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HomeMy WebLinkAbout1986-11-25 ResolutionT RESOLUTION NO. 86-347 RESOLUTION AUTHORIZING THE SUBMISSION OF All APPLICATION TO THE IOWA DEPARTMENT OF ECONOMIC DEVELOPMENT FOR IOWA COMMUNITY ECONOMIC BET- TERMENT ACCOUNT FUNDING. WHEREAS, the Iowa Community Economic Betterment Account (CERA) program pro- vides grants and loans to cities to promote economic development and create long-term employment opportunities, and WHEREAS, Woridview, Inc., is seeking a low interest loan for $150,000 to purchase capital equipment vital to the expansion of its business, and WHEREAS, it is a policy of Iowa City to pursue industries that are compatible with existing industries and the specific characteristics of the Iowa City labor force and that have growth potential, and to promote the public health, safety, morals and general welfare, and WHEREAS, the expansion proposed by Worldview is consistent with all of these policies, and WHEREAS, the City will provide the administrative costs for the CEBA program. I i NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF IOWA CITY, IOWA, THAT: The Mayor is authorized to sign and the City Clerk to attest the application to the Iowa Department of Economic Development for an Iowa Community Economic Betterment Account loan in the amount of $150,000. It was moved by —Strait and seconded by Dickson the Resolution be a op e , anupon ro call there were: AYES: NAYS: ABSENT: X_ Ambrisco i X X Baker Courtney X X Dickson McDonald X X Strait Zuber Passed and approved this 25th day of November 1986. ATTEST: Aao fty 2 X . &44) SITTLUNK i dy ;;:; L;:ypl h2uoKrr!eirfi 0 -1 f City of Iowa City MEMORANDUM Date: November 21, 1986 To: City Council From: Patt Cain, Associate Planner�ol Re: Iowa Community Economic Betterment Account Application The City has been asked to submit an application to Iowa's Community Economic Betterment Account (CERA) program on behalf of Worldview, Inc. This memo provides background information on the company and describes the proposed project. THE COMPANY Incorporated and based in Iowa City, Worldview has a contractual agreement with the University of Iowa to use its facilities in monitoring orbiting Soviet satellites and recording the newscast "Vremya." The signals are converted from the Soviet standard to the U.S. standard so the program can be shown on U.S. television. The Russian is translated into English, footage is subtitled, and the company disseminates this programming via satellite or videotape to educational institutions, government agencies, newspapers and television stations within the U.S. and Canada. (See attached newspaper article.) At present Worldview has its corporate office in Iowa City (150 Court Street) and its production and marketing divisions at the University of Iowa's Technology Innovation Center (TIC), where Worldview is a tenant. Worldview is now in its initial expansion stage. Marketing research and product testing have occurred, and the company is poised to begin full-scale sales and production. THE PROPOSAL Worldview has planned an expansion of operations which will create 30 new, npermanent otincludelPositionobs within two sepectedto bercreatedloan withinaward. theThis Universitydoes of Iowa's Translation Center and Video Center (estimated to be 16 FTEs plus two part-time employees) to carry out the contractual agreement for video and transcript production. According to Woridview's projections, the company will need a $150,000 loan from the CERA program to purchase capital equipment (e.g., a computer system and translation station equipment)'. Worldview is requesting a five-year loan at a five percent annual interest rate, with the principal and interest deferred for the first year. The remainder of the funding for the expansion will come primarily from the Iowa Product Development f/r PAGE 2 Corporation, the Iowa Venture Capital Fund and equity. The City would contribute. the administrative costs necessary for the CERA program and loan (processing payments,. submitting quarterly progress reports, and other reporting as required). As explained above, Worldview now has only its corporate office within Iowa City and its production facility at the TIC. If the CEBA proposal is successful, the company president has committed to locating within Iowa City upon termination of its lease at the TIC. (See attached letter.) If Council agrees to support the expansion of Worldview as outlined, an application will be completed and submitted to the Iowa Department of Economic Development for consideration by the DED Commission at its meet- ing on December 18. Adoption of the resolution on the agenda will document Council support and authorize submission of an application. Dodge Fielding, Worldview President, and I will attend the Council meeting on November 25 to answer any questions on this item. bdw5/3 I ,. ,I ITY&REGION y Co PC" 9A aSLyle muller oviet TV offers its own version of Iceland summit IM IWocierl t /IA atom of quretions—fraquentlY an eNtm'a scrutlpy.A Stl• O fllww) ranpla, sed al Wna IntentloNl• ty hori le. leelendrin a the enilrcoml• casts avaUable b the lentaCltl• am ..In the tea center, IL 4 raid !bat the nuts made statement flat Gorbachev Frequently, N4metlomI media coverage of the eval w I an calm. CemtlwrtlYe LM! In whlc6 rcprnentstiva of the go- v et ddr:S' n ro=the4 prem 11 ts not a^CO0lln01I for AmeN• can lelev4lon newt repots ts elft u evidence Wt the world was waiting for Gorbachev and Rea• == red Ute 4mlon which otlwra try to aaeerbate. s44ments Into video clips no Ianger Wan m seconds. gas m solve the arms race. 111e Sevlet•Amerlcan aumtrdt sal aarlsts N We ertsbUrhmenL of a huOneaUYe etrnoephero fm the Soviet news reports Included tommrnts Tram Ittlander; who = Is being coverts by mora than 5,000 Jmumllrts," • reDater SovlebAmerican meeting,'• The bevies approach wu brief eaprnxd hope for an agreement to Ilmil nuclear arms sed 1hesYa seed S a�Y,' T ��, .ts Ua bo nennom, When a news an• to We Wet Union for caWng for aloe by m army, of rcportm." Some of the media At4mlon sounar told Shaul Gorbachev's pealing with the president of lc • a inn on nuclear teasing. Reports ale Included a piece on was oral welcome—edeas In the view land, the amount simply stated that ll" wu as etchar4a of what foniw ourrulleh would say m tbalr =, ca the =,A MPM- and edl• tan. correspondent V. eplmam on the threat of nucha r nn Oat the m portae wero ea program ZONn repottsd• reported: war. •bit from We escallop. Il I� I i �i ere wu no elsbon0on. The onlyy detain on what hap• which whet he reported ge"Uy ed the meeting trorn the Wet "JoumaUats who have gathered MeanwhUe. Gorbachev, often re, pened in Reykjavik that V=ya was what Ragan reported to the Union polo! W Naw, while flea• , In Reykjavik now clustered upon tarred to by hie full name of Mlk• gave its viewers canna from Gar, Amerlcon yyeople, The duly differ, gen Dreaennt fl front while a Hm. I the Soviet delegation with a had. 'NO Sergeevlch Cerhethev, was barhev, m a news conference N encs was Wet Gorbachev present. Ststa' point of view. WW///1RLDVIE W/%%%//%%%%%%%1111/�/ , November 21, 1986 The Honorable Mayor William J. Ambrisco and City Council Civic Center 410 East Washington Street Iowa City, IA 52240 Dear Mayor and Council Members: First, I would like to extend our sincere gratitude to you for considering a Community Economic Development Account application on WORLDVIEW's behalf. The capital equipment that would be purchased with the $150,000 loan is crucial to the success of this project. Should the application be successful, WORLDVIEW commits to situate within the area of jurisdiction of the City of Iowa City upon the termination of our lease with the Tech- nology Innovation Center. This is anticipated to be in the month of September, 1988. Thank you for your support and confidence. DF:mh C dully ��� Dodge Fie1'hg President 150 E COURT STREET IOWA CITY, J4 52240 319354.1986 0 e t1 T City of Iowa City, Iowa, November 25, 1986 The City Council of Iowa City, Iowa, met on the above date in the Council Chambers, Civic Center in Iowa City, Iowa at 12:00 Noon, in open special session, pursuant to law and the rules of said City Council. The meeting was called to order by william Ambriscc, Mayor, presiding, and on roll call the following members of the City Council were present: Ambrisco, Courtney, Dickson McDonald, Strait Zuber. Absent: Baker _-._...._ __,_ 1. /yob -7 i i. -1 Matters were discussed relative to final authorization and issuance of $8,350,000 in aggregate principal amount of the City's Commercial Development Revenue Refunding Bonds (Mid -City Hotel Associates -Iowa City Project) Series 1986. Following an I' explanation of the proposed Project by representatives of the Borrower and a discussion of the proposal, Council Member McDonald proposed the following Resolution in written form and moved its adoption. Council Member Strait seconded the motion to adopt. After due consideration of said motion, the roll was called and the Resolution adopted by the following 1 — vote: AYES: Dickson McDonald Srra9 Zuber. Ambrisco. i' ABSTAINING: Courtney ABSENT: Baker i NAYS: None. l The Resolution was thereupon signed by the Mayor and, in evidence of such officer's approval, was attested by the City Clerk, and was declared to be effective. The Resolution is as i follows: I -I- /9104 RESOLUTION NO. 86-348 RESOLUTION AUTHORIZING THE ISSUANCE OF $8,375,000 COMMERCIAL DEVELOPMENT REVENUE REFUNDING BONDS (MID -CITY HOTEL ASSOCIATES -IOWA CITY PROJECT) SERIES 1986 OF THE CITY OF IOWA CITY, IOWA, FOR THE PURPOSE OF MAKING A LOAN TO ASSIST HARRY A. JOHNSON, JR., D/B/A MID -CITY HOTEL ASSOCIATES -IOWA CITY IN THE REFUNDING OF THE CITY OF IOWA CITY, IOWA, LENDER -ASSISTED COMMERCIAL DEVELOPMENT REVENUE BONDS (MID -CITY HOTEL ASSOCIATES -IOWA CITY PROJECT) SERIES 1983; AUTHORIZING j THE EXECUTION AND DELIVERY OF CERTAIN FINANCING DOCUMENTS PERTAINING TO THE PROJECT; AUTHORIZING AN ASSIGNMENT OF CERTAIN FINANCING DOCUMENTS FOR FURTHER SECURING THE PAYMENT OF THE BONDS; AUTHORIZING THE SALE OF SAID BONDS; AUTHORIZING THE APPOINTMENT OF A TRUSTEE; AND RELATED MATTERS. WHEREAS, the City of Iowa City, Iowa, a municipal corporation duly organized and existing under and by virtue of the Constitution and laws of the State of Iowa (the "Issuer") is authorized and empowered by Chapter 419 of the Code of Iowa (the "Act"), to issue its Commercial Development Revenue Refunding Bonds and loan the proceeds from the sale of said Bonds to one or more parties to be used to refund the joutstanding principal amount of any series of bonds issued by the Issuer under the Act, to pay the accrued interest due thereon and to pay any commissions, premiums or other expenses to be paid in connection with such refunding for the purpose of providing financial savings to the party responsible for repaying the loan of the proceeds of said bonds; and WHEREAS, the Issuer has been requested by Harry A. Johnson, Jr., d/b/a Mid -City Hotel Associates -Iowa City, a sole proprietorship (the "Borrower"), to authorize and issue its Commercial Development Revenue Refunding Bonds (Mid -City Hotel Associates -Iowa City Project) Series 1986, in the aggregate principal amount of $8,375,000 (the "Bonds"), with the proceeds from the sale of the Bonds to be loaned by the Issuer to the the Borrower for the purpose of defraying all or a portion of the cost of refunding the outstanding principal amount of and interest due on the Issuer's Lender -Assisted Commercial Development Revenue Bonds (Mid -City Hotel Associates -Iowa City Project) Series 1983 (the "Refunded Bonds") issued on December 27, 1983 in the aggregate principal amount of $8,105,000, and paying certain commissions, premiums and expenses incidental thereto (the "Project"); and WHEREAS, the Bonds are to be issued pursuant to provisions of an Indenture of Trust (the "Indenture") dated as of December 1, 1986, between the Issuer and First Trust Company, Inc., St. Paul, Minnesota, as Trustee thereunder (the "Trustee") and; I WHEREAS, the proceeds from the sale of the Bonds are to be loaned by the Issuer to the Borrower pursuant to provisions of a Loan Agreement (the "Loan Agreement") dated as of December 1, 1986, between the Issuer and the Borrower; and WHEREAS, as additional security for payment of the Bonds, the Borrower has agreed to execute a Real Estate Mortgage and Security Agreement to Trustee (the "Trustee Mortgage") dated as of December 1, 1986, between the Borrower, as the mortgagor, and First Trust Company, Inc., a Minnesota banking corporation with its principal office located in the City of St. Paul, Minnesota (the "Trustee"), as the mortgagee, thereunder, pursuant to which the Borrower grants and conveys to the mortgagee a mortgage lien in the real estate described in the Trustee Mortgage, subject to Permitted Encumbrances, as defined in the Loan Agreement (collectively, the Financing Documents); and WHEREAS, a notice of hearing on the proposal to issue the Bonds has been published as required by law; and WHEREAS, pursuant to published notice of intention this City Council is conducting a public hearing, as required by Section 419.9 of the Act and Section 147 of the Internal Revenue Code of 1986, as amended (the "Code"), and this City Council has deemed it to be in the best interests of the Issuer that the Bonds be issued as proposed; and WHEREAS, the Issuer has arranged for the sale of the Bonds to Midwest Federal Savings and Loan Association of Minneapolis, Minneapolis, Minnesota (the "Original Purchaser"); and WHEREAS, there has been presented to this meeting the following documents, which the Issuer proposes to enter into: 1. The form of Loan Agreement between the Issuer and the Borrower; and 2. The form of Indenture between the Issuer and the Trustee setting forth the terms of the Bonds including (without limitation) the maturity date or dates, rate or rates of interest and redemption provisions, and the conditions and security for payment of the Bonds; and 3. The form of Bond Purchase Agreement dated November 25, 1986 (the "Bond Purchase Agreement"), by and among the Original Purchaser, the Borrower and the Issuer relating to the issuance, sale and purchase of the Bonds; and 4. The form of the Trustee Mortgage; and -d- / POA K 5. The form of an Inducement and Indemnity Letter dated November 25, 1986 (the "Inducement Letter"), from the Borrower to the Issuer and the Original Purchaser; and 6. The form of the Bonds, as set forth in the Indenture. 