PUBLIC HEARING NOTICE
NOTICE IS HEREBY GIVEN that Pennsylvania Higher Educational Facilities Authority (the “Authority”) will hold a public hearing on March 12, 2026, at 10:00 a.m., prevailing time, in Hearing Room #4 in the Commonwealth Keystone Building, 400 North Street, Harrisburg, PA 17120. The purpose of the meeting is to discuss the proposed issuance of up to $120,000,000 in aggregate principal amount of tax-exempt revenue bonds (the “Bonds”) in one or more series on one or more dates pursuant to a plan of finance for the following educational facility project (the “Project”). The Bonds are intended to be issued as qualified 501(c)(3) bonds for the benefit of Drexel University (the “University”), a Pennsylvania nonprofit corporation.
A. Owner and Principal User: Drexel University
B. Maximum Principal Amount of Issue: $120,000,000
C. Description of the Project: The proceeds of the Bonds will be used for the following:
(i) Bonds to finance the refunding of all or a portion of the Authority’s Series of 2016 Bonds (the “2016 Bonds”) outstanding in the approximate principal amount of $111,130,000, the proceeds of which financed and/or refinanced (a) various capital improvements to, and acquisition of equipment for the University’s academic, residential and administrative facilities located on the University’s Main Campus which is generally located between 31st and 37th Streets (east/west boundary) and between Powelton Avenue and Walnut Street (north/south boundary) in Philadelphia, Pennsylvania (“Main Campus”), on its Queen Lane Campus located at 2900 Queen Lane, Philadelphia, Pennsylvania (“Queen Lane Campus”) and on its Center City Campus located between Watts and 16th Streets (east/west boundary) and between Wood Street and Race Street (north/south boundary) (“Center City Campus”); and (b) the payment of certain costs of issuance of the 2016 Bonds.
(ii) Bonds to finance the refunding of all or a portion of the Authority’s Series of 2017 Bonds (the “2017 Bonds”) outstanding in the approximate principal amount of $85,580,000, the proceeds of which financed and/or refinanced (a) various capital improvements to, and acquisition of equipment for the University’s academic, residential and administrative facilities located on the University’s Main Campus, its Queen Lane Campus and its Center City Campus; and (b) the payment of certain costs of issuance of the 2017 Bonds.
(iii) Bonds to finance the refunding of all or a portion of the Authority’s Series of 2020A Bonds (the “20202A Bonds”) outstanding in the approximate principal amount of $125,795,000, the proceeds of which financed and/or refinanced (a) various capital improvements to, and acquisition of equipment for the University’s academic, residential and administrative facilities located on the University’s Main Campus, its Queen Lane Campus and its Center City Campus; and (b) the payment of certain costs of issuance of the 2020A Bonds.
D. Location of Facilities: The facilities to be financed or refinanced by the Bonds will be or are located at the following locations:
(i) The University’s Main Campus described above.
(ii) The University’s Queen Lane Campus described above.
(iii) The University’s Center City Campus described above.
At the public hearing, any and all persons in attendance will be afforded an opportunity to comment on the proposed Project and the issuance by the Authority of the Bonds. If you need an accommodation due to disability and want to attend the meeting, please call (717) 975-2209 [at least 24 hours in advance] so arrangements can be made.
This notice is published, and the public hearing is being held by and on behalf of the Authority as the issuer of the Bonds in accordance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.
Interested persons can also submit written comments on the plan of financing at least twenty-four hours before the hearing to the Pennsylvania Higher Educational Facilities Authority. 400 North Street FL 6, Harrisburg. PA 17120, Attention: Executive Director.
PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORITY