HomeMy WebLinkAbout2011-11-21 AgendaSubiect to change as finalized by the City Clerk. For a final official copy, contact the City Clerk's Office 356 -5040.
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City ouncil Agenda ��'��
Y CITY OF IOWA CITY
Special Formal
November 21, 2011 - 5:30 p.m.
City Hall — Harvat Hall
410 E. Washington www.icgov.org
ITEM NO. 1 CALL TO ORDER
Roll Call
ITEM NO. 2 CONSIDER A RESOLUTION RELATING TO THE ISSUANCE OF NOT
TO EXCEED $1,832,000 IN AGGREGATE PRINCIPAL AMOUNT OF
MIDWESTERN DISASTER AREA REVENUE BONDS (EPS
PROPERTIES LLC PROJECT) SERIES 2011 OF THE CITY OF IOWA
CITY, IOWA; AND SPECIFICALLY (1) DECLARING INTENT TO
REIMBURSE EXPENDITURES FROM PROCEEDS OF SAID BONDS;
(2) FIXING A DATE FOR A PUBLIC HEARING ON DECEMBER 6, 2011
ON THE PROPOSAL TO ISSUE SAID BONDS; AND (3) DIRECTING
PUBLICATION OF NOTICE OF INTENTION TO ISSUE SAID BONDS.
Comment: Under Iowa Chapter 419, a city may issue a special limited
obligation revenue bond and agree to loan the proceeds of the bond to a
private business for a qualifying project. The obligation of the Issuer is
limited and the obligation on the bond is not an indebtedness of the Issuer
within the meaning of any debt limit, nor does it constitute or give rise to a
pecuniary liability of the Issuer or become a charge against its general
credit or taxing powers. By participating in a Midwestern Disaster Area
Revenue bond financing, the City of Iowa City provides an opportunity for
a business project to be realized at a lower cost of financing. Any
expense of the City with respect to a bond financing is paid by the
Borrower, in this case, EPS Properties LLC. The building will be occupied
by Eye Physicians and Surgeons, L.L.P. in the Northgate Corporate Park.
11- 3S3 Action:
ITEM NO. 3 CONSIDER A MOTION TO ADJOURN THE SPECIAL MEETING.
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