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Massachusetts Development Finance Agency

The Massachusetts Development Finance Agency is holding a meeting on September 3 at 10 a.m.

Discussion Topics

  1. Agenda

    Notice is hereby given that a public hearing will be conducted by the Massachusetts Development Finance Agency (the “Issuer”) at 10:00 a.m. on September 3rd, 2019, at its offices located at 99 High Street, 11th Floor, Boston, Massachusetts, 02110, with respect to: (i) the proposed amendment by the Issuer, acting under and pursuant to Massachusetts General Laws Chapters 23G and 40D, as amended, of the terms of the Issuer’s Revenue Bond, Third Sector New England Issue, Series 2010, dated February 1, 2010 (the “2010 Bonds”) issued as a tax-exempt obligation in the original principal amount of $15,885,000, and (ii) the proposed issuance by the Issuer of bonds in the maximum aggregate principal amount of $2,100,000 (the “New Money Bonds” and together with the 2010 Bonds, the “Bonds”).  If the Issuer’s offices are closed on September 3rd, 2019 due to unforeseen circumstances, including without limitation adverse weather conditions, the public hearing will be held on the next business day on which the Issuer’s offices are open at the same time and location. 

    Amendment/Current Refunding

    Said amendment of the terms of the 2010 Bonds will be deemed a current refunding of the 2010 Bonds under the Internal Revenue Code of 1986, as amended.  The 2010 Bonds, currently outstanding in the approximate principal amount of $12,770,000, which constitutes the maximum aggregate principal amount of  the 2010 Bonds immediately following such amendment, provided for the financing or refinancing with respect to the current refunding of the $18,500,000 Massachusetts Development Finance Agency Revenue Bonds (Third Sector New England, Inc. Project), Series 2004A, the proceeds of which financed or refinanced costs of the (i) acquisition of a portion of an office building located at 89 South Street, Boston, Massachusetts, consisting of approximately 122,752 square feet (the “Facility”) and (ii) renovation and equipping of such Facility.  The owner, operator or manager of the Facility is Third Sector New England, Inc. (the “Borrower”).  The Facility is used as the administrative headquarters for the Borrower and provides office space to other non-profit organizations (collectively, the “Refinanced Project”).

    New Money Project

    The New Money Bonds will be issued to provide for the financing and/or refinancing of, and the reimbursement of funds advanced by the Borrower (which term includes for purposes of this Notice any parent, subsidiary or other affiliate thereof) with respect to the Facility (including without limitation such financing, refinancing or reimbursement of bond reserves, capitalized interest and issuance costs), in particular, the rehabilitation, renovation, furnishing and equipping of the Facility (the “New Money Project” together with the Refinanced Project, the “Projects”).  The maximum aggregate principal amount of the New Money Bonds for the financing and/or refinancing of the New Money Project is $2,100,000.  The total estimated project costs of the New Money Project are $2,100,000.

                The 2010 Bonds, as to be amended, and the New Money Bonds, both of which will constitute qualified 501(c)(3) bonds for charitable purposes, will not constitute a general obligation of, or a pledge of the faith and credit of the Issuer or a general obligation of, or a debt or pledge of the faith and credit of The Commonwealth of Massachusetts.

                Interested persons wishing to express their views on such Projects and the proposed amendment of the 2010 Bonds that financed or refinanced the costs of such Refinanced Project or the proposed issuance of the New Money Bonds to finance and refinance the costs of such New Money Project will be given the opportunity to do so at the public hearing or may, prior to the time of the public hearing, submit their views in writing to Massachusetts Development Finance Agency, 99 High Street, 11th Floor, Boston, Massachusetts 02110.

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