7. The form of the Subordination Agreement dated as of November 1, 1986 (the "Subordination Agreement") by and among the Issuer, the Borrower and the Original Purchaser. WHEREAS, it appears that each of the instruments above referred to, which are now before each of the members of the _ City Council, is in appropriate form and is an appropriate j instrument for the purposes intended; IssuNOa W,THEREFORE, Be It Resolved by the City Council of the s follows: Section 1. That the Issuer proceed with the sale and issuance of the Bonds and that the Issuer defray all or a portion of the cost of the Project by issuing the Bonds and i loaning the proceeds of the sale of the Bonds to the Borrower. Section 2. That in order to defray the cost of the Pin roject maturing oonssuch tdategoredates,�rincsuch amount or amounts and bearing rate or rates of interest as set i forth in the Indenture, in substantially the form and content set forth in the Indenture now before this meeting, subject to appropriate insertion and revision in order to comply with provisions of the Indenture, be and the same hereby are in all respects authorized, approved and confirmed, and the form and content of the Bonds set forth in the Indenture now before this meeting be and the same hereby are in all respects authorized, approved, ratified and confirmed, and the Mayor and the City Clerk be and they hereby are authorized, empowered and directed to execute, whether by manual or facsimile signatures, impress the official seal of the Issuer (or cause to have printed a facsimile thereof) thereon and deliver for and on behalf of the Issuer the Bonds to the Trustee for authentication and the Trustee is hereby authorized and directed to authenticate the Bonds, and the provisions of the Indenture with respect to the Bonds (including without limitation the maturity date or dates, rate or rates of interest and redemption provisions)b and confirmed and are e and the same hereby are authorized, approved a incorporated herein by reference. Section 3. That the Issuer loan to the Borrower the proceeds from the sale of the Bonds pursuant to the Loan Agreement, which provides for repayment by Borrower of such loan in an amount equal to principal of, premium, if any, and �I -S- /906 interest on the Bonds when and as due, and the form and content of the Loan Agreement, the provisions of which are incorporated herein by reference, be and the same hereby are in all respects authorized, approved and confirmed and the Mayor and the City Clerk be and they hereby are authorized, empowered and directed to execute, attest, seal and deliver the Loan Agreement prior to or simultaneously with the issuance of the Bonds for and on behalf of the Issuer, including necessary counterparts in substantially the form and content now before this meeting but with such changes, modifications, additions or deletions therein as shall be approved by the City Manager; of the Issuer, and that from and after the execution and delivery of the Loan Agreement, the Mayor and the City Clerk are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Loan Agreement as executed. Section 4. That First Trust Company, Inc., St. Paul, Minnesota, is hereby appointed Trustee under the Indenture and the form and content of the Indenture, the provisions of which are incorporated herein by reference, and the assignment of the Issuer's rights and interest in and to the Loan Agreement (with certain exceptions as stated in the Indenture), be and the same hereby are in all respects authorized, approved and confirmed, and the Mayor and the City Clerk be and they hereby are author- ized, empowered and directed to execute, attest, seal and deliver the Indenture for and on behalf of the Issuer to the Trustee for the security of the Bonds and the interest thereon, including necessary counterparts in substantially the form and content now before this meeting but with such changes, modifi- cations, additions and deletions therein as shall be approved by the Clty Manager of the Issuer, and that from and after the execution and delivery of the Indenture, the Mayor and the City Clerk are hereby authorized, empowered, and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Indenture as executed. Section 5. That the form and content of the Trustee Mortgage constituting a conveyance and grant by the Borrower to the Trustee of a mortgage lien in and to the property subject to the Trustee Mortgage and described therein be and the same hereby are in all respects authorized, approved and confirmed, and the Mayor and the City Clerk be and they hereby are authorized, empowered and directed to