NOTICE OF PUBLIC HEARING
Public Notice is hereby given that a public hearing will be held on November 6, 2024 at 11:00 a.m. in the Board Room at Kahala Nui, located at 4389 Malia Street, Honolulu, Hawaii 96821, for the Department of Budget and Finance of the State of Hawaii (the “Department”), regarding a plan of finance for the issuance of one or more series of bonds issued pursuant to section 145 of the Internal Revenue Code of 1986 (the "Code") as qualified section 501(c)(3) bonds: Public Finance Authority Revenue Bonds (Kahala Nui Project), Series 2024 (the “Bonds”), by the Wisconsin Public Finance Authority in an aggregate principal amount not to exceed $140,000,000. The proceeds of the Bonds will be loaned to Kahala Senior Living Community, Inc., a Hawaii nonprofit corporation (the “Corporation”), to be used, together with certain other funds, to provide for a plan of finance to (a) refinance the currently outstanding $40,000,000 principal amount of the Department’s Special Purpose Senior Living Revenue Refunding Bonds, Series 2022 (Kahala Nui) (the “Prior Bonds”) the proceeds of which were applied in a series of refundings to refinance the costs of acquiring, constructing and equipping a continuing care retirement community known as Kahala Nui (the “Facilities”) consisting of approximately 270 independent living apartments, 62 assisted living units (including 22 memory support living units), 60 skilled nursing beds, a parking structure and related common areas, situated on 6.6 acres of land; (b) fund the acquisition of the 6.6 acres of land upon which the Facilities are situated, (c) pay for certain capital improvements to the Facilities, including common area improvements and (d) pay costs of issuance of the Bonds (the “Project”). All of the improvements financed by the Prior Bonds and refinanced or financed by the Bonds are owned and operated by the Corporation and are or will be located at 4389 Malia Street, Honolulu, Hawaii 96821.
The public hearing is required by Section 147 of the Code. Subsequent to the public hearing the Department will consider approval of the issuance of the Bonds. All interested parties are invited to attend the hearing and to express their views relative to the proposed financing either orally or in writing. If written comments are offered, a copy of such comments should be made available at or before the public hearing.
The public hearing will be simultaneously accessible by any interested persons telephonically on Wednesday, November 6, 2024, at 11:00 a.m., by dialing into the toll-free telephone conference line number: 1-872-813-1041 and entering access code: 422 398 050#. The meeting may also be accessed via Teams, the meeting ID number is 282-191-020-233 and the passcode is nohK62.
NOTICE DATED: October 29, 2024
(SA1472308 10/29/24)
