HomeMy WebLinkAbout1980-07-29 Public hearingNOTICE OF PUBLIC HEARING OF INTENTION
TO ISSUE
INDUSTRIAL DEVELOPMENT REVENUE INTERIM BONDS
(YOUNKERS, INC. PROJECT) .
INDUSTRIAL DEVELOPMENT REVENUE BONDS
(YOUNKERS, INC. 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 E. Washington, Iowa City, Iowa,
at 7:30 o'clock P.M., on August 26, 1980, on the proposal to
issue not to exceed $1,800,000 principal amount of the City's
Industrial Development Revenue Interim Bonds (Younkers, Inc.
Project) pursuant to the provisions of Chapter 419 of the Code of
Iowa, for the purpose of temporarily financing all or a portion
of the cost of acquiring certain fixtures, equipment and
miscellaneous appointments, and of installing said items in an
existing building to be leased from Old Capitol Associates, all
to be suitable for use as a commercial enterprise consisting of
retail facilities, located within the area of and consistent with
the City's Project No. Iowa R-14 Urban Renewal Plan, in anticipa-
tion of the issuance of not to exceed $1,800,000 aggregate prin-
cipal amount of the City's Industrial Development Revenue Bonds
(Younkers, Inc. Project). The proposed retail facilities will be
owned by Younkers, Inc., a wholly-owned subsidiary of Equitable
of Iowa Companies. It is contemplated that a Loan Agreement will
be entered into between the City and Younkers, Inc., under which
the City would loan to said Company the proceeds from the sale of
the Interim Bonds and 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 Interim Bonds and the 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 indebted-
ness 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 an
opportunity to express their views for or against the proposal to
issue said Interim Bonds and the 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 Interim Bonds and the Bonds.
By Order of the City Council.
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A >e Stol us, Clerk of the
City of Iowa City, Iowa
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Section 3. The City recognizes that regulations promulgated
under Section 103 of the Internal Revenue Code of 1954, as
amended, may require the taking by this City Council of official
action or' some other similar official action"., if interest on
IndustrialDevelopment Revenue Interim Bonds and Industrial
Development Revenue Bonds issued by the City and used to acquire,
construct, improve and equip such project is to be exempt from
federal income taxes. In order to preserve such exemption, this
Resolution is intended to constitute solely for federal income
tax purposes official action or "some other similar official
action" with respect to the issuance of such Interim Bonds and
such Bonds.
Section 4. That in order to assure the acquisition,
1 construction, improvement and equipping of these commercial faci-
lities in the City of Iowa City, Iowa, with the resulting public
benefits which will flow from the operation thereof, it is deemed
necessary and advisable that the Memorandum of Agreement, in the
form attached hereto as Exhibit "A", be approved and that the
Mayor of the City be and hereby is authorized and directed to
execute said Memorandum of Agreement and the City Clerk of the
City be and hereby is authorized to attest the same and to affix
the seal of the City thereto and said Memorandum of Agreement is
hereby made a part of this Resolution.
Section 5. In order that the Project will not be unduly
delayed, Company is hereby authorized to make such commitments,
I expenditures and advances toward payment of the costs of the
Project as it considers appropriate, subject to reimbursement
` from the proceeds of the Interim Bonds and the Bonds when and if
!( delivered, but otherwise without liability on the part of the
City.
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Section 6. That officials of the City are hereby authorized
to take such further action as may be necessary to carry out the
intent and purpose of the Memorandum of Agreement.
Section 7. All Resolutions and Orders or parts thereof, in
conflict herewith are, to the extent of such conflict, hereby
repealed, and this Resolution shall be in full force and effect
immediately upon its adoption.