execute, attest, seal and deliver the Trustee Mortgage for and on behalf of the Issuer, as mortgagee thereunder, including necessary counterparts, in substantially the form and content now before this meeting but -6- /yea -7 with such changes, additions, modifications and deletions therein as shall be approved by the City Manager of the Issuer, and that from and after the execution and delivery of the Trustee Mortgage, the Mayor and City Clerk are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Trustee Mortgage as executed, and the provisions of the Trustee Mortgage are hereby incorporated herein by reference. Section 6. That the sale of the Bonds to the Original Purchaser subject to the terms and conditions set forth in the Bond Purchase Agreement, is hereby authorized, approved and confirmed, and that the form and content of the Bond Purchase Agreement be and the same hereby are, authorized, approved and confirmed and the Mayor be, and hereby is, authorized, empowered and directed to execute and deliver to the original Purchaser the Bond Purchase Agreement for and on behalf of the Issuer, including necessary counterparts in the form and content now before this meeting, and that from and after the execution and delivery of the Bond Purchase Agreement, the Mayor and the City Clerk are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Bond Purchase Agreement. Section 7. That the form and content of the Inducement Letter be and the same hereby are authorized, approved and confirmed and the Mayor be, and hereby is, authorized, empowered and directed to accept the Inducement Letter for and on behalf of the Issuer by execution thereof, including necessary counterparts in the form and content now before this meeting, and that from and after the execution and delivery of the Inducement Letter, the Mayor and the City Clerk are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as may be necessary to carry out and comply with the provisions of the Inducement Letter as executed. Section 8. That the form and content of the Subordination Agreement subordinating the interests of the Issuer in the Project to the lien of the Trustee Mortgage be and the same hereby are in all respects authorized, approved and confirmed, and the Mayor and the City Clerk be and they hereby are authorized, empowered and directed to execute, attest, seal and deliver the Subordination Agreement for and on behalf of the Issuer, as mortgagee thereunder, including necessary counterparts, in substantially the form and content now before this meeting but with such changes, additions, modifications and deletions therein as shall be approved by the City Manager of the Issuer, and that from and after the execution and -7- /y46 delivery of the Subordination Agreement, the Mayor and City Clerk are hereby authorized, empowered and directed to do all out and comply with the provisions of the such acts and things and to execute all such documents as may be necessary to carry rovisions of the Subordination Agreement as executed, incorporated herein by Subordination Agreement are hereby reference. Section 9. That the payment of the Borrower to the Issuer of $150, and Security Agreement 000 in satisfaction of the amount required to be paid pursuant to Section 16 of the Mortgage dated December 30, dlacceptedeprovided saiden the epaymenthisipaidr is hereby app prior to or simultaneous with the execution of the Subordination Agreement. Clerk of the Section 10. That the Mayor and the City Issuer be and they hereby are authorized to execute and deliver for and on behalf of the Issuer any and all additional perform opinions or other papers and p certificates, documents, P, of any all other acts (including without limitation the filing financing statements or any other documents to create and maintain a security interest on the properties and revenues pledged or assigned under the Financing Documents and the execution of all closing documents as may be required by Ahlers, Cooney, Dorweiler. Haynie, Smith 6 Allbee, as Bond Counsel, and the acceptance of any documentation evidencing indemnification of the issuer by Borrower in connedeem ction with the transactions contemplated hereby) as they may necessary or appropriate in order to implement and carry out the intent and purposes of this Resolution. Agreement requires the Borrower Section 11. That the Loan in each year to pay amounts as Loan Payments sufficient to pay the principal of, premium, if any, and interest on the Bonds when and as due, and the payment of such amoLoan Agreementis Aorrower to the Trustee pursuant to the Loan Ag hereby authorized, approved and confirmed. Section 12. That the Bonds are a limited Paymaymentsobligation required to bee Issuer, payable solely out of the Loan � with paid by Borrower pursuant to