NOTICE OF PUBLIC HEARING Notice is hereby given that a public hearing will be held by the Winona Lake Economic Development Commission (the “Commission”), on behalf of itself and the Town of Winona Lake, Indiana (the “Town”), on Tuesday, April 21, 2015 at 5:00 p.m., local time, in the Winona Lake Town Hall Council Chambers, 1310 Park Avenue, Winona Lake, Indiana to consider the approval of the issuance by the Town of a maximum principal amount of $11,500,000 of its Economic Development Refunding Revenue Bonds, Series 2015 (Grace College Project) (the “Bonds”). If the Bonds are approved and issued, the proceeds thereof will be loaned to Grace Schools, a nonprofit corporation organized and existing under the laws of the State of Indiana (the “Borrower”), for the purposes of (1) refunding all or any portion of (a) the Town of Winona Lake, Indiana Multi-Mode Variable Rate Economic Development Revenue Bonds, Series 1999 (Grace College Project), the proceeds of which were applied to pay or reimburse, all or a portion of the costs of the acquisition, construction, expansion, renovation and equipping of various facilities (including streets and grounds) on the campus of Grace College and Theological Seminary in the Town, including (i) the construction and equipping of a 24-unit residence hall, (ii) the renovation of existing campus facilities, including any or all of Alpha Hall, Beta Hall, Byers Music Center, Cooley Science Center, Epsilon Hall, the Gymnasium, Lamp Post Manor, the Library, the Maintenance Complex, McClain Hall, the Medical Center, Philathea Hall, Rodeheaver Auditorium, the Vehicle Maintenance Building, and Westminster Hotel, and (iii) the acquisition, construction, expansion, renovation, and equipping of various other facilities for the Borrower, including landscaping and site improvements in connection with such other facilities, (b) the Town of Winona Lake, Indiana Adjustable Rate Demand Economic Development Revenue Bonds, Series 2006 (Grace College Project), the proceeds of which were applied to pay or reimburse, all or a portion of the costs of the acquisition, construction and equipping of the new Orthopaedic Capital Center, comprising a 60,000 square foot multi-purpose community center located on the north end of the campus of Grace College and Theological Seminary in the Town, and various other campus renovations, and (c) the Town of Winona Lake, Indiana Economic Development Revenue Bond, Series 2012 (Grace College Project), the proceeds of which were applied to pay or reimburse, all or a portion of the costs of the acquisition, construction, expansion, renovation and equipping of various economic development facilities for the Borrower, including (i) the construction and equipping of an approximately 14,800 square foot residence hall facility expected to house approximately 56 students, located on an approximately 8,000 square foot parcel located at the southeast corner of Kings Highway and East Wooster Road in the Town, and (ii) the acquisition, construction, expansion, renovation and equipping of various other economic development facilities for the Borrower, including streets, grounds, landscaping and site improvements in connection with such facilities; all such facilities being owned and operated by the Borrower and located on the Borrower’s campus at 200 Seminary Drive in the Town of Winona Lake, Indiana (the “Property”), (2) paying certain interest and fees; and (3) paying certain costs of issuing the Bonds. The principal of, premium, if any, and interest on such Bonds shall not constitute an indebtedness or liability of the Town, or the State of Indiana, or any political subdivision of the State of Indiana, or a charge against their general credit or any taxing powers, but shall be payable solely from the sources provided for in the proceedings pursuant to which such Bonds are to be issued. The Commission will consider whether the proposed projects may have an adverse competitive effect on similar facilities already constructed or operating in or about the Town. At such hearing, a determination will be made whether the proposed financing complies with the purposes and provisions of Indiana Code 36-7-12, as amended, and will be of benefit to the health or general welfare of the Town and its citizens, and if so, the financing will be approved by resolution and such resolution will be transmitted by the Commission to the Town Council of the Town for such action in the premises as they deem is merited. The Commission also will consider any and all other business properly presented to it at said meeting. The public is invited to attend and comment on any of the matters herein noted. WINONA LAKE ECONOMIC DEVELOPMENT COMMISSION 4-2 hspaxlp