Adopted and approved, July 29, 1980.
of
Io�wa�LC�ity, Io=wa
(SEAL) �/r,h
Mayor
Att"t:
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Abbie Stolfus, City Clem—
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CLERK'S CERTIFICATE
I, Abbie Stolfus, being first duly sworn do hereby depose
and certify that I am the duly appointed, qualified, and acting
City Clerk of the City of Iowa City, in the County of Johnson,
State of Iowa; that as such I have in my possession, or have
access to, the complete corporate records of said City and of
its Council and officers; that I have carefully compared the
transcript hereto attached with the aforesaid corporate
records; and 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 said City at a meeting
open to the public on July 29, 1980, regarding the issuance of
not to exceed $1,800,000 aggregate principal amount of
Industrial Development Revenue Interim Bonds (Younkers, Inc.
Project) and not to exceed $1,800,000 aggregate principal
amount of Industrial Development Revenue Bonds (Younkers, Inc.
Project) of the City of Iowa City, Iowa, directing publication
of notice of intention to issue, calling a public hearing on
the proposal to issue said Bonds and authorizing execution of a
Memorandum of Agreement; 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 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 Council (a copy of the
face sheet of said agenda being attached hereto) pursuant to
the local rules of the Council and the provisions of Chapter
28A, 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 City hereto
affixed this y(' 11 day of July, 1980.
(SEAL) Abbie Stolfus, City Clerk
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
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(This Notice to be Posted)
NOTICE AND CALL OF COUNCIL MEETING
Governmental Body:
Date of Meeting:
Time of Meeting:
Place of Meeting:
The City Council of
Iowa City, Iowa.
July 29, 1980
7:30 P.M.
Council Chambers
Civic Center
Iowa City, Iowa
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 Regarding the Issuance of Not To
Exceed $1,800,000 Aggregate Principal Amount of
Industrial Development Revenue Interim Bonds
(Younkers, Inc. Project) and not to exceed $1,800,000
Aggregate Principal Amount of Industrial Development
Revenue Bonds (Younkers, Inc. Project) of the City of
Iowa City, Iowa, Directing Publication of Notice of
Intention to Issue, Calling a Public Hearing on the
Proposal to Issue Said Bonds and Authorizing
Execution of a Memorandum of Agreement.
2. Such additional matters as are set forth on
the additional JZ page(s) attached hereto
(attach copy of agenda).
This notice is given at the direction of the Mayor, pur-
suant to Chapter 28A, Iowa Code, as amended, and the local
rules of said governmental body.
a-44 �
Abbie Stolfus, Clerk pt the
City of Iowa City, Iowa
POSTED:��
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REMOVED:
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EXHIBIT "A"
MEMORANDUM OF AGREEMENT
THIS MEMORANDUM OF AGREEMENT is between the City of
Iowa City, in Johnson County, Iowa, party of the first part
(hereinafter referred to as the "City"), and Younkers, Inc., a
wholly-owned subsidiary of Equitable of Iowa Companies, party
of the second part (hereinafter referred to as the "Company").
1. Preliminary Statement. Among the matters of mutual
inducement which have resulted in the execution of this
following:
Agreement are the
Of Iowa, The City is' an incorporated municipality of the State
autheempw"Act"), the provisions Industrial
Chapter
419 of the Code of Iowa (t
issue
Development Revenue Interim Bonds andtIndustrialdDevelopment
Revenue Bonds for the purpose of defraying all or a portion of
the cost of acquiring and improving land, buildings and impro-
vements suitable for use of commercial enterprises which the
City Council, as the governing body, finds is consistent with
the urban renewal plan, adopted by the City, pursuant to the
Act and Chapter 403, Code of Iowa; and
i (b) The City has adopted the Project No. Iowa R-14 Urban
Renewal Plan, and in furtherance of efforts to rehabilitate and
Iff redevelop the designated Urban Renewal Area, the City proposes
to issue its Industrial Development Revenue Interim Bonds (the
i "Interim Bonds") and its Industrial Development Revenue Bonds
j ( the "Bonds") and to loan to the Company the proceeds from the
sale of said Interim Bonds and said Bonds to enable the Company
to finance the cost of acquiring certain fixtures, equipment
and miscellaneous appointments, and of installing said items in
an existing building to be leased from Old Capital Associates,
all to be suitable for use as a commercial enterprise con-
sisting of retail facilities (herein referred to as the
"Project"); and
(c) It is considered essential that acquisition and
installation related to the Project commence at the earliest
practicable date, and that orders be placed for acquiring the
necessary improvements and equipment. However, before com-
mencing the Project, the Company desires satisfactory assuran-
ces from the City that the proceeds from the sale of the City's
Industrial Development Revenue Interim Bonds, which, when
issued, will be used to temporarily finance the Project in
anticipation of the proceeds from the sale of the City's
Industrial Development Revenue Bonds, which, when issued, will
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permanently finance the Project, will be made available in an
amount sufficient to finance all or a portion of the cost of
the Project. The amount of the Interim Bonds and Bonds
requested to be issued is presently estimated -not to exceed
$1, 800, 000.
