pratt Street, Suite 1224, Baltimore, Maryland 21202 by the Authority for the proposed issuance of its revenue bonds, notes or other obligations (the “Bonds”), at one time or from time to time, pursuant to the Maryland Health and Higher Educational Facilities Authority Act. The proceeds of the Bonds will be loaned by the Authority to Broadmead, Inc., a nonprofit Maryland corporation (the “Institution”), in order to finance or refinance the acquisition, construction, renovation and equipping of continuing care retirement community facilities, including (without limitation): (1) to refinance the Authority’s Revenue Bond, Broadmead Issue (2010), the proceeds of which were loaned by the Authority to the Institution in order to (a) finance internal renovations to the Institution’s then existing facilities; and (b) to refinance the Authority’s Project and Refunding Revenue Bonds, Broadmead Issue, Series 1997, the proceeds of which were used to advance refund the Authority’s First Mortgage Revenue Bonds, Broadmead Issue, Series 1989 and to finance or refinance the acquisition, construction, renovation or equipping of certain life care facilities of the Institution; (2) (I) the construction, expansion, renovation and equipping of (a) two four-story buildings, each approximately 69,943 square-feet and housing twenty-six new independent living dwelling units and lower-level parking garages for residents, and a covered walkway to the Broadmead Community Center of approximately 4,522 square-feet; (b) a new staff and visitor parking lot consisting of 93 spaces off of Copper Beech Lane; (c) an approximately 2,510 square-foot addition to the existing maintenance building; (d) an approximately 6,006 square-foot addition to the third-floor wing of the existing facilities at Broadmead Community Center to provide approximately 13 skilled nursing beds; (e) an approximately 394 square-foot addition to the existing assisted living area in the Broadmead Community Center; (f) an approximately 1,328 square-foot addition to the existing main dining area at Broadmead Community Center to include additional seating for approximately 60 people; (g) an approximately 1,100 square-foot addition to the existing health and wellness center; (h) the addition of a new vestibule and drive-under canopy and elevator at the main entrance of the Broadmead Community Center; (i) the addition of an approximately 1,285 square-foot covered walkway from the existing Cluster A garden homes to the Broadmead Community Center; and (j) the replacement of the existing swimming pool with an expanded swimming pool; and (II) payment of capitalized interest and costs of issuance of the Bonds and establishment of a debt service reserve fund; and (3) various other related costs and improvements, upgrades and internal renovations to the existing facilities. The items described in paragraphs (1), (2) and (3) are collectively referred to herein as the “Project.” The Project may also include other capital expenditures, land or interests in land, buildings, structures, machinery, equipment, furnishings or other real or personal property located on the same sites as the Project. The Project is and will be located at 13801 York Road, Cockeysville, Maryland 21030. The maximum aggregate principal amount of the Bonds issued with respect to the Project will be $84,100,000. The Institution is and will be the initial owner and operator of the Project. The Bonds will be issued pursuant to a plan of financing for the Project that may entail the financing or refinancing from time to time by the Bonds including the financing and refinancing of the Bonds. Because of the possible inclusion of original issue discount bonds (some of which may be capital appreciation bonds) the total amount of Bonds payable at maturity may exceed the initial stated principal amount of the Bonds. The public hearing will be held to meet the requirements imposed by Section 147(f) of the Internal Revenue Code to the extent applicable to the Bonds. For additional information or to submit written testimony, contact the Executive Director of the Authority at the address set forth above.

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Public & Legal Notices 

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