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 a Public Hearing will be conducted before the Iowa Higher Education Loan Authority (the “Authority”) at its meeting to be held at the Embassy Club West, 520 Market Street, West Des Moines, Iowa 50266 at 3:30 p.m. on June 18, 2019, pursuant to the provisions of Section 147 of the Internal Revenue Code of 1986, as amended, on a proposal for the City of Port Orange, Florida (the “City”) to issue Private College Facility Revenue Bonds (Palmer College of Chiropractic Project), Series 2019B (the “Bonds”), in an amount not to exceed $19,000,000.  The Bonds are to be issued in order to finance the outstanding City of Port Orange, Florida Tax-Exempt Revenue Notes, Series 2010 (Palmer College Project) which were issued, in part, to refinance the Authority’s Variable Rate Demand Private College Facility Revenue Bonds (Palmer Chiropractic University Foundation Project), Series 1997, originally issued for the purpose of constructing, improving and equipping improvements to classrooms and offices in various buildings including North Hall, West Hall, the Administration Building, Campus Center, and Lyceum Hall, constructing, improving and equipping library/classroom buildings, constructing, improving and equipping parking, skywalks, courtyards and plazas and costs of issuance of the Series 1997 Bonds, all on the campus of Palmer College Foundation d/b/a Palmer College of Chiropractic at 1000 Brady Street, Davenport, Iowa 52803.

The Bonds will be a limited obligation of the City payable solely from the payments to be made the owner of the facility under the financing documents and from the other sources specified in such financing documents.

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 approve the issuance of the Bonds.

 

                                                            IOWA HIGHER EDUCATION LOAN AUTHORITY

                                                            By:  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, (iv) the renovation of the Mabel Heath Palmer Laboratories (Chemistry) Building, (v) 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 Embassy Club West, 520 Market Street, West Des Moines, Iowa 50266 at 3:30 p.m. on June 18, 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