(d) Representatives of the City have indicated the will-
ingness of the City to proceed with and effect such financing
as an inducement to the Company to locate the Project in the
City and the City has advised the Company that, subject to due
compliance with all requirements of law and the obtaining of
all necessary consents and approvals and to the happening of
all acts, conditions and things required to exist, happen and
be performed precedent to and in connection with such financing
in due time, form and manner as required by law, the City, by
virtue of such statutory authority as may now exist or may
hereafter be conferred, will issue and sell its Interim Bonds
and its Bonds in an amount sufficient to finance all or a por-
tion of the cost of the Project.
(e) The City considers that the undertaking of the Project
will promote urban renewal, rehabilitation and redevelopment of
the City, will eliminate blighted areas, and will provide
employment opportunities for the inhabitants of the City,
enhance the tax base of the City and overlapping taxing
jurisdictions, increase the City's commerce and add to the
welfare and prosperity of the City and that of its inhabitants.
2. Undertakings on the Part of the City. The City agrees
as follows:
(a) That it will authorize, or cause to be authorized, the
issuance and sale of an issue of its Interim Bonds to be issued
and sold for the purpose of temporarily financing the Project
in anticipation of the issuance and sale of the City's Bonds
which, when issued, will be used to permanently finance the
Project, pursuant to the terms of the Act as then in force, in
an aggregate principal amount presently estimated not to exceed
$1, 800, 000.
(b) That it will cooperate with Company to sell the
Interim Bonds and the Bonds upon mutually agreeable terms, and
it will adopt, or cause to be adopted, such proceedings and
authorize the execution of such documents as may be necessary
or advisable for the authorization, issuance and sale of the
Interim Bonds and the Bonds and the financing of the Project as
aforesaid, and the entering into a Loan Agreement with the
Company with respect to the Project, all as shall be authorized
by law and mutually satisfactory to the City and the Company.
(c) That the aggregate basic payments (i.e. the payments
to be used to pay the principal of and premium, if any, and
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interest on the Interim Bonds and the Bonds) payable under the
Loan Agreement shall be such sums as shall be sufficient to pay
the principal of and interest and redemption premium, if any,
on the Interim Bonds and the Bonds as and when the same shall
become due and payable.
(d) That it will take or cause to be taken such other acts
and adopt such further proceedings as may be required to imple-
ment the aforesaid undertakings or as it may deem appropriate
in pursuance thereof.
3. Undertakings on the Part of the Company. The Company
covenants and agrees as o1 ows:
(a) That it will cooperate with the City to sell the
Interim Bonds and the Bonds in an aggregate principal amount as
above stated; provided, however, that the terms of the Interim
Bonds and the Bonds and of the sale and delivery thereof shall
be mutually satisfactory to the City and the Company.
(b) That it has not, prior to the execution of this agree-
ment and the taking of "official action" toward the issuance of
the Interim Bonds and the Bonds by the City, acquired or com-
menced construction of the Project, or any part thereof, and
has not entered into any contracts or paid or incurred any
costs related thereto, which will be paid or reimbursed from
the proceeds of the Interim Bonds and the Bonds, when and if
issued. The Company does, however, represent that it now
intends to enter into a contract or contracts for the
acquisition, construction, improvement and equipping of the
Project and take, with reasonable diligence, the other
necessary steps toward the realization of the Project.
