Message From The ED

Dear RIHEBC community:

Happy New Year RIHEBC Community! I hope you and your families enjoyed the holiday season.

This is our Q4 2022 Newsletter and if you scroll down, you’ll find a summary of RIHEBC activity for the quarter. Included in the “RIHEBC in the News” section are two links to articles written about RIHEBC’s public school construction bond issued on behalf of the Town of Johnston (which, for those keeping track, closed in the last days of Q3 2022). A few days into Q4, interestingly enough, not only did the Johnston Sunrise pick up the story, but the Bond Buyer did, too. What, you ask, is the Bond Buyer? Well, it is an industry newspaper focused on all things bonds, read nationwide by public finance geeks like myself.

The article was factual and well-written. But I remember thinking as I read it, why on earth didn’t they mention that Celtics Interim Head Coach Joe Mazzulla is a Johnston native? Given the Celtics’ first place standing in the Eastern Conference, I thought this would have been an interesting tidbit to include. But alas, they did not, so I decided to highlight it here. And as I began to scratch the surface of Coach Mazzulla, I found some more interesting Rhode Island, dare I say, RIHEBC, connections.  

1) We’ve established that Mazzulla is from Johnston.

RIHEBC issued $85 million in tax-exempt bonds for Johnston’s public school construction projects in 2022, the same year that Coach Joe began his so-far illustrious season as Celtics head coach.

2) We know that Coach Joe attended, and played basketball for, Bishop Hendricken High School in Warwick.

RIHEBC issued $6 million in tax exempt bonds for Bishop Hendricken in 2005, the same year that Joe Mazzulla played on the Hendricken basketball team that won the state championship.

3) I learned that Coach Mazzulla’s father, Dan (may he rest in peace), played for Bryant University and is in Bryant’s Basketball Hall of Fame. (Dan Mazzulla was also head of Johnston’s Parks and Rec Department and coached the girls’ varsity team).

RIHEBC has issued over $388 million on behalf of Bryant University since 1973.

4) Finally, we know that the Mazzulla family held season tickets for the Friars men’s basketball team.

RIHEBC has issued over $468 million on behalf of Providence College since 1973.

So, is it a stretch to say Coach Joe Mazzulla owes his success to RIHEBC? Of course. But I can say with confidence that the many projects that RIHEBC has financed for Johnston, Hendricken, Bryant and PC touched this man’s life in a meaningful way and surely have at least contributed to his success.

And this, my friends, is how RIHEBC strives to enhance the lives of all Rhode Islanders.

Keep up the good work, Coach Joe. And go Celtics!

Kim Mooers

Executive Director

(401)831-3770

kmooers@rihebc.com

P.S. To the fact-checkers of the world, I did my best with the resources available to me. 😊

P.P.S. RIHEBC’s small loan program, or HELP, is launching soon. Be on the lookout for an announcement!

RIHEBC Awards $92,000 Capital Grant to Lucy’s Hearth for Shelter HVAC Repairs

On December 12th, we presented a ceremonial $92,647 Capital Grant Program check to Middletown’s Lucy’s Hearth to cover the cost of replacing HVAC units and related equipment providing heat and air conditioning for the shelter’s 15 family apartments, web server room, and staff rooms.

“On behalf of our entire Lucy’s Hearth team, I want to thank RIHEBC for this Capital Grant which will allow us to make badly needed HVAC upgrades to our facility so that families experiencing homelessness in our area have a warm and comfortable emergency and temporary shelter space,” said Ashley Salemi Tarvis, Executive Director of Lucy’s Hearth.

RIHEBC Closes On Over $15 Million In Bond Financings In Q4 2022

Blackstone Valley Prep Mayoral Academy

10/26/2022

$12,760,000 

Real Estate Acquisition

Purchase of Upper Elementary School at 3 Fairlawn Way, Lincoln, and the purchase of the Junior High School at 909 Lonsdale Ave., Central Falls; remaining funds for projects at 291 Broad St, 52 Broad St, 3 Fairlawn Way and 909 Lonsdale Ave.

Paul Cuffee School

11/15/2022

$3,100,000

Capital Improvements

Improvements to both the Upper School and Lower School for, among other projects, roof, mechanical systems, and cooling and heating systems.

RIHEBC In The News

A $3.1 million bond deal will rehabilitate Rhode Island charter school, Bond Buyer

The Rhode Island Health and Educational Building Corporation has sold $3.1 million of bonds on behalf of the Paul Cuffee School, a Providence-based, kindergarten through 12th-grade public charter school.

RIHEBC closes $12.7M bond for expansion, renovations for Blackstone Valley Prep, Providence Business News

The Rhode Island Health and Educational Building Corp. recently closed a $12.7 million bond for Blackstone Valley Prep Mayoral Academy, which runs a network of charter schools, according to a news release.

An $85 Million Deal Boosts Schools in a Rhode Island Town, Bond Buyer

The recently closed $85 million of special obligation bonds the Rhode Island Health and Educational Building Corporation sold for the town of Johnston is the latest state-backed deal targeting the mounting infrastructure needs of the state’s public education system.

RIHEBC closes on $85 million bond to finance Johnston school upgrades, Johnston Sunrise

“RIHEBC is pleased to provide the Town of Johnston with bond financing for district-wide school facility repairs and upgrades,” said Kim Mooers, Executive Director of RIHEBC. “This $85 million bond issue was sold to investors at a premium of $8.5 million, generating a total of $93.5 million to pay for Phase 1 of Johnston’s school facility improvement plan. The 30-year bond has an all-in cost to borrow of 4.63 percent.”