Attachment No. 3
NOTICE OF PUBLIC HEARING
PUBLIC NOTICE IS HEREBY GIVEN that a public hearing, in compliance with Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), will be held by the City Council of the City of Pomona, California (the “City”), at 505 South Garey Avenue, City Hall, Pomona, California 91766, on January 8, 2024, at 7:00 p.m., or as soon thereafter as the hearing may be held, with respect to the issuance by the California Enterprise Development Authority (the “Authority”) from time to time, pursuant to a plan of finance, of one or more series of its tax-exempt bonds, notes, or other evidence of indebtedness to be issued as qualified 501(c)(3) bonds pursuant to the Code, for the benefit of Provident Group-Pomona Properties L.L.C., a Delaware limited liability company (the “Borrower”), the sole member of which is Provident Resources Group Inc., a Georgia nonprofit corporation and an organization described in Section 501(c)(3) of the Code, in an aggregate principal amount not to exceed $50,000,000.00 (the “Bonds”). The proceeds of the Bonds are expected to be loaned to the Borrower pursuant to one or more loan agreements (collectively, the “Loan Agreement”). The proceeds of the Bonds will be applied by the Borrower to (a) to finance, refinance and/ or reimburse the cost of acquisition, construction, installation, furnishing and equipping of The Daumier, a 174,533 square foot, 306-bed student housing facility adjacent to the campus of Western University of Health Sciences (the “University”) located at 615 East 3rd Street, Pomona, California 91766 (the “Facilities”); (b) to pay a portion of the interest on the Bonds, if deemed necessary or advisable by the Borrower; (c) to provide working capital to the Borrower, if deemed necessary or advisable by the Borrower; (d) to fund a debt service reserve fund, if deemed necessary or advisable by the Borrower; and (e) to pay certain expenses incurred in connection with the issuance of the Bonds. The Facilities comprise approximately 202 apartment style student units and 10,217 square feet of academic and administrative space which is leased by the Borrower to the University. The initial owner of the Facilities will be the Borrower, and the principal users of the Facilities will be the Borrower and the University.
The Bonds will not be deemed to constitute a debt or liability of the City, the State of California (the “State”) or any political subdivision thereof, but will be payable solely from the funds provided therefor by the Borrower. The Authority will not be obligated to pay the principal of the Bonds, or the redemption premium, if any, or interest thereon, except from funds provided from loan repayments by the Borrower.
Neither the faith and credit nor taxing power of the City, the State or any political subdivision thereof, will be pledged to the payment of the principal or redemption premium, if any, or interest on the Bonds. The issuance of the Bonds will not directly, indirectly or contingently obligate the City, the State or any political subdivision thereof to levy or to pledge any form of taxation or to make any appropriation for their payment. The City is conducting the public hearing as an accommodation to the Borrower to facilitate the financing of the Facilities and the payment of the costs of issuing the Bonds. The City will not be the issuer of the Bonds and takes no responsibility for the financing of cost of the development, construction, installation, equipping and furnishing of the Facilities.
Those wishing to comment on the proposed financing and the nature and location of the Facilities may either appear in person at the public hearing or submit written comments, which must be received by the City prior to the hearing. Written comments should be sent to the City Clerk, City of Pomona, 505 South Garey Avenue, Pomona, California 91766. 4855-0847-5025.3
4855-0847-5025.3