HomeMy WebLinkAbout1986-04-22 Public hearingr-
NOTICE OF INTENTION TO ISSUE INDUSTRIAL
DEVELOPMENT REVENUE BONDS (MILLARD WARE-
HOUSE PROJECT)
Notice is hereby given that a public
hearing will be conducted before the City
Council of the City of Iowa City, Iowa, at
the Council Chambers in the Civic Center,
Iowaity, Iowa 52240, at 7:30 p.m. on
C
April 8, 1986, on the proposal to issue
$
1,000,000aggregate principal amount of
the City,s Industrial Development Revenue
Bonds (Millard Warehouse Project), Series
A, dated as of April 1, 1986, pursuant to
the provisions of Chapter 419 of the Code
of Iowa, for the purpose of defraying the
cost of acquiring, constructing, improving
and equipping land and a building and
other improvements which shall be suitable
for the use of any industry or commercial
enterprise engaged in processing, storing,
warehousing or distributing products of
agriculture (the "Project"), (including
necessary expenses incidental thereto).
The Project consists of 24,576 square feet
cold storage facility to the located at
2710 Highway 6 East, Iowa City, Iowa. The
proceeds from the sale of such Bonds will
be loaned to Millard Warehouse, Iowa City,
a Nebraska General Partnership, as the
owner and operator of the Project, pursu-
ant to a Loan Agreement which will provide
loan payments sufficient to pay the prin-
cipal of and interest and premium, if any,
on such Bonds as the same fall due.
The Bonds shall never constitute an
indebtedness of said City within the
meaning of any state constitutional provi-
sion or statutory limitation, and shall
not constitute nor give rise to a
pecuniary liability of said City or a
charge against its general credit or
taxing powers.
All local residents who appear at said
hearing shall be given an opportunity to
express their views for or against the
proposal to issue said Bonds, and at said
hearing, or any adjournment thereof, the
City Council of said City shall adopt a
resolution determining whether or not to
proceed with the issuance of said Bonds.
By order of the city Council.
CITY CLERK, CITY OF IOWA CITY, IOWA
7110
_4;
r-
NOTICE Of INTENTION TO ISSUE INDUSTRIAL
DEVELOPMENT REVENUE BONDS SERIES 1986
(Blooming Prairie Warehouse, Inc. Project)
The City Council of the City of Iowa
City, Iowa, (the "Issuer") will meet on
the 8th day of April, 1986, at the Civic
Center, City Hall, Iowa City, Iowa, at
7:30 o'clock p.m., for the purpose of
conducting a public hearing on the pro-
posal to issue Industrial Development
Revenue Bonds, Series 1986 (Blooming
Prairie Warehouse, Inc. Project) of the
Issuer, in an aggregate principal amount
not to exceed $200,000.00 (the "Bonds"),
and to loan said amount to Blooming Prai-
rie Warehouse, Inc. (the "Company")„ for
the purpose of defraying the cost, to that
amount, of the acquisition by construction
or purchase of land, buildings, equipment
and improvements suitable for use as a
warehouse which the Company will use for
the purpose of storing, warehousing and
distributing products of agriculture,
mining or industry (the "Project"). The
location of the Project will be 2340 Heinz
Road in Iowa City, Iowa, and located upon
the following described real estate:
Lots 7 and 8, B.D.I. Second Addition to
Iowa City, Iowa, according to the
recorded plat thereof,
The Project will be an addition of ap-
proximately 8,980 square feet to the
Company's warehouse located upon the
property described above. The Bonds, when
issued, will be limited obligations and
will not constitute general obligations of
the Issuer nor will they be payable in any
manner by taxation, but the Bonds will be
payable solely and only from amounts
received by the Issuer under a Loan Agree-
ment between the Issuer and the Company,
the obligation of which will be sufficient
to pay the principal of and interest and
redemption premium, if any, on the Bonds
as and when the same shall become due.
At the time and place fixed for said
public hearing, all local residents who
appear will be given an opportunity to
express their views for or against the
proposal to issue said Bonds, and at the
hearing, or any adjournment thereof, the
Issuer shall adopt a resolution determin-
ing whether or not to proceed with the
issuance of the Bonds.
By order of the City Council this lith
day of March 1986.
City Clerk
=l