PA Department of Community and Economic Development
The mission of the Department of Community and Economic Development (DCED) is to foster opportunities for businesses to grow and for communities to succeed and thrive in a global economy. Our mission is to improve the quality of life for Pennsylvania citizens while assuring transparency and accountability in the expenditure of public funds.
400 North Street Harrisburg Pennsylvania 17120 United States
Notice of Public Hearing For The Pennsylvania Economic Development Financing Authority With Respect To An Amount Not To Exceed$160,000,000 Of Pennsylvania Economic Development Financing Authority Exempt Facility Revenue Bonds (ESF Recycled Pulp Project) Series 2020 (Green Bonds)
Notice is hereby given that on Tuesday, September 15, 2020, a public hearing, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), will be held by the Pennsylvania Economic Development Financing Authority (the “Authority”) and will commence at 11:00 a.m., or as soon thereafter as the matter can be heard, via conference call by dialing the toll-free number 1 (800) 719-7514 and then when prompted, passcode 118255. The hearing is being held with respect to the proposed issuance by the Authority of one or more series, as part of a plan of finance, of its Exempt Facility Revenue Bonds (ESF Recycled Pulp Project), Series 2020 (Green Bonds) (the “Bonds”), in an amount not to exceed $160,000,000. Due to the COVID-19 pandemic, the building that the Authority uses for its meetings is currently closed to the public, as such, the meeting is open to the public via conference call only in accordance with Pennsylvania law (2020 Pa. Legis. Serv. Act 2020-15 (S.B. 841) (PURDON’S)) and the Governor’s Declaration of a State of Emergency for the Commonwealth of Pennsylvania due to a public health emergency dated March 6, 2020.
The Bonds are expected to be issued pursuant to the Pennsylvania Economic Development Financing Law. The proceeds from the sale of the Bonds will be loaned to ESF Fairless Hills LLC, a Delaware limited liability company or its designated affiliates (the “Borrower”), and used to finance all or a portion of the cost of (i) developing, constructing and/or equipping of a certain solid waste disposal and wastewater treatment facility owned by Borrower or an affiliate to be located at One Ben Fairless Drive, Fairless Hills, Pennsylvania 19030, (ii) funding capitalized interest on the Bonds, (iii) funding certain reserve funds for the Bonds, and (iv) paying all or a portion of the costs of issuing the Bonds.
The Bonds will be special limited obligations of the Authority payable only from (i) loan repayments to be made by the Borrower to the Authority pursuant to a loan agreement between the Authority and the Borrower, and (ii) certain funds and accounts established by the bond indenture for the Bonds.
The public is invited to attend the hearing in the manner set forth above and all persons in attendance will be given the opportunity to be heard. The Authority requests that interested parties submit any comments in writing. All attendance inquiries should be directed to Craig Petrasic, Assistant Director, or Brian Deamer, Project Manager, Pennsylvania Economic Development Financing Authority, Commonwealth Keystone Building, 400 North Street, 4th Floor, Harrisburg, Pennsylvania 17120, (717) 783-1109.
This notice is published in accordance with the requirements of the Code and the regulations promulgated thereunder.