Notice of Public Hearing




NOTICE IS HEREBY GIVEN that, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), the Board of Commissioners of Alleghany County, North Carolina, will hold a public hearing at its regularly scheduled meeting on August 20, 2018, at 10 AM in the Board of Commissioners’ Meeting Room located at 348 South Main Street, Room LL20, Sparta, North Carolina 28675, or as soon as practicable thereafter, concerning the proposed issuance by the Public Finance Authority (the “Authority”), a commission organized under and pursuant to the provisions of Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes, of its Assisted Living Revenue Bonds, in one or more series or issues (the “Bonds”).

The Bonds are expected to be issued by the Authority in a maximum principal amount not to exceed of $14,000,000.  The proceeds from the sale of the Bonds will be loaned to Alleghany Health Investors, LLC and Alleghany House, LLC, each a North Carolina limited liability company, of which Regional Housing & Community Services Corporation, a California public-service corporation and an organization described in Section 501(c)(3) of the Code, is the sole member (collectively, the “Borrower”), and used to finance or refinance (i) the acquisition and construction of an approximately 37,936 square foot, 56 unit (72 beds) assisted living facility located on 17 acres in Sparta, Alleghany County 28675, bounded to the north by Chestnut Grove Church Road, to the south and west by Highway 21 S. and to the east by Narrow Road (collectively, the “Project”), including the acquisition of land, certificates of need, licenses and certain predevelopment expenses associated with the facility (collectively, the “Project”), and (ii)  certain fees and costs associated with the issuance of the Bonds.

The Project will initially be owned and operated by the Borrower.

The Bonds will be special 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 trust indenture for the Bonds.

At the time and place fixed for the public hearing, all persons who appear will be given a reasonable opportunity to express their views, both orally and in writing, for or against the proposed issuance of the Bonds, the location and nature of the Project and other related matters. The Board also intends at the August 20, 2018, meeting to consider and take action on a resolution regarding the issuance of the Bonds by the Authority.

Any person wishing to submit written comments regarding the proposed issuance of the Bonds, the location and nature of the Project and other related matters should do so by submitting comments to the Clerk to the Board no later than 8:00 AM on August 20, 2018, at 348 South Main Street, Room LL20, Sparta, North Carolina 28675.

Additional information concerning the Project may be obtained from Jeff Poley, Esq., 301 Fayetteville Street, Suite 1400, Raleigh, NC 27601; Email Address:

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