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    PHEFA

    Tax Equity Fiscal Responsibility Act (TEFRA) Hearings

    A student at West Chester University, part of Pennsylvania’s State System of Higher Education, smiles while studying brain scans in a classroom. She is seated at a desk with a laptop, notebook, and projector, with MRI brain images displayed on a screen behind her.

    PUBLIC HEARING NOTICE

        The Pennsylvania Higher Educational Facilities Authority (the “Authority”) will hold a public hearing on May 5, 2026 at 10:00 a.m., prevailing time, in Hearing Room #5 in the Commonwealth Keystone Building, 400 North Street Harrisburg, PA 17120 in connection with a plan of finance for the proposed issuance of up to $420,000,000 of tax-exempt revenue bonds (the “Bonds”), in one or more series on one or more dates.  The Bonds are being issued for the benefit of The Trustees of the University of Pennsylvania (the “University”), a Pennsylvania nonprofit corporation.

            A.         Initial Owner of the Project: The Trustees of the University of Pennsylvania.

            B.         Maximum Amount of Issue: $420,000,000 in maximum aggregate principal amount of Bonds.

            C.         Purpose of Financing and Nature of the Financed Facilities:  The proceeds of the Bonds will be used for a project (the “Project”) consisting of the refunding of all or a portion of the Authority’s:

    (a)            (i) (A) The Trustees of the University of Pennsylvania Refunding Revenue Bonds, Series A of 2015, $205,670,000 original aggregate principal amount and (B) The Trustees of the University of Pennsylvania Refunding Revenue Bonds, Series B of 2015, $165,150,000 original aggregate principal amount, the proceeds of which were used to refund all or a portion of the Authority’s: (A) The Trustees of the University of Pennsylvania Revenue Bonds, Series A 2005 Bonds and Series C 2005 Bonds, (B) The Trustees of the University of Pennsylvania Revenue Bonds, Series A, Series B and Series C Bonds of 2009, (C) The Trustees of the University of Pennsylvania Revenue Bonds, Series of 2010 and (D) The Trustees of the University of Pennsylvania Revenue Bonds, Series A of 2011, the proceeds of which were used to acquire, construct, equip and renovate various facilities on the Campus (as defined below) of the University;

                    (ii) The Trustees of the University of Pennsylvania Refunding Revenue Bonds, Series A of 2016, $169,635,000 original aggregate principal amount the proceeds of which were used to refund all or a portion of the Authority’s: (A) The Trustees of the University of Pennsylvania Revenue Bonds, Series B of 2009, (B) The Trustees of the University of Pennsylvania Revenue Bonds, Series of 2010 and (C) The Trustees of the University of Pennsylvania Revenue Bonds, Series A of 2011, the proceeds of which were used to acquire, construct, equip and renovate various facilities on the Campus of the University; and

                    (iii) The Trustees of the University of Pennsylvania Commercial Paper Notes, Series 2024 (Tax-Exempt), $200,000,000 original aggregate principal amount, the proceeds of which were used to finance (A) the renovations to the Quadrangle dormitories on the Campus of the University and (B) a portion of the costs of constructing and the equipping the Vagelos Institute for Energy Science and Technology on the Campus of the University; and

                (b)        the payment of the costs of issuing the Bonds.

            D.        Location of Facilities:  The University facilities to be refinanced by the Bonds are owned and operated by the University for educational purposes and used in a single, integrated operation of the University and are located at the following locations, or adjacent or proximate sites (collectively, the “Campus”): (i) the University’s main campus in the City of Philadelphia, Pennsylvania, the boundaries of which are University Avenue on the south, the Schuylkill Expressway on the east, 43rd Street on the west, Filbert Street on the north between 43rd Street and 34th Street, and Market Street on the North between 34th Street and the Schuylkill Expressway; and (ii) at the University’s School of Veterinary Medicine facilities located at 382 West Street Road, Kennett Square, Pennsylvania 19348.

        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 its 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