Public Notices
PUBLIC NOTICE: LOUISIANA PUBLIC FACILITIES AUTHORITY REVENUE REFUNDING BONDS (LAKE CHARLES CHARTER ACADEMY FOUNDATION PROJECT)
May 14, 2024
NOTICE OF PUBLIC HEARING
LOUISIANA PUBLIC FACILITIES AUTHORITY
REVENUE REFUNDING BONDS
(LAKE CHARLES CHARTER ACADEMY FOUNDATION PROJECT)
NOTICE IS HEREBY GIVEN that the Louisiana Public Facilities Authority (the “Authority”) will hold a public hearing on May 22, 2024, at eleven o’clock (11:00) A.M. at the offices of the Authority, 2237 South Acadian Thruway, Suite 650, Baton Rouge, Louisiana, with respect to the captioned revenue refunding bonds (the “Bonds”). The Bonds are proposed to be issued by the Authority in one or more series pursuant to a plan of finance in an aggregate face amount not to exceed $34,500,000, and the proceeds of the Bonds are to be loaned by the Authority to Friends of Lake Charles Charter Academy Foundation, Inc., a Louisiana nonprofit corporation (the “Foundation”), for the purposes of refunding and/or restructuring all or a portion of the Authority’s outstanding Tax-Exempt Revenue Bonds (Lake Charles Charter Academy Foundation Project) Series 2011A (the “Series 2011A Bonds”), and Tax-Exempt Revenue Bonds (Southwest Louisiana Charter Academy Foundation Project) Series 2013 (the “Series 2013 Bonds” and together with the Series 2011A Bonds, the “Prior Bonds”) and pay costs of issuance of the Bonds.
The proceeds of the Series 2011A Bonds were loaned by the Authority to Lake Charles Charter Academy Foundation, Inc. (the “Operator”) for the purposes of (i) financing the acquisition, construction and equipping of a kindergarten through eighth grade, tuition free, public charter school in Lake Charles, Louisiana, including the acquisition of land in connection therewith, and furnishing and equipping a temporary facility as well as the permanent facility (the “2011 Facilities”), (ii) paying capitalized interest, (iii) funding a reserve fund, and (iv) paying a portion of the costs of issuance of the Series 2011A Bonds.
The proceeds of the Series 2013 Bonds were loaned by the Authority to Southwest Louisiana Charter Academy Foundation, Inc. for the purposes of (i) financing the acquisition, construction and equipping of a kindergarten through eighth grade, tuition free, public charter school in Lake Charles, Louisiana, including the acquisition of land in connection therewith, known as Southwest Louisiana Charter Academy (the “2013 Facilities” and together with the 2011A Facilities, the “Facilities”), (ii) paying capitalized interest, (iii) funding a deposit to the reserve fund for the Series 2013 Bonds, and (iv) paying the costs of issuance of the Series 2013 Bonds.
The owner of the Facilities will be the Foundation, which will lease the Facilities to the Operator who holds the charter for each school. The 2011A Facilities are located at 3160 Power Center Parkway, Lake Charles, Louisiana 70607. The 2013 Facilities are located at 1700 E. McNeese Street, Lake Charles, Louisiana 70607.
The Authority shall conduct the public hearing for the purpose of receiving comments on and hearing any objections (verbal or written) to the proposed issuance of the Bonds and the plan of finance accomplished by such issuance of the Bonds. All interested parties are invited to attend such public hearing to express their views. Questions or requests for additional information may be directed to Foley & Judell, L.L.P., Attorneys and Counsellors at Law, One Canal Place, 365 Canal Street, Suite 2600, New Orleans, Louisiana 70130, (504) 568-1249.
Persons who intend to appear at the hearing and express their view are invited to contact Ms. Patricia A. Dubroc, President and Chief Executive Officer of the Authority, at the Authority’s offices, either in writing or by telephone (225) 923-0020, in advance of the hearing. Any interested persons unable to attend the hearing may submit their views in writing to Ms. Dubroc prior to the date scheduled for the hearing. The location and time of the hearing may be changed or an additional hearing will be scheduled if requested to do so in written requests submitted to Ms. Dubroc prior to the aforementioned date of the hearing by a significant number of interested persons.
The Bonds will be secured solely by payments made by the Foundation, will not be payable from any other revenue of the Authority or the State of Louisiana, and will not constitute an indebtedness of the Authority or the State of Louisiana, within the meaning of any constitutional or statutory limitation of indebtedness.
This notice is published and the aforementioned public hearing is to be held in satisfaction of the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, regarding the public approval prerequisite to the exclusion from gross income for federal income tax purposes of the interest on the Bonds.
LOUISIANA PUBLIC FACILITIES AUTHORITY
May 14, 2024