(c) That contemporaneously with the sale of the Interim
Bonds and the sale of the Bonds it will execute a Loan
Agreement with the City under the terms of which the Company
will obligate itself to pay to the City sums sufficient in the
aggregate to pay the principal of, interest and redemption
premium, if any, on the Interim Bonds and the Bonds as and when
the same shall become due and payable, such instrument to con-
tain other provisions required by law and such other provisions
as shall be mutually acceptable to the City and the Company.
(d) That it will take such further action and adopt such
further proceedings as may be required to implement its afore-
said undertakings or as it may deem appropriate in pursuance
thereof.
9.' General Provisions.
`1
(a) All commitments of the City under paragraph 2 hereof
and of the Company under paragraph 3 hereof are subject to the
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condition that on or before September 1, 1981 (or such other
date as shall be mutually satisfactory to the City and the
Company), the City and the Company shall have agreed to
mutually acceptable terms for the Interim Bonds and the Bonds
and of the sale and delivery thereof, and mutually acceptable
terms and conditions of the documents referred to in paragraph
3 and the proceedings referred to in paragraphs 2 and 3 hereof.
(b) Whether or not the events set forth in (a) of this
paragraph take place within the time set forth or any extension
thereof, the Company agrees that it will reimburse the City for
all reasonable and necessary direct out-of-pocket expenses
which the City may incur, including but not limited to, legal
fees, printing and publication costs and filing fees arising
from the execution of this Agreement and the performance, or
preparation to perform by the City of its obligations here-
under, or done at the request of the Company.
(c) All commitments of the City hereof are further subject
to the•conditions that the City, and its elected and appointed
Officials, shall in no event incur any liability for any act or
omission hereunder, and that the Interim Bonds and the Bonds
described herein shall not constitute an indebtedness of the
City within the meaning of any constitutional or statutory pro-
vision and shall not constitute nor give rise to a pecuniary
liability of the City or a charge against its general credit or
taxing powers.
IN WITNESS WHEREOF the parties hereto have entered into
this Agr"nt by their officers thereunto duly authorized as
of the J' day of July, 1980.
C17" f Iowa Cit , Iaw
(Seal of City)
J bn Balmer, Mayor"'
Att t:
7/ ,
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A bie stolzus, Ci Clerk
Yo kers, Inc.
(Seal)
M �
Stan y H. Krum, Ex ut>ve Vlce
Attest: President
l'4rr
.
K 1 arthVice
President
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NOTICE OF PUBLIC HEARING ON PROPOSED
ORDINANCE AMENDING THE MUNICIPAL CODE
OF THE CITY OF IOWA CITY, IOWA, BY
ADOPTION OF THE UNIFORM BUILDING CODE
STANDARDS, 1979 EDITION AND THE 1979
EDITION OF THE UNIFORM BUILDING CODE
EDITED BY THE INTERNATIONAL CONFERENCE
OF BUILDING OFFICIALS; TO PROVIDE FOR
THE PROTECTION OF THE HEALTH, WELFARE
AND SAFETY OF THE CITIZENS OF IOWA CITY,
TO REPEAL ORDINANCE NO. 2859 AND TO
PROVIDE FOR ITS ENFORCEMENT.
Notice is hereby given that a public hearing will
be held by the City Council of Iowa City, Iowa, at
7:30 PM on the 29th day of July, 1980, in the
Council Chambers in the Civic Center, Iowa City,
Iowa. At which hearing, the Council will consider
arguments for or against the proposed adoption of
the 1979 Editions of the above-named Uniform Code,
together with the ordinance setting forth other
modifications. A copy of said Code and said
Ordinance is now on file in the Office of the City
Clerk of Iowa City, Iowa, for examination by
persons interested therein. Dated this 18th day of
July, 1980.
