- Your Government
- Schuyler County Human Services Development Corp.
- Notice of Public Hearing
Notice of Public Hearing
SCHUYLER COUNTY HUMAN SERVICES DEVELOPMENT CORPORATION
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that a public hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), will be held by the Schuyler County Human Services Development Corporation (the "Issuer") on the 28th day of December, 2020 at 8:15 a.m. local time, in connection with the matter described below. As more fully set forth below, the public hearing will be held via toll-free telephone conference only. PLEASE NOTE THE SPECIAL PUBLIC HEARING LOGISTICS AND INSTRUCTIONS INCLUDED AT THE END OF THIS NOTICE.
The Issuer is contemplating the financing and/or refinancing, through the issuance of one or more series of its revenue refunding bonds in an aggregate principal amount not to exceed $4,200,000 (the "Bonds"), the costs associated with the qualifying portions of a certain project, as more particularly described below (the "Project"), and to provide funds for all or a portion of the costs of issuing the Bonds, defeasance and/or redemption of the Series 2007 Bonds (as defined below), credit enhancement fees relating to the Bonds, if any, funding a debt service reserve fund, if any, and capitalized interest, if any. All of the facilities financed and/or refinanced with the Bonds are or will be owned and/or operated by the Issuer, and are or will be located at 323 Owego Street in the Village of Montour Falls, New York.
The Project consists of the refunding of all or portion of the outstanding principal amount of the Issuer's $5,725,000 original principal amount Tax-Exempt Revenue Bonds (Schuyler County Human Services Development Corporation Project), Series 2007 (the "Series 2007 Bonds"). The proceeds of the Series 2007 Bonds were applied to pay the costs of a certain project (collectively, the "2007 Project") consisting of: (A)(i) the acquisition by the Issuer of an approximately 6.23-acre parcel of land located at the corner of Route 14 and Owego Street in the Village of Montour Falls, New York (the "Land") and the approximately 50,160 square-foot existing building located thereon (the "Building"), (ii) the general renovation, upgrading and improvement of the Building in order to provide Schuyler County, New York (the "County") new office space and related improvements for use by departments and certain not-for-profit social service agencies providing services in the County (the "Improvements") and (iii) the acquisition and installation in and around the Improvements of certain items of equipment, machinery and other tangible personal property (the "Equipment", and collectively with the Land, the Building and the Improvements, the "Facility"); (B) the lease and/or sublease of the Facility to the County and certain other social services agencies serving the County; (C) the funding of a debt service reserve fund as security for the payment of the principal of and interest on the Series 2007 Bonds and (D) the paying of certain costs and expenses incidental to the issuance of the Series 2007 Bonds.
If the issuance of the Bonds is approved by the Issuer, (i) it is intended that interest on the Bonds will not be included in gross income for federal income tax purposes pursuant to Section 103(a) of the Code, (ii) the Facility will be leased to the County pursuant to a lease agreement requiring that the County make payments sufficient to fund debt service on the Bonds and make certain other payments, and (iii) the Bonds will be special obligations of the Issuer payable solely from certain of the proceeds of the agreement and certain other assets of the Issuer pledged to the repayment of the Bonds.
Approval of the issuance of the Bonds by the County is necessary in order for the interest on the Bonds to be excluded from gross income for federal income tax purposes.
PLEASE NOTE SPECIAL PUBLIC HEARING CONDUCT INSTRUCTIONS AND INFORMATION:
Given the ongoing COVID-19 public health crisis, the Issuer will not accommodate any in-person public attendance or participation at this hearing. Nonetheless, in furtherance of federal regulations requiring interested individuals to have a reasonable opportunity to express their view at this hearing, and in accordance Internal Revenue Service Revenue Procedure 2020-21 allowing such hearing to continue if the Issuer is able to hold the public hearing remotely through use of telephone conference, the Issuer will provide all interested persons of the public the opportunity, at the time and on the date indicated above, to provide oral comments with respect to either the location or nature of the Facility and/or the proposed issuance of the Bonds via a telephone conference by calling into the following toll-free telephone number: (866) 804-5312, and entering passcode 5854198722#. In addition, at the time of, or prior to, such hearing, interested persons may submit to the Issuer written materials pertaining to such matters.
DATED: December 17, 2020 By: SCHUYLER COUNTY HUMAN SERVICES DEVELOPMENT CORPORATION