FRANKFORT, KY. (April 20, 2022) - Notice is hereby given that the undersigned, on behalf of the Kentucky Economic Development Finance Authority (the “Authority”), will conduct a public hearing at 9:00 a.m. Eastern Time, on April 28, 2022, in the first floor conference room of the Old Capitol Annex, 300 West Broadway, Frankfort, Kentucky, regarding the proposed issuance by the Authority of its revenue refunding bonds in one or more series (the “Bonds”) in an aggregate principal amount not to exceed $75,000,000 for the benefit of the Masonic Homes of Kentucky Obligated Group.
The proceeds of the Bonds are expected to be used to (i) refinance certain existing revenue bonds and other indebtedness, including swap termination payments associated therewith (collectively, the “Prior Debt”) of Masonic Homes of Kentucky, Inc., Masonic Homes Independent Living II, Inc., Masonic Retirement Village of Taylor Mill, Inc., Masonic Home of Kentucky Pediatric Daycare, Inc., Masonic Homes Properties, LLC, and Masonic Retirement Village of Taylor Mill, Inc. (collectively with one or more affiliates of the foregoing, the “Obligated Group”), the proceeds of the Prior Debt were used to finance and refinance the costs of the acquisition, construction and equipping of health care and health related facilities, including long-term care facilities and housing for the aged or infirm, located in the Commonwealth of Kentucky and owned and/or operated by the members of the Obligated Group (collectively, the “Prior Projects”), (ii) fund a debt service reserve for the Bonds, and (iii) pay costs of issuance of the Bonds. The Bonds will be qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986, as amended, for the purposes described in the paragraph above.
The Prior Projects are part of an integrated operation and include the following health care and health related facilities, long-term care facilities and/or housing for the aged or infirm and other facilities: (i) 3503 Moyers Circle, Masonic Home, Kentucky 40041, known as the Sam Swope Care Center; (ii) 711 Frankfort Road, Shelbyville, Kentucky 40065, known as Masonic Home Shelbyville; (iii) 700 Taylorspring Court, Taylor Mill, Kentucky 41015, known as Springhill Village Retirement Community (the principal amount of the Bonds used to refinance any component of the Prior Projects at this address is not expected to exceed $4,100,000); (iv) 3701 Frankfort Avenue, Louisville, Kentucky 40207, known as the Masonic Homes Villages Active Lifestyle Community (the principal amount of the Bonds used to refinance any component of the Prior Projects at this address is not expected to exceed $6,000,000); (v) 3800 Tom Larimore Lane, Masonic Home, Kentucky 40041, known as Sproutlings Day Care and Preschool (the principal amount of the Bonds used to refinance any component of the Prior Projects at this address is not expected to exceed $9,000,000); and (vi) 3701 Frankfort Avenue, Louisville, Kentucky 40207, known as the Meadow Active Lifestyle Community, Grove Pointe Assisted Living, and the Masonic Homes Corporate Resources Center (the principal amount of the Bonds used to refinance any component of the Prior Projects at this address is not expected to exceed $4,000,000).
The aggregate principal amount of the Bonds will not exceed $75,000,000. THE BONDS SHALL NOT REPRESENT OR CONSTITUTE A DEBT OR PLEDGE OF THE FAITH AND CREDIT OR THE TAXING POWER OF THE COMMONWEALTH OF KENTUCKY, ANY POLITICAL AGENCY OR SUBDIVISION THEREOF OR THE AUTHORITY.
The Authority will conduct this hearing in person and telephonically in accordance with Revenue Procedure 2022-20. Interested persons are invited to express their views concerning the proposed issuance of the Bonds in one of three ways: (1) by participating in the Public Hearing in person at the location identified above; (2) by participating in the Public Hearing by videoconference or teleconference through (a) a remote conferencing service (at no cost) by clicking on the following link: https://us02web.zoom.us/j/86331339495, which will provide instructions to participate in the Public Hearing, or (b) one of the following toll-free telephone numbers: (301)715-8592 or (312)626-6799, using Meeting ID: 863 3133 9495 or (3) written comments may also be given by submitting them to Katie Smith, by calling her at (502) 782-1987, by emailing her at Katie.Smith@ky.gov or by writing her in care of Kentucky Economic Development Finance Authority, Old Capitol Annex, 300 West Broadway, Frankfort, Kentucky 40601, before the Public Hearing.
Deputy Secretary and Commissioner
Cabinet for Economic Development
Commonwealth of Kentucky