NOTICE OF PUBLIC HEARING
BY DEPARTMENT OF FINANCE OF THE COUNTY OF MAUI
FOR PUBLIC FINANCE AUTHORITY BONDS
(WEST MAUI HOSPITAL FOUNDATION, INC.)
Notice is hereby given that the Department of Finance of the County of Maui (the "Department") will hold a public hearing at 9:00 a.m. on May 22, 2018 at 200 South High Street, Room 212, Wailuku, Maui, Hawaii 96793 as part of the public approval of a proposed issuance of bonds expected to be issued pursuant to Section 66.0304 of the Wisconsin Statutes, as amended, by the Public Finance Authority (the "PFA"), a commission organized under the provisions of Sections 66.0301, 66.0303, and 66.0304 of the Wisconsin Statutes, as amended. The proposed bonds will be issued 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 $75,000,000 for the purposes described below. This notice is being given pursuant to Section 147(f) of the Code. The proceeds of the bonds will be loaned by the PFA to West Maui Hospital Foundation, Inc., a Hawaii nonprofit corporation (the "Borrower"), for the purpose of assisting the Borrower in financing, refinancing, and reimbursing costs related to the: (1) planning, acquisition, and construction of a 25-bed hospital with emergency care, full radiology services and 24-hour pharmacy, lab and outpatient services (the "Hospital"); (2) acquisition of equipment, furnishings, and apparatus; (3) purchase of tangible assets including land and improvements; (4) acquisition and installation of information technology; and (5) completion of other capital improvements required in connection with the construction of the Hospital, for the use of, or for, or to assist, the Borrower in the construction and equipping of the Hospital. All of the facilities to be financed or refinanced by the bonds will be owned and operated by the Borrower and will be located on property to be acquired by the Borrower located at 0 Kakaalaneo Drive, Unit No. 1, Lahaina, Maui, Hawaii 96761 and identified as Unit No.1 of the West Maui Hospital and Medical Center Condominium, and also identified as Tax Map Key No. (2) 4-4-002-052 CPR 0001.
The proposed bonds will be special limited obligations of the PFA payable solely from the loan repayments to be made by the Borrower to the PFA, and certain funds and accounts established by the bond indenture for the bonds. The proposed bonds will not be issued by the County of Maui, and the role of the County of Maui is limited solely to the conduct of the public hearing and to a determination as to whether or not the bonds should be issued based solely on a finding that the issuance of the bonds will result in a sufficient community benefit. The bonds will not constitute a general or moral obligation of the County of Maui, the PFA, or the State of Wisconsin, and the full faith and credit of the County of Maui, the PFA, and the State of Wisconsin will not be pledged to the payment of the principal or premium, if any, or interest on the proposed bonds. The County of Maui will have no liability of any kind, direct or indirect, pecuniary or otherwise, with respect to the terms, sale, issuance, security, or payment of any kind with respect to the bonds, which will be the sole responsibility of the Borrower and the PFA.
All interested persons are invited to attend the hearing and express their views regarding the proposed issuance and the Borrower’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) 270-7865 during business hours.
If you require special assistance, auxiliary aid and/or service to participate in this event (i.e. sign language interpreter; interpreter for language other than English, or wheelchair accessibility), please contact Dulce Butay at (808) 270-7865 or email your request to Dulce.Butay@co.maui.hi.us at least five (5) business days prior to the event.
DEPARTMENT OF FINANCE OF THE COUNTY OF MAUI