HomeMy WebLinkAbout1986-11-25 Public hearing3
NOTICE OF PUBLIC HEARING ON INTENTION TO ISSLE
W+ETOIAL CEVELONN REVERE REFLNIING BONDS
(MID-CnY HOTEL ASSOCIATES PROJECT)
Notice is hereby given that a Public Nearing will
be conducted before the Council of the City of Ioa
City, Iowa (the "City"), in the Council Chairbers at
the Civic Center, 410 E. Washington Street, in the
city, at 12:00 o'clock (noon) P.M., on Nvvmbe• 25,
1986, on the proposal to issue not to exceed
$$,500,000 in aggregate principal amunt of the
City's Caanercial Development revenue refunding
Bonds (Mid -City Hotel Associates Project) Series
1986 (the "Series 1986 Bonds"), pursuant to the
provisions of Chapter 419 of the Cade of Iowa, for
the purpose of refunding the outstanding principal
of and interest on the City's Camnercial Development
revenue Bonds (Mid -City Hotel Associates Project)
Series 1983 (the "Series 1983 Boyds") issued on
December 27, 1983 in the aggregate principal aoont
of $8,105,000 and for the further purpose of paying
all premium, cmmissions and expenses incidental
thereto. It is contemplated that a loan agreement
will be entered into between the City and Mid -City
Hotel Associates, a sole proprietorship (the "Cam•
pany"), wider Which the City would loan to the
Company the proceeds fran the sale of the Series
1986 Bonds in return for loan payments from the
Canpany sufficient to pay the principal of, premium,
if any, and interest on the Series 1986 Bads as the
sane shall fall due. The Series 1983 Bads were
issued to finance a multi -story hotel project Which
is owned by the Canpmy aid located at 210 S.
Dubuque Street, Iow City, Ione.
Such Series 1986 Bonds, if issued, and the inter-
est thereon, will be payable solely art of the
revenues derived fran the agreements Pursuant to
Which the proceeds from the sale of said bonds are
loaned to the Canpany by the City. The Series 1996
Bods shall never constitute an indebtedness of the
City within the meaning of any State constitutional
provision or statutory limitation, and shall not
constitute nor give rise to a pecuniary liability of
the 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 viers
for or against the proposal to issue the Series 1986
Bonds, and at said hearing, or any adjournment
thereof, the Council of the City shall adopt a
Resolution determining whether or not to proceed
with the issuance of said bods.
By order of the City Council.
KARM K. KARR
CITY CLERK OF IOWA CITY, IOWA
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