ANNUAL BOARD REPORT Fiscal Year Ending: June 30, 2018
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ANNUAL BOARD REPORT Fiscal Year Ending: June 30, 2018 October 2018 TABLE OF CONTENTS Page Mission Statement ………………………………………………… 1 Fiscal Year Review ……………………………………………….. 2 Bond Financing Program …………………………………………. 6 Total Current Outstanding ………………………………………………….. 7 List of Bond Issues per Year ……………………………………………….. 12 Chart—Bond Issues by Sector ... ………………………………………….. 13 Revenue Anticipation Note/Capital Note Program ……………... 14 List of Participants ………………………………………………………….. 15 Equipment Leasing Program …………………………………….. 16 Capital Loan Program ……………………………………………. 17 List of Capital Loan Program Loans ……………………………………….. 18 Chart—Capital Loans by Sector..………………………………………….. 21 Direct Loan and Direct Loan PLUS Program ……..…………... 22 List of Direct Loan Program Loans …………………………...………… 23 Chart Direct Loans by Sector………………………………………...….. 26 Fee Schedule ……………………………………………………….. 27 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. 1 FISCAL YEAR REVIEW • During fiscal year ending June 30, 2018, the Authority issued 31 series of bonds and notes totaling $991,356,554. • The Authority served 1 vocational institution, 3 secondary schools, 4 hospitals, 5 continuing care retirement communities, the New Hampshire University System, 3 colleges and 4 social service agencies through the 31 series of bonds and notes. • During the fiscal year ending June 30, 2018, the Authority closed 20 Direct Loan Program loans to19 institutions in the amount of $2,244,305. Fiscal Year Bond Issues: $5,760,000—Mental Health Center of Greater Manchester Proceeds used to purchase office building. Employs 300 staff members Serves 11,000 consumers annually $3,535,000—Moore Center Services Interest rate conversion. Employs 296 full-time equivalents Serves 2,587 consumers annually $3,395,000—Riverbend Community Mental Health, Inc. Interest rate conversion. Employs 377 full-time equivalents Serves 5,000 consumers annually $61,115,000—Catholic Medical Center Proceeds used to finance the construction, renovation, furnishing and equipping of newly acquired and existing space; acquisition and im- plementation of a new electronic health records system; expand exist- ing parking lot and construct a new parking lot. Employs 2,425 full-time equivalents Admissions: 19,191 (July 1, 2017 – June 30, 2018) Outpatient Visits – 844,854 (July 1, 2017 – June 30, 2018) $3,118,571.51—Wediko Children’s Services Interest rate conversion. Employs 185 full-time equivalents Serves 8,532 consumers annually 2 $4,000,000—Dublin School Proceeds used to construct and equip new administrative building and new dorm; expansion of existing recital hall and renovation of faculty housing. Employs 72 full-time equivalents Serves 165 students annually $5,943,000—The Derryfield School Interest rate conversion. Employs 94 full-time equivalents Serves 391 students annually $102,825,000 —University System of New Hampshire Proceeds used to refinance prior debt Employs 4,456 benefit eligible faculty and staff (2018) Employs 7,378 non– benefit eligible staff (2018) Serves 25,525 FTE enrollment annually (2018) $15,676,000—Tilton School Proceeds used to refinance existing debt and to finance routine capital expenditures, miscellaneous construction, renovation, improvements and equipping of facilities. Employs 102 staff, faculty and administrators Serves 250 resident students annually $37,660,000—Dartmouth College Proceeds used to refinance existing debt. Employs 3,991 full-time equivalents Serves 6,429 students annually $54,210,000—Concord Hospital Proceeds used to construct medical office building, parking garage and to fund routine capital expenditures. Employs 2,642 full-time equivalents Admissions: 14,642 (July 1, 2017 - June 30, 2018 ) Outpatient Visits: 648,035 (July 1, 2017 - June 30, 2018) 3 $17,575,000—Scott-Farrar Proceeds used to refinance existing debt. Employs 46 staff Serves 70 residents annually $232,235,000—Dartmouth-Hitchcock Health Proceeds used to refinance existing debt. $5,500,000—New England College Proceeds used to construct and equip new facility. Employs 39 full-time equivalents Serves 2,800 students annually $93,015,000—RiverMead Proceeds used to construct and equip new units; miscellaneous con- struction, renovation and improvements to existing facilities; Series 2013 interest rate