Bond Public Hearings

NOTICE OF PUBLIC HEARING AND INTENTION TO ISSUE

PRIVATE COLLEGE FACILITY REVENUE AND 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 $6,100,000 in aggregate principal amount of its Private College Facility Revenue and Refunding Bonds (Clarke University Project), Series 2019 (the “Bonds”), as tax-exempt qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986, as amended (the “Code”), 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 Authority’s Private College Facility Revenue and Refunding Bonds (Clarke University Project), Series 2012A (the “2012A Bonds”), originally issued for the purpose of (i) refunding the outstanding Dubuque County, Iowa Private College Facility Revenue and Refunding Bonds (Clarke College of Dubuque, Iowa Project), Series 1998 (the “Series 1998 Bonds”) originally issued to finance the costs of the acquisition, construction, improving and equipping of a student residence hall, a student activities center, the expansion of the Terence Donahue Hall parking lot, a campus lighting, signs and plaza project and the costs of issuance of the Series 1998 Bonds; (ii) financing academic facilities consisting of (a) a new science facility of approximately 46,000 square feet located to the southeast of Catherine Byrne Hall and including (b) a multi-level entry/atrium link from the science facility to Catherine Byrne Hall, which will include study and interaction space (classrooms, instructional laboratories, research laboratories, laboratory support space, and faculty offices), and (iii) financing costs of issuance.  The facilities to be refinanced with the proceeds of the Bonds are located between West Locust and Clarke Drive and on the north side of Clarke Drive on the campus of Clarke University (the “University”) at 1550 Clarke Drive, Dubuque, Iowa 52001.  The proceeds of the Bonds will be loaned to the University to be used to refund the 2012A Bonds.  The facilities to be refinanced with the proceeds of the Bonds are owned by the University and the University 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 505 5th Avenue, Suite 1040, Des Moines, IA 50309-2315 at 8:45 a.m. on May 17, 2019, pursuant to the provisions of Chapter 261A of the Code of Iowa and Section 147 of the 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 financed or 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 University.  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

                                                                  Maribeth Wright, Executive Director

NOTICE OF PUBLIC HEARING AND INTENTION TO ISSUE

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 $22,000,000 aggregate principal amount of its Private College Facility Revenue Bonds (Palmer College of Chiropractic Project), Series 2019 (the “Bonds”), as tax-exempt qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986, as amended (the “Code”), for financing private college facilities pursuant to the provisions of Chapter 261A of the Code of Iowa, as amended, to provide funds to loan to Palmer Chiropractic University Foundation (the “College”) for the purpose of financing (i) the renovation of the Academic Health Center’s third floor which will house the student clinic, academic radiology and assessment spaces, (ii) the renovation of B. J. Palmer Hall, (iii) the renovation of the David D. Palmer Health Sciences Library, and (iv) the remodeling of the Library Plaza (collectively, the “Project”), all in the area bounded by N. Main Street, Palmer Drive, N. Perry Street, and W. 6th Street on the campus of the College at 1000 Brady Street, Davenport, Iowa 52803, and (v) costs of issuance of the Bonds.  The proceeds of the Bonds will be loaned to the College to be used to finance the costs of the Project and to pay the costs of issuing the Bonds.  The Project will be owned by the College and the College 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 505 5th Avenue, Suite 1040, Des Moines, IA 50309-2315 at 8:45 a.m. on May 17, 2019, pursuant to the provisions of Chapter 261A of the Code of Iowa and Section 147 of the Code on the proposal to issue the Bonds.  At such public hearing all residents and interested persons shall be given an opportunity to express oral or written objections to the proposal to issue the Bonds 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 University.  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