Notice is hereby given in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated with respect thereto (collectively the “Code”) and 10 MRSA §1043, that the Finance Authority of Maine (the “Authority”) will hold a public hearing at 10:30 a.m., Eastern Time, May 29, 2024, at its offices at 5 Community Drive, Augusta, Maine, regarding the plan of finance for a proposed issuance by the Authority of its revenue bonds in one or more series and in the aggregate principal amount of not more than $75,000,000 (the “Bonds” or the “Revenue Obligation Securities”).  The Bonds will constitute qualified 501(c)(3) bonds under Section 145(a) of the Code. The Bonds will finance the construction of an educational facility (as further described below, the “Project”) to be owned and operated by the President and Trustees of Colby College (the “Borrower”) and located as set forth below, together with costs of issuing the Bonds.  The proceeds of the Bonds will be loaned by the Authority to the Borrower.

The Authority is empowered under the Finance Authority of Maine Act, Chapter 110 of Title 10 of the Maine Revised Statutes, as amended, to issue its Revenue Obligation Securities the interest on which may be exempt from federal income taxation to assist in financing projects for the purpose of providing enlarged opportunities for gainful employment by the people of the State of Maine and to insure the preservation and betterment of the economy of the State of Maine.

The Authority has received an application for the issuance of Revenue Obligation Securities from the Borrower seeking approval for a plan of financing.  At the public hearing the Authority will consider the application for a Certificate of Approval for the following Project:

PROJECT USER: President and Trustees of Colby College

PROJECT LOCATION: 4000 Mayflower Hill, Waterville, Maine

DESCRIPTION OF PROJECT: The Borrower intends to use the proceeds of the Bonds to finance the costs of constructing and equipping a new, approximately 109,000 square foot residence hall on the Borrower’s campus in Waterville, Maine. 

MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY THE AUTHORITY TO PROVIDE FINANCING FOR THE PROJECT:  $75,000,000.

Interested members of the public are invited to attend the hearing. The Authority staff will present information relative to the Project and proposed financing and invite questions from persons attending.  In addition, persons attending will have an opportunity to make a brief statement regarding the Project or the financing. Comments are specifically requested on those criteria set forth in 10 MRSA §1043(2), including public benefit and whether the Project could result in a substantial detriment to existing business. Persons planning to attend the hearing or to make a statement at the hearing are requested to notify the Authority in writing no later than May 27, 2024. Members of the public may attend the hearing in person or via ZOOM (ZOOM link available from the Authority upon request).

The hearing may be continued to a subsequent date and time without further notice other than to those who have entered objections or requests for notification of the hearing.

Persons wishing to make written comments are requested to provide the written comments to the Authority before the hearing. Written comments will also be accepted at the hearing.

If additional information is required on the proposed Bonds and the Project, please contact:

Finance Authority of Maine
Christopher H. Roney
5 Community Drive
P.O. Box 949
Augusta, Maine 04332-0949
(207) 620-3520
croney@famemaine.com

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