conversion. Employs 180 full-time equivalents Serves 300 residents annually $99,565,000 - Partners HealthCare/Wentworth Douglass Hospital Proceeds used to refinance existing debt. Employs approximately 2,057 full-time equivalents Admissions: 8,141 (7/1/17-6/30/18) Outpatient Visits (Hospital Only): 320,932 (7/1/17-6/30/18) $16,150,000—Saint Anselm College Proceeds used to finance the acquisition, construction, renovation, installation and equipping of welcome center; current refund S-2008 Bonds; finance swap termination fees. Employs 700 full-time equivalents Serves 1,900 students annually 4 $7,247,663—John H. Whitaker Place Proceeds used to construct expansion to existing building for addi- tional units; current refund S-2011 Bonds. Employs 9.7 full-time equivalents Serves 60 consumers annually $5,000,000—New England Carpenters Training Fund Proceeds used for acquisition, reconstruction, renovation and equip- ping of facility. Employs 32 full-time equivalents Trained 1,922 journeymen carpenters (calendar year) Apprenticeship Program - 1,814 apprentices attending training $98,380,000—RiverWoods Durham Proceeds used to finance the construction, equipping and furnishing of new continuing care retirement community. Upon opening RiverWoods Durham will employ approximately 128 full-time equivalents serve approximately 270 consumers annually. $39,229,319—Kendal at Hanover Proceeds used to finance the construction, addition, equipping and renovations of health center and 14 additional units; current refund S- 2008 Bonds. Employs 203 full-time equivalents Serves, on average, 408 consumers. 5 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, 2018, the Authority had issued 594 different series of bonds and notes in the aggregate principal amount of $11,864,717,999. As of June 30, 2018, 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. 6 Outstanding Bond Issues Principal Owed Original as of FYE Issue Series Issue 06/30/18 Hunt Community 03/28/1996 $ 13,220,000.00 $ 6,065,000.00 St. Paul's School 08/27/1998 40,000,000.00 40,000,000.00 Exeter Hospital Series 2001B 12/19/2001 18,800,000.00 5,910,000.00 Bishop Guertin HS 03/12/2002 6,200,000.00 3,975,000.00 Riverbend Comm. 02/07/2003 6,000,000.00 3,340,000.00 Dartmouth College 03/12/2003 113,250,000.00 45,500,000.00 Exeter Hospital 11/20/2003 20,000,000.00 13,845,000.00 Kendal at Hanover 2004B 10/13/2004 15,545,000.00 7,080,000.00 University System of NH 2005A 01/20/2005 65,000,000.00 48,200,000.00 USNH 2005-B1, B2 08/01/2005 97,360,000.00 68,955,000.00 NH Institute of Art 09/29/2005 7,000,000.00 5,185,000.00 Frisbie Memorial Hospital - R 07/27/2006 25,000,000.00 21,900,000.00 Dartmouth College B 04/05/2007 90,000,000.00 75,000,000.00 High Mowing School 05/24/2007 2,000,000.00 1,102,589.09 Child & Family Services 07/26/2007 5,540,000.00 4,275,000.00 Moore Center Services 08/30/2007 4,295,000.00 3,440,000.00 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 3,033,478.60 Manchester YMCA 10/04/2007 3,800,000.00 1,895,000.00 Covenant Health Systems 2007A 10/30/2007 17,030,000.00 14,175,000.00 Covenant Health Systems 2007B 10/30/2007 36,650,000.00 28,980,000.00 Rivier College 02/08/2008 17,745,000.00 13,810,000.00 Derryfield School 04/25/2008 7,000,000.00 5,895,060.00 Riverbend Comm.Mental Health 07/24/2008 4,100,000.00 3,395,000.00 NH Institute of Art 04/27/2009 9,000,000.00 7,445,000.00 Dartmouth College 06/18/2009 198,875,000.00 7,920,000.00 Havenwood-Heritage Heights 09/16/2009 14,910,000.00 13,305,000.00 Pinkerton Academy A, B, C 05/03/2010 38,380,000.00 30,705,000.00 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 4,205,612.00 Crotched Mtn. Rehab. Center 11/30/2010 30,000,000.00 24,260,712.00 7 Outstanding Bond Issues Principal Owed Original as of FYE Issue Series Issue 06/30/18 Brewster Academy 02/04/2011 $ 18,000,000.00 $ 16,064,444.48 Concord Hospital 03/18/2011 49,795,000.00 26,115,000.00 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 32,275,000.00 Measured Progress Series A 06/30/2011 2,000,000.00 9,009,343.00 Measured Progress Taxable 06/30/2011 6,000,000.00 4,590,906.00 RiverMead Series A 12/15/2011 21,670,000.00 21,670,000.00 Exeter Hospital 02/09/2012 32,565,000.00 26,530,000.00 NHOF/Presidential Oaks 03/22/2012 4,000,000.00 3,086,266.42 Androscoggin Valley Hospital A 03/29/2012 2,000,000.00 260,681.02 Androscoggin Valley Hospital B 03/29/2012 12,500,000.00