HomeMy WebLinkAbout1980-09-23 Public hearingNOTICE OF PUBLIC HEARING ON INTENTION
TO ISSUE
INDUSTRIAL DEVELOPMENT REVENUE BONDS
(THOMAS & BETTS CORPORATION 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, 410 East Washington Street, in said City,
at 7:30 o'clock P.M., on September 23, 1980, on the
proposal to issue not to exceed $5,500,000
principal amount of the City's Industrial
Development Revenue Bonds (Thomas & Betts
Corporation Project), pursuant to the provisions of
Chapter 419 of the Code of Iowa, for the purpose of
defraying all or a portion of the cost of the
expansion and improvement of the existing
manufacturing facilities of Thomas & Betts
Corporation located within the City of Iowa City ,
Iowa, consisting of the construction of an addition
to Company's existing facility and the acquisition
and installation of machinery and equipment
therein, all to be suitable for use in the
manufacture of electronic equipment, including
stamping and gold plating metal contacts, molding
plastic connectors and manufacturing flat cable.
The proposed facility will be owned by Thomas &
Betts Corporation, a New Jersey corporation, duly
qualified. and authorized to do business in the
State of Iowa. It is contemplated that a Loan
Agreement will be entered into between the City and
Thomas & Betts Corporation, 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 and
interest and premium, if any, on such Bonds as the
same shall fall due.
Such Bonds, if issued, and the interest thereon
will be payable solely out of the revenues derived
from the 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 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 on 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.
Abbie Stolfus, City C1erP f the
City of Iowa City, Iowa
MICROFILMED BY
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