NOTICE OF PUBLIC HEARING REGARDING PLAN OF FINANCE
INVOLVING THE ISSUANCE OF REVENUE BONDS BY THE PRIVATE COLLEGES AND UNIVERSITIES
FOR THE BENEFIT OF EMORY UNIVERSITY
YOU ARE HEREBY NOTIFIED that, pursuant to the provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), a public hearing (the “Hearing”) will be held on the 28th day of June, 2023, at 2:00 p.m., regarding a plan of finance (the “Plan of Finance”) proposed by Emory University, a Georgia non-profit corporation (together with its affiliates, “Emory”), involving the issuance by the Private Colleges and Universities Authority (the “Issuer”) of its revenue bonds, notes or other obligations (the “Bonds”) for the benefit of Emory to finance or refinance the Facilities as hereinafter described and to refund certain outstanding indebtedness of the Issuer or Emory. The Hearing will be located at the offices of Alston & Bird LLP, One Atlantic Center, 49th Floor, 1201 West Peachtree Street, Atlanta, Georgia 30309-3424 and is also accessible via conference call (Dial In: 888-525-7866 and Participant Passcode: 4048817528).
The Bonds may be issued by the Issuer pursuant to the Plan of Finance from time to time and in one or more series in an aggregate principal amount of (i) up to $920,000,000 to finance or refinance for Emory the cost of the acquisition, construction and installation of the Facilities, and (ii) up to $550,000,000 to refund obligations previously issued by the Issuer or Emory to finance or refinance land, buildings, equipment, facilities and improvements for Emory.
The Facilities consist of land, buildings, equipment, facilities, and improvements used or to be used by Emory in connection with the educational and healthcare operations of Emory. The main campus of Emory is located in Atlanta, Georgia and the address of its principal office is 201 Dowman Drive, Atlanta, Georgia. The Facilities are located on the main campus of Emory (which includes Emory University Hospital at Wesley Woods located at 1821 Clifton Road, Atlanta, Georgia and Emory University Hospital located at 1364 East Clifton Road, N.E., Atlanta, Georgia) or other sites proximate to the main campus, as well as on other sites that are used by Emory as part of its integrated education and healthcare operations. The Facilities may include, but are not limited to:
- Emory University capital projects located on the main campus. The cost of such Facilities is expected to be approximately $525,000,000.
- The Emory University Hospital located on the main campus. The cost of such Facilities is expected to be approximately $105,000,000.
- The Emory University Hospital at Wesley Woods located on the main campus. The cost of such Facilities is expected to be approximately $40,000,000.
- The Emory University Hospital Midtown located at 550 Peachtree Street, N.E., Atlanta, Georgia, including but not limited to, the Winship Cancer Institute Tower. The cost of such facilities is expected to be approximately $65,000,000.
- The Oxford College Campus located in Oxford, Georgia with the main address at 100 Hamell Street, Oxford, Georgia. The cost of such facilities is expected to be approximately $90,000,000.
- The Emory University Hospital Smyrna (EUHS) campus is located in Smyrna, Cobb County, Georgia which includes approximately 12.7 acres of land and three buildings along South Cobb Drive SE. The buildings include 3903, 3949 and 3969 South Cobb Drive SE. The cost of such facilities is expected to be approximately $65,000,000.
- The Emory Johns Creek Hospital located at 6325 Hospital Parkway, Johns Creek, Georgia. The cost of such facilities is expected to be approximately $30,000,000.
The facilities being financed or refinanced by refunding obligations previously issued by the Issuer or Emory include education and healthcare facilities of Emory located on the main campus referred to above or other locations proximate thereto, or at other sites operated by Emory as part of its integrated healthcare and university operations.
The owner or operator of the facilities financed or refinanced by the Bonds is or will be Emory.
The Bonds will not constitute an indebtedness or general obligation of the Issuer or the State of Georgia or any political subdivision thereof, but will be payable solely from amounts paid to the Issuer by Emory pursuant to one or more loan agreements to be entered into between the Issuer and Emory and not from any other fund or source.
Any person interested in the proposed issuance of the Bonds or the nature or locations of the Facilities financed by the Bonds may appear at the Hearing using the conference call dial-in instructions set forth above and be heard or may submit their views in writing. Written comments should be submitted to the Private Colleges and Universities Authority, c/o Alston & Bird LLP, 1201 West Peachtree Street, Atlanta, Georgia 30309-3424, Attention: Amber Pelot or emailed to firstname.lastname@example.org, and should be mailed in sufficient time to be received before the date of the hearing.
The Issuer will not conduct any performance audit or performance review with respect to the Bonds as such terms are described in Section 36-82-100, Official Code of Georgia Annotated.
PRIVATE COLLEGES AND