Public Hearing - AMS Properties - Arkansas, LLC

Jake Bleed

NOTICE OF PUBLIC HEARING ON PROPOSED PLAN OF FINANCE AND
ISSUANCE OF REVENUE BONDS BY ARKANSAS DEVELOPMENT FINANCE AUTHORITY
FOR THE BENEFIT OF AMS PROPERTIES – ARKANSAS, LLC

Notice is hereby given, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”) and Act No. 852 of the Acts of Arkansas of 1987, that a public hearing will be conducted by a representative or representatives of the Arkansas Development Finance Authority (the “Authority”) with respect to the proposed issuance by the Authority of its charter school revenue bonds in an aggregate principal amount not to exceed $27,000,000 (the “Bonds”), to be issued in one or more series, pursuant to a plan of finance for AMS Properties – Arkansas, LLC (the “Borrower”), an Arkansas limited liability company, the sole member of which is AMS Schools – National, Inc., an Texas non-profit corporation and an organization described in Section 501(c)(3) of the Code. The Bonds will be issued as “qualified 501(c)(3)” bonds pursuant to Section 145 of the Code.

The proceeds of the Bonds will be loaned to the Borrower and used to (a) finance or refinance, as applicable, the costs, in whole or in part, of acquiring, constructing and equipping educational facilities consisting of land, buildings, improvements, equipment and facilities located at 6423 Stagecoach Road, Little Rock, Arkansas, Tax Parcel Nos. 44L0880007500, 44L18809100500, 44L1880100600, 44L1880100800, and 44L1880100900 (the “2024 Project”), (b) pay necessary expenses incidental to the sale and issuance of the Bonds, (c) fund certain interest on the Bonds (if any), and (d) fund a debt service reserve fund (if any). The 2024 Project will be owned by the Borrower and leased to and operated by AMS Schools – Arkansas, Inc., an organization described in Section 501(c)(3) of the Code, for use as a charter school to be known as “Academy of Math & Science – Little Rock.”

The Bonds will be issued pursuant to Arkansas Code Annotated Sections 15-5-101 et seq., and a resolution to be adopted by the Board of Directors of the Authority and will be secured by and payable from certain revenues of the Borrower and by a lien on certain real and personal property owned by the Borrower. The Bonds will not be secured by or payable from any revenues or property of the Authority, the State of Arkansas or any political subdivision thereof within the meaning of any constitutional or statutory provision.

Any persons interested may express their views, both orally and in writing, on the proposed issuance of the Bonds before the representative or representatives of the Authority on Wednesday, May 15, 2024, at 9:00 a.m. in the offices of the Authority located at #1 Commerce Way, Suite 602, Little Rock, Arkansas. At such hearing all objections and suggestions will be heard and considered.

May 2, 2024 /s/ Mark Conine

President, Arkansas Development

Finance Authority