MKA Montclair TEFRA Notice

Published on June 20, 2024

LEGAL NOTICE OF PUBLIC HEARING

NOTICE IS HEREBY GIVEN that the Municipality of Montclair, New Jersey (the “Municipality”) will hold a telephonic public hearing on June 28, 2024, at 10:00 a.m., for the purpose of providing a reasonable opportunity for interested persons to express their views orally, regarding a plan of finance for the proposed issuance by the National Finance Authority (the “Authority”) of one or more issues of its qualified 501(c)(3) bonds (the “Bonds”), with respect to the following application for economic development bond financing for the facility described below. 

Pursuant to Internal Revenue Service Revenue Procedure 2022-20, providing guidance for the holding of teleconference public hearings in conformance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), the public hearing will be held via the following telephonic conference line: 888-551-1322 (a toll-free telephone number) and the following conference code: 222-929-322#.

Interested persons may also submit written comments to the Municipality regarding the proposed issuance of the Bonds. Such written comments must be received by the Municipality by close of business day on June 28, 2024. Written comments must be addressed to:

McCarter & English, LLP
100 Mulberry Street
Four Gateway Center
Newark, New Jersey 07102
Attention: Richard J. Myslinski, Esq.

The proceeds from the sale of the Bonds will be loaned to Montclair Kimberley Academy Foundation, a nonprofit corporation organized under the laws of the State of New Jersey (“MKA”), to be used to: (i) (A) renovate 18,000 square feet in the current Math and Science building and an additional 9,000 square feet of new construction, resulting in an approximately 27,000-square-foot building consisting of one basement level and two additional stories, which will house classrooms, labs, student common space, faculty offices, meeting space, an enclosed courtyard, and a connection to the Green Roof that is on top of the Academic Center; (B) replace the main boiler; and (C) construct and remove temporary facilities in the existing gymnasium to be utilized for the duration of the construction and renovation (collectively, the “Project”), and (ii) pay costs related to issuance of the Bonds.  

The maximum aggregate amount of the Bonds is not expected to exceed $13,000,000.  The Project will be owned and operated by MKA and located in the municipality of Montclair, New Jersey.  

The Project’s address is 6 Lloyd Road, Montclair, New Jersey 07042 and MKA’s mailing address is 201 Valley Road, Montclair, New Jersey 07042.

THE BONDS WILL BE LIMITED OBLIGATIONS OF THE AUTHORITY. THE BONDS WILL NOT BE A DEBT OF THE MUNICIPALITY. THE BONDS WILL BE PAYABLE SOLELY FROM THE FUNDS PLEDGED FOR THEIR PAYMENT IN ACCORDANCE WITH THE BOND AGREEMENT.

This notice is published in accordance with the public notice requirements of Section 147(f) of the Code and regulations promulgated thereunder, as modified by Internal Revenue Service Revenue Procedure 2022-20.