ANNUAL BOARD REPORT Fiscal Year Ending: June 30, 2019
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ANNUAL BOARD REPORT Fiscal Year Ending: June 30, 2019 October 2019 TABLE OF CONTENTS Page Mission Statement ....................................................................................... 3 Fiscal Year Bond Issues............................................................................... 4 Bond Financing Program ........................................................................... 5 Total Current Outstanding .......................................................... 6-9 List of Bond Issues per Year ........................................................ 10 Revenue Anticipation Note/Capital Note Program ............................... 11 List of Participants .................................................................... 12 Equipment Leasing Program .................................................................. 13 Capital Loan Program ............................................................................ 14 List of Capital Loan Program Loans ....................................... 15-17 Direct Loan and Direct Loan PLUS Program ......................................... 18 List of Direct Loan Program Loans ....................................... 19-22 Fee Schedule ............................................................................................ 23 MISSION STATEMENT The mission of the New Hampshire Health and Education Facilities Authority is to lower the cost of health and education services in New Hampshire, by providing eligible Institutions with access to high quality, readily available, low cost financing alternatives. FISCAL YEAR REVIEW During fiscal year ending June 30, 2019, the Authority issued nine series of bonds and notes totaling $94,442,862.24. During the fiscal year ending June 30, 2019, the Authority served one hospital, three continuing care retirement communities, one social service agency, one college and one secondary school. During the fiscal year ending June 30, 2019, the Authority closed 21 Direct Loan Program loans for 18 institutions in the amount of $2,030,801.78. During the fiscal year ending June 30, 2019, the Authority closed four loans for four institutions, through the reinstated Capital Loan Program, in the amount of $4,950,000 of which HEFA funded $1,235,000. - 3 - Fiscal Year Bond Issues: $25,865,000—Dartmouth-Hitchcock Health • Proceeds used to refinance prior bonds. $16,981,323 —Hunt Community • Proceeds used to construct, equip, renovate and repurpose existing facilities and construct an auditorium, gallery, roof-top patio and coffee bar. $3,100,000 — NH Catholic Charities • Proceeds used to finance construction and equipping of an addition to the Warde Nursing and Rehabilitation Center. $8,200,000 — Nashua YMCA • Proceeds used to purchase and renovate a building, construct an outdoor pool and splash pad. $30,696,539 —Rivier University • Proceeds used to finance construction, equipping and addition of new facilities. $4,000,000 —Taylor Community • Proceeds used to finance construction, furnish and equip six new cottages, and finance the associated infrastructure. $5,600,000 —The White Mountain School • Proceeds used to finance construction, renovation, and equipping of a new 32-bed dormitory and faculty housing. - 4 - Bond Financing Program of the Authority The Authority has heretofore authorized and issued various series of its revenue bonds for nonprofit colleges, universities, hospitals and other qualified entities in the State. As of June 30, 2019, the Authority had issued 605 different series of bonds and notes in the aggregate principal amount of $11,959,160,861. As of June 30, 2019, bonds and notes had been issued on behalf of 26 hospitals, 21 nursing homes and retirement communities, 1 health maintenance organization, 3 home health care providers, 2 ambulatory care clinics, 13 colleges and universities, 18 secondary schools, 4 student loan programs, 12 institutions providing educational programs, and 10 institutions providing healthcare programs. - 5 - OUTSTANDING BOND ISSUES Institution Date of Financing Original Issue Outstanding St. Paul's School 08/27/1998 $ 40,000,000.00 $ 40,000,000.00 Exeter Hospital Series B 12/19/2001 8,800,000.00 5,035,000.00 Bishop Guertin High School 03/12/2002 6,200,000.00 3,765,000.00 Riverbend Comm Mental Health 02/07/2003 6,000,000.00 3,205,000.00 Dartmouth College 03/12/2003 113,250,000.00 37,000,000.00 Exeter Hospital 