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NOTICE OF PUBLIC HEARING
<br />Monday, May 15, 2006
<br />2:00 p.m.
<br />Lane Council of Governments
<br />Siuslaw Conference Room
<br />rd
<br />Wells Fargo Building, 3 Floor
<br />99 East Broadway
<br />Eugene, Oregon 97401-3111
<br />NOTICE IS HEREBY GIVEN
<br /> that a public hearing will be held on Monday,
<br />May 15, 2006, at 2:00 p.m. in the Lane Council of Governments’ Siuslaw Conference Room
<br />rd
<br />located at the Wells Fargo Building, 3 Floor, 99 East Broadway, Eugene, Oregon 97401-
<br />3111 for the purpose of hearing public comments on a request by Pacific Retirement Services,
<br />Inc. (“PRS”) and its affiliate, Cascade Manor, Inc. (the “Borrower”), to The Hospital
<br />Facilities Authority of the City of Medford, Oregon (the “Authority”) with respect to the
<br />authorization, execution, sale and delivery of Variable Rate Demand Revenue Bonds, Series
<br />2006 (Cascade Manor Project) (the “Bonds”), in one or more series, in an aggregate principal
<br />amount not exceeding $20,000,000.
<br />The maximum dollar amount of Bonds to be issued to finance and/or refinance all of
<br />the projects below is $20,000,000. The actual amount of Bonds issued for any specific
<br />Project may be less than the maximum amount indicated. The proceeds of the Bonds shall be
<br />used for the following purposes (collectively, the "Project"):
<br />(i)to reimburse costs of the construction, furnishing and equipping of
<br />approximately 50 new units, a fitness center and remodeling to the main
<br />building at Cascade Manor, Inc. (the “Refunded Loan”) in the approximate
<br />amount of $18,500,000; and
<br />(ii)to construct additions, renovations, improvements or enlargements to the
<br />health center at Cascade Manor, Inc. in the approximate amount of
<br />$1,500,000.
<br /> All of the above assets composing the Project are located at 65 West 30th Avenue,
<br />Eugene, Oregon 97403. The Borrower will be the initial owner of the Project.
<br /> Section 147(f) of the Internal Revenue Code of 1986, as amended, requires that
<br />qualified 501(c)(3) bonds be approved by the applicable elected representatives of (1) the
<br />governmental unit issuing such bonds (The Hospital Facilities Authority of the City of
<br />Medford, Oregon) and (2) the governmental unit having jurisdiction over the area in which
<br />the Project is located (the City of Eugene, Oregon). The City of Eugene, Oregon, as the
<br />governmental unit having jurisdiction over the area in which the Project is located, will cause
<br />a public hearing to be held regarding the issuance of the Bonds by the Authority. Separately,
<br />the City Council of the City of Medford, Oregon, as the applicable elected representatives of
<br />DOCSPO1:101628.2
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<br />42909-6 LAH
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