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 $13,500,000 in aggregate principal amount of its Private College Facility Revenue Bonds (Cornell College 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 (the “Code”), 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 (i) renovating, expanding, equipping and furnishing the existing Richard and Normal Small Athletic and Wellness Center (the “Center”) located at 835 1st Street West, Mount Vernon, Iowa 52314 including an approximately 28,000 square foot addition including a new entry/lobby, health and wellness center, athletic office suite, athletic training area, group exercise studios and team meeting spaces/classrooms, (ii) upgrades of mechanical systems, electrical systems, lighting, fire sprinkler system, gas system and water system at the Center, (iii) other campus improvements and parking lots upgrades including a storm water retention system, all of the foregoing located on the campus of Cornell College (the “College”) at 600 First Street, S.W. in Mt. Vernon, Iowa (collectively, the “Project”), and (iv) financing costs of issuance of the Bonds.  The facilities to be financed with the proceeds of the Bonds are or 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 1200 Valley West Drive, Suite 206-11, West Des Moines, Iowa 50266 at 9:30 a.m. on May 26, 2021, 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 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

 

 

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 $16,000,000 in aggregate principal amount of its Private College Facility Revenue and Refunding Bonds (University of Dubuque 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 (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 (i) refunding the Issuer’s outstanding Private College Facility Refunding Revenue Bonds (University of Dubuque Project), Series 2011 (the “Series 2011 Bonds”), originally issued for the purpose of refunding bonds of the Authority issued for (a) financing and refinancing the costs of acquiring, constructing, improving and equipping Phase I and Phase II of the University Apartments, student housing for approximately 200 students, (b) financing the construction of a retaining wall, (c) financing the costs of construction of a drive connecting the main and south campuses, (d) refinancing of existing indebtedness originally incurred to finance the acquisition and renovation of various houses adjacent to or near the campus, and (e) refinancing the costs of constructing, improving and equipping student townhouses; (ii) financing deferred maintenance projects at Aitchison Hall, Van Vliet Hall, Severance Hall, and the President’s Residence; (iii) financing various other deferred maintenance and campus improvements including the renovation of existing buildings and the construction of other capital projects, (iv) funding a debt service reserve fund, and (v) paying costs of issuance of the Series 2021 Bonds.  All of the facilities to be financed and refinanced are located on the campus of the University of Dubuque (the “University”) at 2000 University Avenue, Dubuque, Iowa 52001.  The facilities to be financed and refinanced with the proceeds of the Bonds are owned by 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 1200 Valley West Drive, Suite 206-11, West Des Moines, Iowa 50266 at 9:30 a.m. on May 26, 2021, 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 and 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.  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 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