11/20/2003 20,000,000.00 13,200,000.00 Kendal at Hanover Series B 10/13/2004 15,545,000.00 6,240,000.00 University System of NH Series A 01/20/2005 65,000,000.00 46,250,000.00 University System of NH Series B1, B2 08/01/2005 97,360,000.00 64,360,000.00 Frisbie Memorial Hospital 07/27/2006 25,000,000.00 21,885,000.00 Dartmouth College Series B 04/05/2007 90,000,000.00 75,000,000.00 High Mowing School 05/24/2007 2,000,000.00 1,064,156.67 Child & Family Services 07/26/2007 5,540,000.00 4,135,000.00 Moore Center Services 08/30/2007 4,295,000.00 3,335,000.00 Phillips Exeter Academy 09/19/2007 50,000,000.00 50,000,000.00 Wediko Children's Services 09/24/2007 3,800,000.00 2,917,115.59 Manchester YMCA 10/04/2007 3,800,000.00 1,755,000.00 Covenant Health Systems Series A 10/30/2007 17,030,000.00 13,795,000.00 Covenant Health Systems Series B 10/30/2007 36,650,000.00 27,535,000.00 Derryfield School 04/25/2008 7,000,000.00 5,796,960.00 Riverbend Comm. Mental Health 07/24/2008 4,100,000.00 3,330,000.00 Havenwood-Heritage Heights 09/16/2009 14,910,000.00 12,910,000.00 Pinkerton Academy Series A, B, C 05/03/2010 38,380,000.00 29,450,000.00 St. Paul's School 09/30/2010 13,655,000.00 13,655,000.00 New Hampton School 10/01/2010 6,605,000.00 4,084,480.00 Crotched Mountain Rehab. Center 11/30/2010 30,000,000.00 23,341,758.00 Brewster Academy 02/04/2011 18,000,000.00 15,647,280.64 Concord Hospital 03/18/2011 49,795,000.00 22,170,000.00 University System of NH Series A 06/23/2011 6,000,000.00 6,000,000.00 University System of NH Series B 06/23/2011 42,570,000.00 30,260,000.00 Measured Progress Series A 06/30/2011 12,000,000.00 8,493,798.00 Measured Progress Taxable 06/30/2011 6,000,000.00 4,341,077.00 RiverMead Series A 12/15/2011 21,670,000.00 21,670,000.00 Exeter Hospital 02/09/2012 32,565,000.00 25,260,000.00 NHOF/Presidential Oaks 03/22/2012 4,000,000.00 2,910,303.78 Androscoggin Valley Hospital Series B 03/29/2012 12,500,000.00 7,307,271.40 Holderness School 03/29/2012 4,500,000.00 4,325,000.00 University System of NH 04/03/2012 23,260,000.00 6,470,000.00 Southern NH University 06/07/2012 62,915,000.00 58,805,000.00 Colby-Sawyer College 06/13/2012 27,000,000.00 24,081,673.62 Covenant Health Systems 06/27/2012 27,000,000.00 26,260,000.00 Continued… - 6 - Institution Date of Financing Original Issue Outstanding Cardigan Mountain School 07/11/2012 $ 11,000,000.00 $ 9,894,765.69 RiverWoods at Exeter Series A 09/28/2012 33,605,000.00 27,225,000.00 RiverWoods at Exeter Series B 09/29/2012 32,000,000.00 27,435,000.00 Cheshire Medical Center 11/15/2012 29,650,000.00 25,145,000.00 Speare Memorial Hospital 12/07/2012 21,100,000.00 15,220,399.57 Catholic Medical Center 12/19/2012 35,275,000.00 22,450,000.00 Concord Hospital Series A 02/06/2013 45,000,000.00 38,860,000.00 New Hampton School 04/04/2013 5,000,000.00 3,394,592.00 Concord Hospital Series B 04/25/2013 32,421,264.00 10,580,043.00 The Huntington at Nashua 05/01/2013 23,000,000.00 17,205,699.50 Dublin School 05/03/2013 1,200,000.00 907,105.90 Coe-Brown Northwood Academy 05/14/2013 3,300,000.00 2,499,306.92 Saint Anselm College 07/25/2013 12,000,000.00 12,000,000.00 B & G Clubs of Greater Concord 09/05/2013 3,000,000.00 971,054.79 Elliot Hospital 09/30/2013 17,021,000.00 3,435,846.94 Havenwood Heritage Heights Series B 11/01/2013 14,470,000.00 14,394,500.55 RiverMead at Peterborough 12/23/2013 13,550,000.00 9,082,000.00 New England College Series A 02/28/2014 3,635,801.54 2,919,444.68 New England College Series B 02/28/2014 8,364,198.46 7,733,907.16 Holderness School 04/23/2014 4,500,000.00 3,850,307.95 University System of NH 06/02/2014 21,760,000.00 13,595,000.00 Covenant Health Systems 07/17/2014 16,900,000.00 14,135,000.00 Dartmouth-Hitchcock Series A 08/13/2014 26,960,000.00 26,960,000.00 Dartmouth-Hitchcock Series B 08/13/2014 14,530,000.00 14,530,000.00 Southern NH University Series A 08/27/2014 32,208,000.00 30,038,000.00 Southern NH University Series B 08/27/2014 19,069,000.00 13,563,000.00 Southern NH University Series C 08/27/2014 15,071,000.00 12,337,000.00 Keystone Hall 09/15/2014 3,963,900.00 3,561,611.91 Southern District YMCA Series A 11/13/2014 2,750,000.00 2,481,704.60 Southern District YMCA Series B 11/13/2014 2,904,000.00 1,579,265.60 Exeter Hospital ELP 03/26/2015 6,000,000.00 2,464,315.55 University System of NH 05/13/2015 116,970,000.00 110,530,000.00 YMCA of Greater Nashua Series A 05/19/2015 5,700,000.00 4,802,201.12 YMCA of Greater Nashua Series B 05/19/2015 3,500,000.00 3,369,978.75 St.