Bond Public Hearings
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 $26,000,000 in aggregate principal amount of its Private College Facility Revenue Refunding Bonds (Drake University Project), Series 2021 (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 (A) refunding the $15,200,000 Iowa Higher Education Loan Authority Private College Facility Revenue Bonds (Drake University Project), Series 2017A (the “Series 2017A Bonds”), which Series 2017A Bonds were issued to (i) finance the costs of constructing, renovating, equipping and furnishing classroom, laboratory and office space for a science, technology, education and mathematics project including the renovation of existing buildings and the construction of a new Science Connector Building at 2714 Forest Avenue, Des Moines, Iowa and the School of Education/Mathematics and Computer Science Building at 2702 Forest Avenue, Des Moines, Iowa, all on the campus of Borrower at 2507 University Avenue, Des Moines, Iowa; and (ii) pay the costs of issuing the Series 2017A Bonds; (B) refunding the $29,695,000 Iowa Higher Education Loan Authority Private College Facility Revenue Refunding Bonds (Drake University Project), Series 2017B (the “Series 2017B Bonds”) which Series 2017B Bonds were issued to (i) refund the $42,700,000 Iowa Finance Authority Variable Rate Demand Private College Facility Revenue Refunding Bonds (Drake University Project), Series 2008 (the “Series 2008 Bonds”), which Series 2008 Bonds were issued to refund the outstanding principal amount of the Iowa Finance Authority $42,800,000 Variable Rate Revenue Refunding Bonds (Drake University Project), Series 2005 (the “Series 2005 Bonds”), which Series 2005 Bonds were issued to (a) finance the costs of refunding certain then outstanding bonds the proceeds of which financed (i) the construction or renovation of various education facilities of the University, (ii) the renovation of student residence halls and improvements to office systems and electronic systems and (iii) energy improvements and landscape improvements, all located on the campus of the University at 2507 University Avenue, Des Moines, Iowa, and (b) pay the costs of issuance of the Series 2005 Bonds; and (ii) pay the costs of issuing the Series 2017B Bonds (all of the foregoing herein referred to as the “Refunding”); and (C) paying the costs of issuing the Bonds. The proceeds of the Bonds will be loaned to the University to be used to finance the costs of the Refunding, and to pay the costs of issuing the Bonds. The facilities refinanced with the Bonds will be 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 on September 15, 2021, at the offices of the Authority at 1200 Valley West Drive, Suite 206-11, West Des Moines, IA 50266 at 9:30 _a.m., pursuant to the provisions of Chapter 261A of the Code of Iowa and Section 147 of the Internal Revenue Code of 1986 on the proposal to issue the Bonds. At such public hearing all residents who appear 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 Refunding 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 telephone conference call at 1-888-529-0349 using access code 249773.
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 College. 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