$9,999,999 REVENUE BONDS (Series 2017 Lincoln Academy Project)
Notice is hereby given that the Newcastle Board of Selectmen will hold a public hearing on Monday, May 22, 2017 at 7:00 p.m. at the Newcastle Town Hall, 4 Pump Street, Newcastle, Maine, to take public comments on a resolution and order authorizing the Town to issue its Town of Newcastle, Maine, Revenue Bonds (Series 2017 Lincoln Academy Project) pursuant to the provisions of the Finance Authority of Maine Act, 10 M.R.S.A. §§ 961 et seq. The proceeds of the Revenue Bonds will be loaned to Lincoln Academy for the following Projects:
Project Owner / User: Lincoln Academy
Project Location: On the Lincoln Academy Campus, 81 Academy Hill Road and adjacent to the campus, 80 Academy Hill Road and 4 Hillcrest Road, Newcastle, Maine
Project Description: To refinance Lincoln Academy debt with First National Bank used to finance the acquisition of land and the construction and / or renovation and equipping of KB Hall Dormitory, Hall House, Hillcrest House and the Alumni Dining Commons.
To acquire, renovate and equip a single family residence.
To finance other miscellaneous capital improvements and deferred maintenance on and to the Lincoln Academy campus, fields, buildings and facilities.
MAXIMUM AMOUNT OF REVENUE BONDS TO BE ISSUED BY THE TOWN TO PROVIDE FINANCING AND REFINANCING FOR THE PROJECTS: $9,999,999
The Revenue Bonds shall not constitute a debt or liability of the Town or a pledge of the full faith and credit of the Town, but shall be payable solely from revenues of the Projects for which they are issued. The Revenue Bonds will not directly or indirectly or contingently obligate the Town to levy or to pledge any form of taxation therefore or to make any appropriation for their payment. It is expected that the aggregate principal of, premium, if any, and interest on the Revenue Bonds, as well as all administrative costs in connection with issuance of the Revenue Bonds, will be paid by Lincoln Academy pursuant to certain financing documents, contracts, and other agreements to be approved by the Town and to be entered into by the Town and Lincoln Academy.
All persons who desire to be heard on the proposed issuance of the Revenue Bonds are invited to attend the public hearing. The Board of Selectmen will consider adoption of the resolution and order authorizing issuance of such Revenue Bonds following the public hearing.
