NOTICE OF PUBLIC HEARING BY THE BOARD OF
COMMISSIONERS FOR THE COUNTY OF CUMBERLAND,
NORTH CAROLINA REGARDING THE FINANCING OF HEALTH CARE FACILITIES WITH PROCEEDS OF
TAX-EXEMPT BONDS TO BE ISSUED BY
THE PUBLIC FINANCE AUTHORITY FOR THE
BENEFIT OF CUMBERLAND COUNTY HOSPITAL
SYSTEM, INC. D/B/A CAPE FEAR VALLEY HEALTH SYSTEM
NOTICE IS HEREBY GIVEN to all interested persons that the Board of Commissioners for the County of Cumberland, North Carolina (the "County"), will hold a public hearing in the Board of Commissioners Meeting Room (Room 118) on the first floor of the Judge E. Maurice Braswell Cumberland County Courthouse, 117 Dick Street, Fayetteville, North Carolina 28301, at 6:45 p.m. or as soon thereafter as may be heard, on June 15, 2026, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), with respect to the proposed issuance by the Authority (as defined below) of its revenue bonds in one or more series (the "Bonds").
The Bonds are expected to be issued pursuant to Section 66.0304 of the Wisconsin Statutes, as amended, by the Public Finance Authority (the "Authority"), a commission organized under and pursuant to the provisions of Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes, as amended, and the proceeds from the sale of the Bonds will be loaned to Cumberland County Hospital System, Inc. d/b/a Cape Fear Valley Health System (the "Corporation"), a North Carolina nonprofit corporation and an organization described in Code Section 501(c)(3). The Bonds will be qualified 501(c)(3) bonds as defined in Code Section 145. The maximum stated principal amount of Bonds to be issued is $40,000,000.
The Corporation will use the proceeds from the sale of the Bonds to (a) pay, or reimburse the Corporation for paying, a portion of the cost of (i) the construction, expansion, renovation and equipping of a three-story addition to the patient services tower at Cape Fear Valley Medical Center that will include, but not be limited to, (A) the expansion of the pediatric emergency services area to add new exam rooms and a pediatric resuscitation room, (B) the expansion of the surgical services area to include a new operating room, a new procedure room, new recovery rooms and a new patient preparation area that will connect to the existing surgery support areas and operating rooms and (C) the renovation and expansion of the current emergency department waiting area (collectively, the "OR/ER Project") and (ii) routine capital improvements and expenditures (collectively, the "Routine Capital Expenditures," and together with the OR/ER Project, the "Project"); and (b) pay, or reimburse the Corporation for paying, certain expenses incurred in connection with the issuance of the Bonds.
The Project initially will be owned by the Corporation. The Project will be located on the campus of Cape Fear Valley Medical Center, which has a primary address of 1638 Owen Drive, Fayetteville, North Carolina 28304. The campus is bordered by Owen Drive, Village Drive and Roxie Avenue.
The Bonds will be special limited obligations of the Authority payable solely from the loan repayments to be made by the Corporation to the Authority, and certain funds and accounts established by the documents for the Bonds. The principal of, premium, if any, and interest on the Bonds will not constitute an indebtedness or liability of the County of Cumberland, the State of North Carolina, or any political subdivision of the State of North Carolina, or a charge against their general credit or any taxing powers.
The hearing will provide a reasonable opportunity to be heard for persons wishing to express their views on the merits and location of the Project, the issuance of the Bonds or related matters. Any person wishing to comment in writing should do so prior to such meeting to the Board of Commissioners for the County of Cumberland, North Carolina, Post Office Box 1829, Fayetteville, North Carolina 28302-1829, Attention: Clerk to the Board of Commissioners.
BOARD OF COMMISSIONERS FOR THE COUNTY OF
CUMBERLAND, NORTH CAROLINA
By: Andrea Tebbe
Clerk to the Board of Commissioners
June 5 2026
LWLM0531496