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The Michigan Strategic Fund (the “MSF”) will hold a public hearing by teleconference at 10:00 a.m., prevailing Eastern Time, on August 24, 2020, in accordance with Treasury Regulation §1.147(f)-1 and Revenue Procedure 2020-21, on the proposed issuance by the MSF of limited obligation revenue refunding bonds (the “Bonds”) on behalf of Porter Hills Presbyterian Village, Inc. (the “Corporation”). The MSF proposes to issue the Bonds in the aggregate principal amount of not to exceed Twenty-Million Dollars ($20,000,000). The teleconference can be accessed by dialing the following toll-free number and entering the following meeting identification and passcode at 10:00 a.m. on August 24, 2020:
Toll-Free Number: 1-833-548-0276
Meeting Identification: 829 2471 4920
Passcode: 964444
The proceeds of the Bonds will be used by MSF to make one or more loans to the Corporation. The Corporation will use the proceeds of the loan from the MSF, together with other available funds, to (i) refund all of the outstanding MSF Limited Obligation Revenue Refunding Bonds (Porter Hills Obligated Group Project) Series 2013 (the “Series 2013 Bonds”), (ii) fund a debt service reserve fund securing the Bonds and (iii) pay the costs of issuing the Bonds.
The proceeds of the Series 2013 Bonds were used to currently refund an interim taxable facility used to (i) currently refund all of the outstanding MSF Limited Obligation Revenue Bonds (Porter Hills Presbyterian Village, Inc. Project) Series 1998 (the “Series 1998 Bonds”), (ii) currently refund all of the outstanding MSF Limited Obligation Revenue Refunding Bonds (Porter Hills Obligated Group Project), Series 2003 Municipal Auction Rate Securities (MARS) (the “Series 2003 Bonds”), (iii) currently refund all of the outstanding MSF Limited Obligation Revenue Refunding Bonds (Porter Hills Obligated Group Project), Series 2010 (the “Series 2010 Bonds”), (iv) currently refund a commercial line of credit used to finance capital construction costs of the Greenhouse skilled care facilities (the “2013 Construction Line of Credit,” and together with the Series 1998 Bonds, the Series 2003 Bonds and the Series 2010 Bonds, the “Prior Indebtedness”), (v) finance additional capital improvements to existing facilities financed or refinanced with the foregoing MSF obligations (the “2013 Project”), (vi) pay certain swap termination fees related to cancellation of interest rate swaps previously issued and integrated with respect to the foregoing MSF obligations and (vii) pay the costs of issuing the Series 2013 Bonds.
The projects financed or refinanced with the Prior Indebtedness (collectively, the “Prior Project”) and 2013 Project consist of capital improvements to home-for-the-aged units, assisted living units, dementia units, and skilled care facilities and related improvements at the following locations in Michigan, in amounts not exceeding the respective amounts indicated parenthetically: (i) 65 Ida Red, Village of Sparta, Kent County, Michigan ($4,000,000); (ii) 3610 East Fulton Street, Charter Township of Grand Rapids, Kent County, Michigan ($18,000,000) and (iii) 1015 East Paris Avenue SE, Charter Township of Grand Rapids, Kent County, Michigan ($3,000,000).
The 2013 Project and the Prior Project will be used in connection with the continuing care retirement community integrated operation owned and managed by the Corporation, and its affiliates, Meadowlark Retirement Village, a Michigan nonprofit corporation, Porter Hills Foundation, a Michigan nonprofit corporation and Porter Hills Home Health West, a Michigan nonprofit corporation.
The Bonds will be limited obligations of the MSF, payable only from loan repayments to be made by the Corporation to the MSF and certain other security to be provided by the Corporation and United Methodist Retirement Communities, Inc., a Michigan nonprofit corporation, the Corporation’s parent corporation.
The Bonds will not constitute an indebtedness of the MSF, the State of Michigan or any political subdivision thereof within the meaning of any constitutional or statutory provision and will not constitute or give rise to a charge against the general credit of the MSF or the credit or taxing power of the State of Michigan or any political subdivision thereof. The MSF has no taxing power. The hearing shall provide the fullest opportunity for expression of opinion, for arguments on the merits and for introduction of documentary evidence pertaining to the proposed issuance of the Bonds. Written comments will be accepted by the MSF at the offices of the Michigan Economic Development Corporation located at 300 North Washington Square, Lansing, Michigan 48913, but must be received on or before the date and time of the hearing.