ABBIE STOLFUS, CITY CLERK
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NOTICE OF PUBLIC HEARING ON PROPOSED
"
ORDINANCE AMENDING THE MUNICIPAL CODE
OF THE CITY OF IOWA CITY, IOWA, BY
ADOPTING THE 1979 EDITION OF THE
;!
UNIFORM MECHANICAL CODE WITH CERTAIN
AMENDMENTS THERETO; REPEALING ORDINANCE
NO. 2863, AND PROVIDING FOR ITS ENFORCEMENT.
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Notice is hereby given that a public hearing will
be held by the City Council of Iowa City, Iowa, at
t
7:30 PM on the 29th day of July, 1980, in the
Council Chambers in the Civic Center, Iowa City,
ti
Iowa. At which hearing, the Council will consider
arguments for or against the proposed adoption of
the 1979 Edition of the above-named Uniform Code,
together with the ordinance setting forth other
modifications. A copy of said Code and said
Ordinance is now on file in the Office of the City
Clerk of Iowa City, Iowa, for examination by
persons interested therein. Dated this 18th day of
July, 1980.
ABBIE STOLFUS, CITY CLERK
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NOTICE OF PUBLIC HEARING ON PROPOSED
ORDINANCE ADOPTING UNIFORM CODE FOR
ABATEMENT OF DANGEROUS BUILDINGS, 1979
EDITION, AS PREPARED BY THE INTERNATIONAL
CONFERENCE OF BUILDING OFFICIALS WITH
CERTAIN AMENDMENTS THERETO AND TO PROVIDE
FOR THE ENFORCEMENT THEREOF AND PENALTIES
FOR VIOLATION THEREOF AND REPEALING
ORDINANCE NO. 2860.
Notice is hereby given that a public hearing will
be held by the City Council of Iowa City, Iowa, at
7:30 PM on the 29th day of July, 1980, in the
Council Chambers in the Civic Center, Iowa City,
Iowa. At which hearing, the Council will consider
arguments for or against the proposed adoption of
the 1979 Edition of the above-named Uniform Code,
together with the ordinance setting forth other
modifications. A copy of said Code and said
Ordinance is now on file in the Office of the City
Clerk of Iowa City, Iowa, for examination by
persons interested therein. Dated this 18th day of
July, 1980.
ABBIE STOLFUS, CITY CLERK
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NOTICE OF PUBLIC HEARING ON PROPOSED
ORDINANCE AMENDING THE MUNICIPAL CODE
OF THE CITY OF IOWA CITY, IOWA, BY
ADOPTING THE 1979 EDITION OF THE
UNIFORM PLUMBING CODE WITH CERTAIN
AMENDMENTS; REPEALING ORDINANCE N0.
2874 AND PROVIDING FOR ITS ENFORCEMENT.
Notice is hereby given that a public hearing will
be held by the City Council Of Iowa City, Iowa, at
7:30 PM on the 29th day of July, 1980, in the
Council Chambers in the Civic Center, Iowa City,
Iowa. At which hearing, the Council will consider
arguments for or against the proposed adoption of
the 1979 Edition of the above-named Uniform Code,
together with the ordinance setting forth other
modifications. A copy of said Code and said
Ordinance is now on file in the Office of the City
Clerk of Iowa City, Iowa, for examination by
persons interested therein. for
this 18th day of
July, 1980.
ABBIE STOLFUS, CITY CLERK
MICROFILMED BY
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NOTICE OF PUBLIC HEARING ON PROPOSED
ORDINANCE AMENDING THE MUNICIPAL CODE
OF THE CITY OF IOWA CITY, IOWA, BY
ADOPTING THE 1979 EDITION OF THE
UNIFORM PLUMBING CODE WITH CERTAIN
AMENDMENTS; REPEALING ORDINANCE N0.
