WINONA LAKE - ECONOMIC DEVELOPMENT COMMISSION

NOTICE OF PUBLIC HEARING

The Winona Lake Economic Development Commission, on behalf of itself and the Winona Lake Town Council, will hold a public hearing on April 23, 2012, at 5:00 p.m., at the Town Hall, 1310 Park Avenue, in Winona Lake, Indiana, regarding (1) a proposed financing of economic development facilities for Grace Schools (the "Borrower"); (2) the issuance of the Town of Winona Lake, Indiana Economic Development Revenue Bond, Series 2012 (Grace College Project) (the "Bond"), in an aggregate principal amount not to exceed $3,000,000, to pay the cost of financing the economic development facilities; and (3) to determine whether said financing will have an adverse competitive effect on any similar facilities already constructed or operating in the Town of Winona Lake, Indiana.

The proceeds of the Bond will be loaned to the Borrower for the purposes of financing (a) 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 a new approximately 14,800 square foot residence hall facility expected to house approximately 56 students, to be located on an approximately 8,000 square foot parcel located at the southeast corner of Kings Highway and East Wooster Road in the Town of Winona Lake, Indiana, 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 (the "Project"); and (b) certain costs associated with the issuance of the Bond, including any purchaser's fee as well as costs of any credit enhancement and reserves (if desirable).  All facilities to be financed will be located on the Borrower's campus located at 200 Seminary Drive, in the Town of Winona Lake, Indiana.

The Bond will be issued by the Town of Winona Lake, Indiana (the "Issuer") pursuant to Indiana Code 36-7-11.9 and 12, as supplemented and amended, and an Ordinance proposed for adoption by the Town Council of the Issuer.  The Bond will not be a general obligation of the Issuer, the State of Indiana, or any political subdivision thereof, but will be a special limited obligation of the Issuer as the principal, premium, if any, and interest on the Bond will be payable solely from the revenues and receipts received from the repayment by the Borrower of the loan from the Issuer (except to the extent payable from the Bond proceeds, the income from the temporary investment thereof, and moneys derived from and payments made pursuant to the instruments delivered in connection with said loan).  The Bond will not be, in any respect, the general obligation of the Issuer, the State of Indiana, or any political subdivision thereof, nor payable in any manner from revenues raised from taxation.  The Bond shall not constitute a debt, liability, or obligation of the Issuer, the State of Indiana, or any political subdivision thereof, or a pledge of the faith and credit or taxing power of any of them, but shall be payable as aforesaid.

The public hearing is being held pursuant to Indiana Code 36-7-12-24 and Section 147(f) of the Internal Revenue Code of 1986.  The public is invited to attend and comment on any of the matters herein noted.  Written comments also may be submitted to the Secretary of the Winona Lake Economic Development Commission by delivering such comments to the Clerk/Treasurer of the Town of Winona Lake, Indiana at his office located at the Town Hall, 1310 Park Avenue, in Winona Lake, Indiana, until 5:00 p.m. on April 23, 2012.

Dated this11th day of April, 2012.

WINONA LAKE ECONOMIC DEVELOPMENT COMMISSION

By:   /s/ Leo Boyer

Leo Boyer, Secretary

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