NOTICE OF PUBLIC HEARING BY THE NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY REGARDING THE REFINANCING OF CAPITAL FACILITIES WITH THE PROCEEDS OF TAX-EXEMPT BONDS FOR ELON UNIVERSITY NOTICE IS HEREBY GIVEN to all interested persons that the North Carolina Capital Facilities Finance Agency (the "Agency") has been requested to modify certain of the payment terms with respect to the following tax-exempt revenue and revenue refunding bonds issued for the benefit of Elon University (the "University"): (a) North Carolina Capital Facilities Finance Agency Revenue Bonds (Elon University), Series 2012 (the "Series 2012 Bonds"), (b) North Carolina Capital Facilities Finance Agency Revenue Bonds (Elon University), Series 2014B (the "Series 2014B Bonds"), (c) North Carolina Capital Facilities Finance Agency Revenue Bonds (Elon University), Series 2017A (the "Series 2017A Bonds"), and (d) North Carolina Capital Facilities Finance Agency Revenue Bonds (Elon University), Series 2018 (the "Series 2018 Bonds" and, together with the Series 2012 Bonds, the Series 2014B Bonds and the Series 2017A Bonds, the "Existing Bonds"). The modification of the payment terms with respect to the Existing Bonds constitutes a "reissuance" and a current refunding for purposes of the Internal Revenue Code of 1986, as amended (the "Code"), and the regulations promulgated thereunder. As part of the plan of finance, in lieu of a modification of the payment terms of the Existing Bonds, the Agency may determine to issue tax-exempt revenue refunding bonds to refund all or a portion of the Existing Bonds in an aggregate principal amount not to exceed $110,500,000. The proceeds of the Series 2012 Bonds were used to (a) pay all or a portion of the cost of the acquisition, construction and equipping of improvements to the campus of the University, including, but not limited to, the construction and equipping of The Global Residential Neighborhood, which consists of buildings designated to provide classrooms, meeting spaces, faculty offices, the Cannon International Centre and residential housing for a total of approximately 600 students, and the acquisition and construction of related parking facilities, landscaping, marker walls, utilities infrastructure, and furniture, fixtures and equipment and other appurtenant facilities, (b) pay interest on the Series 2012 Bonds and certain other fees and expenses related to the Series 2012 Bonds during construction of the project and (c) pay certain costs incurred in connection with the authorization and issuance of the Series 2012 Bonds. The outstanding principal amount of the Series 2012 Bonds to be modified or refunded is $34,860,000. The proceeds of the Series 2014B Bonds were used to, together with the proceeds of the Agency's North Carolina Capital Facilities Finance Agency Revenue Bonds (Elon University), Series 2014A as part of a composite issue for federal tax purposes, refund certain tax-exempt bonds issued by the Agency to finance and refinance certain educational facilities of the University. The outstanding principal amount of the Series 2014B Bonds to be modified or refunded is $41,580,000. The proceeds of the Series 2017A Bonds were used to (a) pay or reimburse all or a portion of the cost of constructing and equipping (i) three residence hall facilities to house approximately 300 students (including the demolition of an existing facility), (ii) a tennis support building including office space, locker and training rooms and an exterior observation deck and (iii) an approximately 11,000 square foot recreation and activities center including a multi-activity court and bathroom, staff and storage space, (b) pay a portion of the interest on the Series 2017A Bonds during construction of the project and (c) pay certain costs incurred in connection with the authorization and issuance of the Series 2017A Bonds. The outstanding principal amount of the Series 2017A Bonds to be modified or refunded is $17,650,000. The proceeds of the Series 2018 Bonds were used to (a) carry out a plan of finance under which the University acquired a parcel of land to be used for academic and residential facilities on the University campus and (b) pay certain costs incurred in connection with the authorization and issuance of the Series 2018 Bonds. The outstanding principal amount of the Series 2018 Bonds to be modified or refunded is $14,088,000. All of the facilities and equipment financed or refinanced with the proceeds of the Existing Bonds to be modified or refunded are owned and operated by the University and are located on the University's campus located at or in close proximity to 100 Campus Drive, Elon, Alamance County, North Carolina. Please take notice that the Agency will hold a public hearing in the Birch Conference Room at the office of the Local Government Commission of North Carolina located at 3200 Atlantic Avenue in Raleigh, North Carolina, on April 24, 2026 at 9:00 a.m., at which time any person may be heard regarding the above-described plan of modification or the refunding of the Existing Bonds. Attendees should enter through the main visitor entrance of the building. Following the public hearing, the State Treasurer of North Carolina, as the designee of the Governor of North Carolina, will be asked to approve the modification of the Existing Bonds or the issuance of refunding bonds as required by the Code and the regulations promulgated thereunder. Any person wishing to comment in writing should do so prior to the holding of such public hearing to the North Carolina Capital Facilities Finance Agency, 3200 Atlantic Avenue, Raleigh, North Carolina 27604, Attention: Jennifer Wimmer, Director of State Debt Management. NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY IPL0327933 Apr 7 2026