Bond Public Hearings & Agendas

Iowa Higher Education Loan Authority

AGENDA

Monday, November 25, 2024

9:30 a.m.

Join Zoom Meeting https://us06web.zoom.us/j/81284110347?pwd=GaShbGVGGT8Zy7gbIYb4asF5aTr15E.1

Meeting ID: 812 8411 0347 Passcode: 344999

  1. Minutes
    • August 14, 2024
  1. Morningside University Financing
    • Public Hearing
    • RESOLUTION TO PROCEED WITH THE ISSUANCE AND SALE OF PRIVATE COLLEGE FACILITY REVENUE BONDS                             (MORNINGSIDE BORROWER PROJECT), SERIES 2014B, IN AN AMOUNT NOT TO EXCEED $8,660,000.
    • RESOLUTION AUTHORIZE THE REISSUANCE, EXECUTION, DELIVERY AND SLAE OF PRIVATE COLLEGE FACILITY REVENUE BONDS (MORNINGSIDE COLLEGE PROJECT) SERIES 2014B IN AN AGGREGATE PRINCIPAL  EXCEEDING $8,660,000, THE EXECUTION AND DELIVER OF AN AMENDED INDENTURE OF TRUST TO PROVIDE FOR THE REISSUANCE OF SAID BONDS, AND THE EXECUTION AND DELLIVERY O FRELATED BOND DOCUMENTS.
  1. Update on IHELA Audit
  1. Other Business

 

 

 

NOTICE OF PUBLIC HEARING

PRIVATE COLLEGE FACILITY REVENUE BONDS OF THE IOWA HIGHER EDUCATION LOAN AUTHORITY

            NOTICE IS HEREBY GIVEN that the Iowa Higher Education Loan Authority (the “Authority”) proposes to issue not to exceed $9,260,000 in aggregate principal amount of its Private College Facility Revenue Bonds (the “Bonds”), as tax-exempt qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986, as amended, for refinancing private college facilities pursuant to the provisions of Chapter 261A of the Code of Iowa, as amended, for the purpose of refunding or amending the Iowa Higher Education Loan Authority’s Private College Facility Revenue Bonds (Morningside College Project) Series 2014B previously issued in order to provide financing for  the costs of renovating Dimmitt Hall, including replacement of the roofing system and windows and doors and adding insulation, updating the building’s mechanical, electrical and plumbing systems, improving handicap accessibility including elevators, and other improvements (the “Project”), all on the campus of Morningside University (the “University”) at 1501 Morningside Avenue, Sioux City, Iowa, and paying costs of issuance of the Bonds.  The proceeds of the Bonds have previously been loaned to the University to refinance the costs of refunding the Project, including paying costs of issuance.  The facilities to be refinanced with the proceeds of the Bonds are or will be owned by the Borrower and the Borrower will agree to make loan payments sufficient to pay the principal of and interest and redemption premium, if any, on the Bonds as the same fall due.

NOTICE IS HEREBY GIVEN that a Public Hearing will be conducted via Zoom:https://us06web.zoom.us/j/81284110347?pwd=GaShbGVGGT8Zy7gbIYb4asF5aTr15E.1 Meeting ID: 812 8411 0347 Passcode: 344999 at 9:30 a.m. on November 25, 2024, pursuant to the provisions of Chapter 261A of the Code of Iowa and Section 147 of the Internal Revenue Code on the proposal to issue the Bonds.  At such public hearing all residents and interested persons shall be given an opportunity to express their views, orally or in writing, for or against the proposal to issue the Bonds and the location and nature of the Projects to be refinanced and at said hearing or any adjournment thereof, the Board of the Authority shall adopt a resolution to determine whether or not to proceed with the issuance of the Bonds.

The Bonds, if issued, and the interest and premium, if any, thereon will be payable solely out of the revenues derived from the loan agreement executed in connection with the loan of the proceeds of the Bonds to the Borrower.  The Bonds shall be limited and special obligations of the Authority payable solely from revenues received by the Authority under the loan agreement and secured by a pledge of the rights of the Authority under and pursuant to the loan agreement.  The Bonds will represent and constitute, solely and exclusively, limited obligations of the Authority and will not represent, constitute or create an obligation, general or special, debt, liability or moral obligation of the State of Iowa or any political subdivision thereof within the meaning of any constitutional provision or statutory limitations, and will not constitute a pledge of the full faith and credit of the Authority or the State of Iowa.

                                                            IOWA HIGHER EDUCATION LOAN AUTHORITY

                                                            By: Maribeth Wright, Executive Director