NOTICE OF PUBLIC HEARING DEPARTMENT OF BUDGET AND FINANCE OF THE STATE OF HAWAII SPECIAL PURPOSE REVENUE BONDS (HAWAI`I PACIFIC UNIVERSITY) Notice is hereby given that the Department of Budget and Finance of the State of Hawaii (the "Department") will hold a public hearing on December 5, 2017 at 10:00 a.m. at the Department of Budget and Finance, Conference Room 306, at No. 1 Capitol District Building, 250 South Hotel Street, Honolulu, Hawaii 96813, as part of the public approval of its proposed issuance of special purpose revenue bonds (the "2017 Bonds") in one or more series or issues (from time to time) as part of a plan of financing pursuant to Section 147(f)(2)(C) of the Internal Revenue Code of 1986 (the "Code") in an aggregate principal amount not expected to exceed $37,000,000 and its proposed "reissuance" of the Series 2013 Bonds (as defined below) in the aggregate principal amount not expected to exceed $42,190,000. This notice is being given pursuant to Section 147(f) of the Code. The proceeds of the 2017 Bonds will be loaned to Hawai`i Pacific University (the "Borrower") for the purposes of: (A) refunding all or a portion of the outstanding Department of Budget and Finance of the State of Hawaii Special Purpose Revenue Bonds (Hawai`i Pacific University Project) Series 2015 (the "2015 Bonds"); and (B) paying a portion of the administrative, legal, accounting, financing and other expenses incidental to the issuance of the bonds and related purposes, including financing one or more reserve funds. The Department and the Borrower are making certain changes to the documents related to the outstanding Department of Budget and Finance of the State of Hawaii Special Purpose Revenue Bonds (Hawai`i Pacific University Project) Series 2013A (the "2013 Bonds") that may be treated as causing a reissuance of the 2013 Bonds solely for Federal tax law purposes. The 2015 Bonds and the 2013 Bonds financed, in addition to certain ancillary expenses, a portion of the costs for the acquisition, planning, construction, renovation, improvement, furnishing and equipping of certain educational, research and development, and ancillary facilities owned for Federal tax purposes and operated by the Borrower, including, but not limited to, (i) educational and ancillary facilities of the Borrower at the Borrower’s Downtown Honolulu Campus (with a primary business address of 1164 Bishop Street, Honolulu, Hawaii 96813), (ii) the Borrower’s Hawai’i Loa Campus (with a primary business address of 45-045 Kamehameha Highway, Kaneohe, Hawaii 96744), and (iii) the facility commonly known as the Aloha Tower Marketplace (consisting of Piers 7 through 10 and certain ancillary space with the primary business address of 1 Aloha Tower Drive, Honolulu, Hawaii 96813). The proposed issuance and reissuance will consist of special purpose revenue bonds, and the principal of and interest thereon will be payable solely from revenues received by or for the account of the Department pursuant to or with respect to a financing agreement to be entered into by the Department and the Borrower. The proposed bonds shall not constitute a general or moral obligation of the State of Hawaii or charge upon the general fund of the State, and the full faith and credit of the State of Hawaii will not be pledged to the payment of the principal or premium, if any, or interest on the proposed bonds. All interested persons are invited to attend the hearing and express their views regarding the proposed issuance and the Department’s plan of financing, either orally or in writing. If written comments are offered, a copy of such comments should be made available to the Department on or before the public hearing. Further information may be obtained by calling the Department at (808) 586-1612 during business hours. The meeting location is disability accessible. If special needs are required (i.e., large print, taped materials, sign language interpreter, etc.), please call Mr. Scott Kami at (808) 586-1612 by November 27, 2017. For those who are deaf or are hard of hearing, please call relay telephone number 1-877-447-5990 or 711. DEPARTMENT OF BUDGET AND FINANCE OF THE STATE OF HAWAII SA1048256 11/17/17)