Public Hearing Regarding Education Media Foundation Radio Station

From the Village of Port Chester:

NOTICE IS HEREBY GIVEN THAT A PUBLIC HEARING WILL BE HELD by the Board of Trustees (the "Board") of the Village of Port Chester, New York (the "Village"), in the Courtroom, Second Floor, Police Headquarters/Justice Court at 350 North Main Street in Port Chester, New York 10573 on Tuesday, January 18, 2011, at or about 7:00 p.m. concerning the proposed issuance by the Colorado Educational and Cultural Facilities Authority (the "Authority") of its tax-exempt obligations for the benefit of Educational Media Foundation, a California nonprofit corporation (the "Borrower"), in one or more series and in the aggregate principal amount of approximately $16,000,000 (the "Obligations"). The Borrower expects to use the proceeds of the Obligations (a) to refinance the cost of acquiring a Federal Communications Commission (FCC) license (the "License") to operate a radio station (FCC Channel/Class 244A, currently known as 96.7 FM) (the "Radio Station") assigned by the FCC to the Village, that is expected to offer public affairs programming, contemporary Christian music, public service announcements and personal counseling by phone to listeners, (b) to finance and refinance the cost of acquiring related equipment, and (c) to pay certain costs of issuing the Obligations, including costs of any credit enhancement for the Obligations (collectively, the "Project"). The radio antenna relating to the License and Radio Station is located in the City of New Rochelle, New York, at 175 Huguenot Street. The Authority will loan the proceeds of the Obligations to the Borrower to accomplish the Project. The Borrower is the owner, operator and manager of the License and the Radio Station.
Interested persons are invited to attend the public hearing which will be the only public hearing held prior to the consideration by the Board of the resolution approving the issuance of the Obligations for the proposed purposes described above. Such approval is necessary for compliance with the Internal Revenue Code of 1986, as amended, and does not obligate the Village to make any payments nor undertake any future actions with respect to the Obligations which are not and will not be indebtedness of the Village.