Public Hearing Notice: St. Lawrence Health Systems, Inc.

NOTICE IS HEREBY GIVEN by St. Lawrence County Industrial Development Agency Civic Development Corporation (the “Issuer”) that 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 Issuer on the 3rd day of March, 2016 at 1:00 p.m., local time, in the main conference room at the offices of the Issuer located at 19 Commerce Lane, Suite 1, Canton, New York 13617 in connection with the following matter:

St. Lawrence Health System, Inc. (the “Institution”), a New York not-for-profit corporation, has submitted an application (the “Application”) to the Issuer, requesting the Issuer issue its tax-exempt revenue bonds, in one or more series in an aggregate principal amount not to exceed $30,000,000 (collectively, the “Bonds”) for the purposes of providing funds to the Institution to finance a certain project (the “Project”) for the benefit of the Institution and Canton-Potsdam Hospital (the “Hospital”), a New York not-for-profit corporation, consisting of (A)(1) the construction of an approximately 60,000 sq. ft., three-level medical office building/ambulatory care center located at 6119 U.S. Highway 11, in the Town of Canton, New York (the “Medical Office Building”); (2) the acquisition and installation in the Medical Office Building of furniture, machinery and equipment (the “MOB Equipment”); (B) the renovation and improvement of the existing Hospital building located at 50 Leroy Street, in the Village of Potsdam, New York (the “Hospital Improvements”); (C) the acquisition and installation at the Hospital of furniture, machinery and equipment (the “Hospital Equipment”) (the Medical Office Building, the MOB Equipment, the Hospital Improvements and the Hospital Equipment are collectively referred to as the “Project Facility”); and (D) paying costs incidental to the financing thereof. 

The Hospital will be the initial operator of the Project Facility.  The Institution has requested that the Issuer issue the Bonds.  If the issuance of the Bonds is approved, (i) it is intended that the interest on such Bonds will be excluded from gross income for federal income tax purposes, pursuant to Section 103(a) of the Code, (ii) that the Issuer and the Institution shall enter into a loan or other financing agreement (the “Agreement”), which will require the Institution to make payments equal to the debt service on the Bonds and make certain other payments, and (iii) the Bonds will be special limited obligations of the Issuer payable solely from the revenues derived from the payments made by the Institution pursuant to the Agreement and certain other related assets of the Institution and the Hospital pledged to the repayment of the Bonds.

THE BONDS SHALL NOT BE A DEBT OF THE STATE OF NEW YORK OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING, ST. LAWRENCE COUNTY, AND NEITHER THE STATE OF NEW YORK NOR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING ST. LAWRENCE COUNTY, SHALL BE LIABLE THEREON.

The Issuer will at said time and place provide a reasonable opportunity to all interested persons to present their views, either orally or in writing, on the proposed plan of financing for the Project by the issuance from time to time of the Bonds.

This public hearing is being conducted in accordance with Section 147(f) of the Code.  Under the Code, approval of the issuance of the Bonds by the St. Lawrence County Board of Legislators is necessary under Section 147(f) of the Code in order that the interest on the Bonds to be excluded from gross income for federal income tax purposes.
Written statements provided to the Issuer prior to the public hearing will also be accepted and will become part of the record of public hearing.  Additional information can be obtained from, and written comments may be addressed to the Issuer at:  St. Lawrence County Industrial Development Agency Civic Development Corporation, 19 Commerce Lane, Suite 1, Canton, New York 13617, and must be received by the Issuer no later than 12:00 PM, local time, on the 3rd of March, 2016 to be included in the record of public hearing. 

Dated: February 9, 2016                     St. Lawrence County Industrial Development Agency Civic Development Corporation

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November 21, 2017 Meeting Notice

The St. Lawrence County Industrial Development Agency is scheduled to meet on Thursday, November 16, 2017 at 8:30 AM at the Ernest J. LaBaff Industrial Building, 19 Commerce Lane, Canton, NY.  A meeting of the St. Lawrence County Industrial Development Agency Local Development Corporation will immediately follow.  (The meetings have been rescheduled to Tuesday, November 21, 2017 at 8:30 AM)