Bond Public Hearings & Agendas
NOTICE OF PUBLIC HEARING
PRIVATE COLLEGE FACILITY REVENUE REFUNDING 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 $7,500,000 in aggregate principal amount of its Private College Facility Revenue Refunding Bonds (Cornell College Project), Series 2023 (the “Bonds”), as tax-exempt qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986, as amended, or taxable bonds, in one or more series, for financing private college facilities pursuant to the provisions of Chapter 261A of the Code of Iowa, as amended, for the purpose of refunding the outstanding Iowa Higher Education Loan Authority Private College Facility Revenue Refunding Bonds (Cornell College Project) Series 2013 which proceeds were originally used to provide financing for (I) refunding the outstanding Iowa Higher Education Loan Authority Private College Facility Revenue Bonds (Cornell College Project), Series 2006 originally issued to finance the costs of the construction, improving and equipping of approximately 24 student housing suites providing housing for approximately 96 students; and (II) refunding the outstanding Iowa Higher Education Loan Authority Variable Rate Demand Private College Facility Revenue and Refunding Bonds (Cornell College Project), Series 2008 originally issued to finance the costs of (a) the construction, improving and equipping of (i) a renovation of Pfeiffer Hall including an elevator, all new electrical service, new heating system, plumbing, bathrooms, lounge, study spaces, building conference room and office space, (ii) an addition to and a renovation of Wade House, (iii) a renovation of Rood House to convert it from a residence hall to office space, (iv) a renovation of the Commons including front and rear additions, meeting rooms, lounge and conversation spaces as well as classroom/meeting rooms, and a meeting room for 60, (v) structural improvements to King Chapel including roof repair or replacement, sheet metal repairs, elevator installation, window and door replacements and tuckpointing, (vi) an addition to and renovation of West Science, including the reconfiguration and addition of offices, classrooms, specialty lab facilities and spaces for studying, meeting and relaxing as well as expanded teaching and research labs, and (vii) various other infrastructure and facility improvements on the campus of the College and (b) refinancing (i) the Authority’s outstanding Variable Rate Demand Private College Facility Revenue Bonds (Cornell College Project), Series 2001 originally issued to finance the costs of acquiring, constructing, improving and equipping various improvements including the refurbishment and refurnishing of Alumni Hall and Armstrong Hall and an addition to Armstrong Hall, (ii) the outstanding City of Mount Vernon, Iowa Private College Variable Rate Demand Revenue Bonds (Cornell College Project), Series 1985 originally issued to finance the Small Sports Center, and (iii) various taxable leases incurred by the College to finance computer network equipment, computer software, an electrical distribution network and a new area floor in the Small Sports Center; and (III)(A) the construction, furnishing and equipping of a 9,000 square foot addition to the Thomas Commons including a new mail and printing center, fitness area, student activity offices, classrooms, patio with enclosed fireplace, additional dining space, a multi-purpose room and additional lounge space as well as renovation of the existing dining services area and bookstore; (B) the acquisition, construction, improving and equipping of a renovation of Olin Hall, a residential hall providing housing for approximately 200 students, including the replacement of the HVAC system, gutting and replacement of bathrooms and windows, and renovating the lounge space; (C) information technology upgrades; (D) the acquisition, construction, improving and equipping of roofs, bathrooms and entrances to the existing Bowman-Carter Hall and Pauley-Rorem Halls, student residential facilities; and (E) the addition of football field turf to Ash, all located on the campus of Cornell College (the “Borrower”) at 600 First Street SW in Mount Vernon, Iowa (collectively, the “Project”). The proceeds of the Bonds will be loaned to the University to be used to refinance the costs of the Project. 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 before the Authority at its meeting to be held at the offices of the Authority at 1200 Valley West Drive, Suite 206-11, West Des Moines, Iowa 50266 at 1:00 p.m. on December 14, 2023, 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 Project to be financed 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. Members of the public wishing to express their views for or against the proposal to issue the Bonds have the option to participate in the public hearing via Zoom: https://us06web.zoom.us/j/86262177993?pwd=3lBE1E6dnjbYuiziN7b3cBPjELtlZ3.1 Meeting ID: 862 6217 7993 Passcode: 365719
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