arovidedid in cinrthecIndenture, and is of the Loan Agreement and as p rovisions of the secured pursuant to and in accordance with p Financing Documents. The Bonds s of the and interest issuer, withinhthe never constitute stateindebtednesconstitutional provision or stliability of meaning of any give rise to a pecuniary limitation, and shall natainst its general credit or taxing the Issuer or a charge 9 powers. /9,4to -8- �r' F Section 13. That the provisions of this Resolution are shall hereby any separable bedeclaredto and yebelinvalid, such provision declaration shall not affect the validity of the remainder of the sections, phrases or provisions. Section 14. All ons and in conflict herewith areoltoithe extenntdofssuchor pconflict,arts eoE, hereby repealed and this Resolution shall be in full force and effect immediately upon its adoption. Adopted and approved November 25, 1986. City of Iowa City, Iowa (Seal) Gilliam bri co, Mayor Attest: /% /% �a tail" -7 Karr, C1ty C1)rk� -9- Wi j I I,;: r CERTIFICATE I, Marian K. Karr, being first duly sworn do hereby depose and certify that I am the duly appointed and qualified City Clerk of the City of Iowa City, State of Iowa; that as such I have in my possession, or have access to, the complete corporate records of the Issuer and of its City Council and officers; that I have carefully compared the transcript hereto attached with the aforesaid corporate records; that said transcript hereto attached is a true, correct and complete copy of all the corporate records showing the action taken by the City Council of the Issuer at a meeting open to the public on November 25, 1986, for the purpose of considering a Resolution authorizing the issuance of $8,375,000 aggregate principal amount of Commercial Development Revenue Refunding Bonds ( Mid -City Hotel Associates -Iowa City Project) Series 1986, of the Issuer, the execution and delivery of certain Financing Documents pertaining to the Project, the Assignment of certain Financing Documents for further securing the payment of the Bonds, the sale of said Bonds, appointment of a Trustee and related matters; that said proceedings remain in full force and effect and have not been amended or rescinded in any way; that said meeting and all action thereat was duly and publicly held, with members of the public in attendance, in accordance with a notice of meeting and tentative agenda, a copy of which was timely served on each member of the City Council and posted on a bulletin board or other prominent place easily accessible to the public and clearly designated for that purpose at the principal office of the City Council (a copy of the face sheet of said agenda being attached hereto) pursuant to the local rules of the City Council and the provisions of Chapter 21, Iowa Code, and upon reasonable advance notice to the public and media at least twenty-four hours prior to the commencement of the meeting as required by said law. witness my hand and the Corporate Seal of said Issuer hereto affixed this 25th day of November , X1986.19, (SEAL) Ma an K. Karr, City—Clem State of Iowa ) SS.: County of Johnson ) Subscribed and sworn to before me this day, the date last above written. Notary Public in and for the (SEAL) State of Iowa -in- -1 (This Notice to be Posted) NOTICE AND CALL OF MEETING Governmental Body: The City Council of the City of Iowa City, Iowa Date of Meeting: November 25, 1986 Time of Meeting: 12:00 Noon I Place of Meeting: Council Chambers j Civic Center Iowa City, Iowa I i PUBLIC NOTICE IS HEREBY GIVEN that the above-mentioned governmental body will meet at the date, time and place above set out. The tentative agenda for said meeting is as follows: 1. Resolution Authorizing The Issuance of $8,375,000 Commercial Development Revenue Refunding Bonds (Mid -City Hotel Associates -Iowa City Project) Series 1986 of the City of Iowa City, Iowa, for the Purpose of Making a Loan to Assist Harry A. Johnson, Jr., d/b/a Mid -City Hotel Associates -Iowa City in the Refunding of the City of Iowa City, Iowa, Lender -Assisted i Commercial Development Revenue Bonds (Mid -City Hotel i Associates=Iowa City Project) Series 1983; Authorizing the Execution and Delivery of Certain Financing Documents Pertaining to the Project; Authorizing an Assignment of Certain Financing Documents for Further Securing the Payment of the Bonds; Authorizing the Sale of Said Bonds; Authorizing the Appointment of a Trustee; and Related Matters. ! i 2. Such additional matters as are set forth on the i I additional page(s) attached hereto (attach copy of agenda). This notice is given at the direction of the Mayor, L pursuant to Chapter 21, Iowa Code, as amended, and the local rules of said governmental body. ' A!l1aV vA.l � ' Manan K. Karr, City Clerk of the City of Iowa City, Iowa