Holland Community Hospital

Notice of Public Hearing Before the Michigan Finance Authority on the Issuance of Hospital Revenue and Refunding Bonds for the Benefit of Holland Community Hospital

The Michigan Finance Authority (the “MFA”) will hold a public hearing at 8:00 a.m. on August 11, 2026 via teleconference, in accordance with Treasury Regulation §1.147(f)-1 and Revenue Procedure 2022-20, for purposes of federal tax law with respect to the proposed issuance by the MFA of a principal amount not to exceed $96,000,000 Hospital Revenue and Refunding Bonds (Holland Community Hospital), Series 2026 (the “Bonds”) in one or more series for the benefit of Holland Community Hospital (“HCH”), which owns and operates hospital and healthcare facilities in the State of Michigan.  The teleconference can be accessed by dialing the following toll-free number and entering the following passcode at the time and date of the hearing.

Dial In:  (877) 402-9757

Passcode:  3764895#

The public hearing is intended to comply with the public approval requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”).

The MFA will use the proceeds of the Bonds to make a loan to HCH.  HCH will use the proceeds of the loan, together with other available funds, to: (1) finance the 2026 Project (defined below), which includes the prepayment of indebtedness owed by HCH to JPMorgan Chase Bank, N.A. (the “JPMorgan Prior Loan”); (2) refinance all or a portion of the outstanding indebtedness of HCH relating to and thereby refund the Michigan Finance Authority Hospital Revenue and Refunding Bonds (Holland Community Hospital), Series 2016A (the “Series 2016A Bonds”); and (3) pay the costs of issuing the Bonds.

A portion of the principal of the Bonds not exceeding $60,000,000 will be used to finance the 2026 Project, which consists of financing: (1) the construction, renovation and equipping of approximately 62,000 square feet of hospital facilities located at 8334 Westpark Way, Zeeland, MI; (2) the construction, renovation and equipping of approximately 16,900 square feet of hospital facilities located at 6490 Blue Star Hwy, Saugatuck, MI; (3) the construction of leasehold improvements and equipping of approximately 6,700 square feet of a leased facility, the principal owner of which is 3424 Chicago Drive, LLC, located at 3440 Chicago Drive, Hudsonville, MI; (4) the remodeling of 19,000 square feet of administrative space in a facility located at 1072 Adams Street, Holland, MI; (5) the remodeling of an approximately 15,400 square feet of administrative offices, including those of HCH’s Home Health Department, which provides skilled medical care and therapy services to patients in their homes, located at 175 S. Waverly, Holland, MI; (6) the financing of the acquisition, construction, improvement, renovation, furnishing and equipping of leasehold improvements of approximately 9,867 useable square feet of space for planned expansion of Primary Care and Specialty Care Services, the principal owner of which is 1616 S. Beacon Associates, L.L.C. and located at 1600 S. Beacon Ave, Grand Haven, MI; and (7) the renovation, furnishing, and equipping of facilities and maintenance of equipment at HCH’s main campus located at 602 Michigan Avenue, Holland, MI (the “Main Campus”) (collectively, the “2026 Project”). On November 7, 2025, $10,000,000 of the 2026 Project was initially funded under the JPMorgan Prior Loan which will be prepaid with the Bonds.  Except for the leasehold interests described above, HCH will own and operate the hospital facilities and equipment.

A portion of the principal of the Bonds not exceeding $36,000,000 will be used to refund the Series 2016A Bonds.  The Series 2016A Bonds were issued on October 6, 2016 in the amount of $41,320,000 and were used in part to finance: (1) the acquisition of land for parking, the relocation, renovation and equipping of an approximately 656 square foot operating room, and the construction and equipping of an approximately 853 square foot storage area and additional workspace, all located at the HCH Surgery Center, 12087 Felch Street, Holland, MI; (2) the renovation, construction and equipping of an approximately 2,200 square foot Phase II Surgery expansion located at Main Campus; (3) the renovation, construction and equipping of an approximately 12,438 square foot Cath Lab and imaging equipment located at the Main Campus; (4) the construction of a chiller/cooling tower located at the Main Campus; and (5) the acquisition and installation of various equipment and systems, including but not limited to, an elevator replacement, an ortho/neuro drill system, an Echo reporting system, defibrillators, a Cerner revenue cycle and bedside monitor replacement, and other hospital equipment, all to be located at the Main Campus.  HCH owns and operates the hospital facilities and equipment.

A portion of the proceeds of the 2016A Bonds were also used to refund the Michigan State Hospital Finance Authority Variable Rate Demand Revenue Bonds (Holland Community Hospital), Series 2004B (the “Series 2004 Bonds”).  HCH used the proceeds of the Series 2004 Bonds, together with other available funds, to finance: (1) the construction and equipping of a West Addition, which included an approximately 12,800 square foot addition to the existing Emergency Department, and one additional level above the existing and expanded Emergency Department of approximately 29,000 square feet, and the renovation of the existing Emergency Department, for use as an Emergency Department and Acute Treatment Area and Support Space, Cardiac Rehabilitation, Administration, Information Technology, Diabetic Education and Dietician Offices, and which houses mechanical and air handling equipment; and (2) the construction and equipping of an approximately 64,400 square foot two-level East Wing Addition, including the demolition of approximately 42,000 square feet of the hospital built in 1927 and 1947 located on the east wing of the hospital, and renovation of portions of the existing hospital, for use for critical care and telemetry, a ground floor entry, a conference center, a mechanical room and related hospital uses. All improvements were undertaken at Main Campus. HCH owns and operates the hospital facilities (including the additions).

A portion of the proceeds of the 2016A Bonds were also used to prepay an existing loan (the “HELP Loan”) made to HCH by the MFA under the MFA’s healthcare equipment loan program and refund a corresponding portion of the MFA’s outstanding Healthcare Equipment Loan Program Bonds, Series C (the “HELP Bonds”). HCH used the proceeds of the HELP Loan, together with other available funds, to finance renovations to and medical equipping of the following medical facilities:  (1) the Main Campus; (2) the Holland Hospital Services, 3299 Wellness Drive, Suite 140, Holland, MI; and (3) the Sleep Lab, 854 South Washington Avenue, Holland, MI.  HCH owns and operates the hospital facilities and the equipment.

The Bonds will be limited obligations of the MFA payable only from loan repayments to be made by HCH to the MFA and certain funds and accounts established by or pursuant to the bond indenture under which the Bonds will be issued.  The Bonds will not be a general obligation of the MFA and will not be a debt of the State of Michigan (the “State”) or any political subdivision of the State.  The MFA has no taxing power, and the issuance of the Bonds will not obligate the State or any political subdivision of the State to levy or pledge any form of taxation for the Bonds or to make any appropriation for the payment of the Bonds. 

The hearing will provide a reasonable opportunity for expression of opinion, argument on the merits and introduction of evidence pertaining to the proposed issuance of the Bonds.  Written comments will be accepted by the MFA at TreasMFA@michigan.gov, but must be received on or before the time and date of the hearing.  Any questions regarding the hearing should be directed to Graham Davidson at (517) 335-0994 in advance of the hearing.

John Barton, Authorized Officer
Michigan Finance Authority
Richard H. Austin State Office Building
430 West Allegan, First Floor
Lansing, Michigan  48922
Telephonez; (517) 335-0994
Dated: July 29, 2026