2874 AND PROVIDING FOR ITS ENFORCEMENT.
Notice is hereby given that a public hearing will
be held by the City Council Of Iowa City, Iowa, at
7:30 PM on the 29th day of July, 1980, in the
Council Chambers in the Civic Center, Iowa City,
Iowa. At which hearing, the Council will consider
arguments for or against the proposed adoption of
the 1979 Edition of the above-named Uniform Code,
together with the ordinance setting forth other
modifications. A copy of said Code and said
Ordinance is now on file in the Office of the City
Clerk of Iowa City, Iowa, for examination by
persons interested therein. for
this 18th day of
July, 1980.
ABBIE STOLFUS, CITY CLERK
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NOTICE OF PUBLIC HEARING
COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM AND
BUDGET AMENDMENTS
The City of Iowa City hereby gives notice to all
interested persons of a public hearing to be held:
Tuesday, July 29, 1980 at 7:30 P.M. in the Council
Chambers, Civic Center, 410 E. Washington Street,
Iowa City, Iowa.
At such time and place, the City Council will
consider citizen comments and questions regarding
proposed amendments to the hold harmless
entitlement Community Development Block Grant
(CDBG) program and budget.
The City of Iowa City proposes to amend the CDBG
program and budget by allocating funds for the
purpose of converting existing buildings in the
downtown urban renewal area to a new underground
electrical utility system. Information concerning
these amendments is available for public inspection
in the office of the City Clerk, Iowa City Civic
Center, during normal business hours.
Citizens may comment at the July 29th public
hearing or submit written comments to the Office of
the City Clerk until that date.
Dated this 16th day of July, 1980.
ABBIE STOLFUS, CITY CLERK
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NOTICE OF PUBLIC HEARING
COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM AND
BUDGET AMENDMENTS
The City of Iowa City hereby gives notice to all
interested persons of a public hearing to be held:
Tuesday, July 29, 1980 at 7:30 P.M. in the Council
Chambers, Civic Center, 410 E. Washington Street,
Iowa City, Iowa.
At such time and place, the City Council will
consider citizen comments and questions regarding
proposed amendments to the hold harmless
entitlement Community Development Block Grant
(CDBG) program and budget.
The City of Iowa City proposes to amend the CDBG
program and budget by allocating funds for the
purpose of converting existing buildings in the
downtown urban renewal area to a new underground
electrical utility system. Information concerning
these amendments is available for public inspection
in the office of the City Clerk, Iowa City Civic
Center, during normal business hours.
Citizens may comment at the July 29th public
hearing or submit written comments to the Office of
the City Clerk until that date.
Dated this 16th day of July, 1980.
ABBIE STOLFUS, CITY CLERK
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NOTICE OF PUBLIC HEARING ON PLANS
SPECIFICATIONS, FORM OF CONTRACT
AND ESTIMATED COST FOR
THE CIVIC CENTER HEATING, AIR CONDITIONING
AND VENTILATING SYSTEM
IN THE CITY OF IOWA CITY, IOWA
TO ALL TAXPAYERS OF THE CITY OF IOWA CITY,
IOWA, AND TO OTHER PERSONS INTERESTED:
Public notice is hereby given that the City
Council of the City of Iowa City, Iowa, will
conduct a public hearing on plans, specifications,
form of contract and estimated cost for the
construction of the Civic Center Heating, Air
Conditioning and Ventilating System
in said City at o'clock p.m. on
the 29th day of July 98T 0 , said
meeting to be held in the Council Chambers in the
Civic Center in said City.
Said plans, specifications, form of contract
and estimated cost are now on file in the office
of the City Clerk in the Civic Center in Iowa
City, Iowa, and may be inspected by any persons
interested.
Any persons interested may appear at said
meeting of the City Council for the purpose of
making objections to said plans, specifications,
contract or the cost of making said improvement.
This notice is given by order of the City
Council of the City of Iowa City, Iowa.
aLz'(�
bie Stolfus 41
City Clerk of Iowa City,
Iowa
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