Diane Cranmer, Loan Administrator
Michigan Strategic Fund
(517) 373-2778
Dated: August 13, 2020
The Michigan Strategic Fund (the “MSF”) will hold a public hearing at 9:00 a.m. at the offices of the Michigan Economic Development Corporation located at 300 North Washington Square, 4th Floor, Lansing, Michigan 48913 on September 23, 2019, on the issuance of limited obligation revenue bonds in one or more series by the MSF in an aggregate principal amount not to exceed Twenty-Two Million Dollars ($22,000,000) (the “Bonds”). The proceeds of the Bonds will be loaned to Dominican Health Care Corporation d/b/a Lourdes Senior Community, a Michigan nonprofit corporation and certain of its affiliated nonprofit corporations (collectively, the “Borrower”), and used to: (i) finance or reimburse the costs of the demolition of two of the existing three licensed nursing care wings and the construction, renovation, installation, furnishing and equipping of two new wings to create 45 new private rooms and 5 new semi-private rooms, to be owned and operated by the Borrower, all at the present location of the Lourdes Rehabilitation Healthcare Center, 2300 Watkins Lake Road, Charter Township of Waterford, Oakland County, Michigan (the “Project”); (ii) refund all of the MSF’s $14,055,000 Variable Rate Limited Obligation Revenue Refunding Bonds, Series 2014, approximately $12,600,000 of which are currently outstanding; and (iii) to pay certain expenses incurred in connection with the issuance of the Bonds. The Project will be owned and operated by Borrower in furtherance of its charitable purpose of providing healthcare and housing services to seniors.
The Bonds will be limited obligations of the MSF, payable only from the loan repayments to be made by the Borrower to the MSF and other security provided by the Borrower. The Bonds will not constitute an indebtedness of the MSF, the State of Michigan or any political subdivision thereof within the meaning of any constitutional or statutory provision and will not constitute or give rise to a charge against the general credit of the MSF or the credit or taxing power of the State of Michigan or any political subdivision thereof. The MSF has no taxing power. The hearing shall provide the fullest opportunity for expression of opinion, for arguments on the merits and for introduction of documentary evidence pertinent to the nature and location of the Project and the proposed issuance of the Bonds. Written comments will be accepted by MSF at the above MSF address, but must be received on or before the date and time of the hearing.
Diane Cranmer, Loan Administrator
Michigan Strategic Fund
(517) 241-6750
Dated: Semptember 12, 2019
The Michigan Strategic Fund (the “MSF”) will hold a public hearing at 10:00 a.m. on September 23, 2019, in the MSF’s offices located at 300 North Washington Square, 4th Floor, Lansing, Michigan, 48913, on the proposed issuance by the MSF of limited obligation revenue bonds (the “Bonds”) for the benefit of Consumers Energy Company, a Michigan corporation (“Consumers”). The Bonds are proposed to be issued in one or more series in the aggregate principal amount of not to exceed One Hundred Seventy Million Dollars ($170,000,000).
The proceeds of the Bonds will be used by the MSF to make one or more loans to Consumers. Consumers will use the proceeds of the loan from the MSF, together with other available funds, to (a) pay the costs of the Project (as defined below) and (b) pay the costs of issuing the Bonds.
The proceeds of the Bonds will be used to pay or reimburse the costs of the Project, consisting of solid waste disposal facilities pursuant to Section 142(a)(6) of the Internal Revenue Code of 1986, as amended, including construction, improvement and installation of coal ash disposal and related facilities at the following sites: (i) Consumers’ B.C. Cobb Generating Facility, located at 151 North Causeway, Muskegon, Michigan (Muskegon County) (not to exceed $50,100,000 of the Bonds); (ii) Consumers’ D.E. Karn Generating Plant, located at 2742 N. Weadock Highway, Essexville, Michigan (Bay County) (not to exceed $43,600,000 of the Bonds); (iii) Consumers’ J.C. Weadock Generating Facility, located at 2555 N. Weadock Highway Essexville, Michigan (Bay County) (not to exceed $21,700,000 of the Bonds); (iv) Consumers’ J.H. Campbell Generating Facility, located at 17000 Croswell Street, West Olive, Michigan (Ottawa County) (not to exceed $35,100,000 of the Bonds); and (v) Consumers’ J.R. Whiting Plant, located at 4525 E. Erie Road, Erie, Michigan (Monroe County) (not to exceed $18,500,000 of the Bonds) (the foregoing improvements are collectively referred to herein as the "Project").
The Bonds shall be limited obligations of the MSF, payable only from loan payments to be made by Consumers to the MSF and other security provided by Consumers. The Bonds will not be a general obligation of the MSF and will not be a debt of the State of Michigan (the “State”) or any political subdivision of the State. The MSF has no taxing power and the issuance of the Bonds will not obligate the State or any political subdivision of the State to levy or pledge any form of taxation for the Bonds or to make any appropriation for the payment of the Bonds.
The hearing will provide a reasonable opportunity for expression of opinion, argument on the merits and introduction of documentary evidence pertaining to the proposed issuance of the Bonds. Written comments will be accepted by the MSF at 300 North Washington Square, Lansing, Michigan 48913, but must be received on or before the time and date of the hearing. The hearing site is handicapped accessible, including parking. Individuals with disabilities who need mobility, visual, hearing, and/or other assistance for effective participation should direct a request for assistance to Diane Cranmer at (517) 241-6750 in advance of the meeting.
Diane Cranmer, Loan Administrator
Michigan Strategic Fund
(517) 241-6750
Dated: September 12, 2019
