Notice of Public Hearing
SANDOVAL COUNTY, NEW MEXICO
NOTICE OF PUBLIC HEARING
NOTICE IS HEREBY GIVEN that on November 27, 2024, a telephonic public hearing as required by Section 147(f) of the Internal Revenue Code of 1986 (the “Code”), will be held on behalf of Sandoval County, New Mexico (the “County”) to consider the proposal of The ASK Academy Education Foundation, a New Mexico nonprofit corporation having federal income tax-exempt 501(c)(3) status (the “Borrower”), that the Public Finance Authority, a commission organized under and pursuant to Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes, as amended (the “Authority”), assist in financing the Project (hereinafter defined) through the issuance by the Authority of its revenue bonds, notes or other obligations, in one or more series (the “Obligations”) from time to time pursuant to a plan of financing (within the meaning of Section 147(f)(2)(C) of the Code).
The hearing will commence at 3:00 p.m. Mountain Time, or as soon thereafter as the matter can be heard, and will be held via teleconference accessible to the public at the following toll-free telephone number:
Dial: (833) 548-0276 US Toll-free
Meeting ID: 922 6250 9227
Passcode: 060546
The Obligations are expected to be issued by the Authority pursuant to Section 66.0304 of the Wisconsin Statutes, as amended, and the proceeds from the sale of the Obligations are expected to be loaned to the Borrower and used: (i) to refinance the Authority’s outstanding Education Facility Revenue Bonds (Ask Academy Project), Series 2015 (the “Refunded Bonds”), which were issued to finance the acquisition, construction, and equipping (collectively, the “2015 Project”) of the Borrower’s public charter school educational facility located at 4550 Sundt Road NE, Rio Rancho, New Mexico, located entirely within the County (the “School Facility”), and (ii) finance the acquisition, construction, and equipping of an approximately 18,000 square foot addition to the School Facility, to include a gymnasium, classrooms, cafeteria and administrative space (collectively, the “2024 Project”; the 2015 Project and the 2024 Project are collectively referred to as the “Project”). The School Facility and the Project are owned by the Borrower and leased to and operated by The ASK Academy, a New Mexico nonprofit corporation. The maximum estimated principal amount of the Obligations to be issued by the Authority to finance the Project is $8,500,000.
The Obligations will be limited obligations of the Authority payable solely from the loan repayments to be made by the Borrower to the Authority, and certain funds and accounts established by the indenture, loan agreement or financing agreement governing the Obligations. Neither the faith and credit nor the taxing power of the Authority, the County, the State of New Mexico or any political subdivision thereof will be pledged to the payment of the Obligations. None of the Authority, the County, the State, or any political subdivision thereof will have any obligation or legal authorization to levy any taxes or appropriate or expend any of their respective general funds for the payment of the Obligations. The County is not obligated in any manner with respect to the Obligations, and the County’s sole role with respect to the Obligations is to conduct the public hearing described herein and to provide host approval for purposes of 147(f)(2)(A)(ii) of the Code.
The public hearing will provide a reasonable opportunity to be heard for persons wishing to express their views on the nature of the Project, its location, the issuance of the Obligations, or related matters. At the time and place fixed for the public hearing, an opportunity will be given to all persons who appear at the hearing to express their views with respect to the proposal. Oral comments will be limited to 10 minutes per speaker. A person wishing to speak at the hearing will be asked to provide such person’s name, address and the person(s) or entity(ies) such person represents, if any, prior to speaking. Written comments may be submitted until the date of the public hearing to tpschenken@shermanhoward.com, with a copy to mpjaramillo@sandovalcountynm.gov.
This notice is published and the hearing is held in satisfaction of the requirements of Section 147(f) of the Code.
Dated: November 19, 2024
SANDOVAL COUNTY, NEW MEXICO