HomeMy WebLinkAbout1983-07-11 Public hearingI
NOTICE OF PUBLIC HEARING OF INTENTION
TO ISSUE
COMMERCIAL DEVELOPMENT REVENUE BONDS
(PIPEYARD PARTNERS PROJECT)
Notice is hereby given that a public hearing will be conducted
before the Council of the City of Iowa City, Iowa, in the
Council Chambers at the Civic Center, Iowa City, Iowa, at 7:30
o'clock P.M., on August 2, 1963, on the proposal to issue not
to exceed $550,000 principal amount of the City's Commercial
Development Revenue Bonds (Pipeyard Partners Project) pursuant
to the provisions of Chapter 419 of the Code of Iowa, for the
Purpose of financing all or a portion of the cost of acquiring,
constructing, improving and equipping a multi—unit residential
apartment facility to be located at 320 S. Gilbert and within
the area of and consistent with the City's Neighborhood
Development Plan. The proposed facilities will be owned by
Pipeyard Partners, an Iowa general partnership (the "Company").
It is contemplated that a Loan Agreement will be entered into
between the City and the Company, under which the City would
loan to said Company the proceeds from the sale of the Bonds in
return for loan payments from the Company sufficient to pay the
principal of, interest and premium, if any, on such Bonds as
the same shall fall due.
i
Such Bonds, if issued, and the interest thereon will be payable
solely out of the revenues derived from said Loan Agreement and
shall never constitute an indebtedness of said City within the
meaning of any state constitutional provision or statutory
limitation, and shall not constitute nor give rise to a
i 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 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.
Marian K. Karr, Clerk of the
City of Iowa City, Iowa
AHLERS. COONEY, DORWEILER• HAYW b SMITH, LAWYERS, DEB MOINES, IOWA
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