NOTICE OF INTENTION REGARDING THE ISSUANCE OF LONG TERM CARE REVENUE REFUNDING BONDS (GRAND JIVANTE PROJECT), SERIES 2018
The City Council of Ackley, Iowa, (the “Issuer”) will meet on the 13th day of June, 2018, at 7 o’clock p.m., at the Ackley Civic Center, 640 Main Street, Ackley, Iowa, 50601 for the purpose of conducting a public hearing on the proposal for the issuance of Long Term Care Revenue Refunding Bonds (Grand JiVante Project), Series 2018 (the “Bonds”), of the Issuer, to be issued in an aggregate principal amount not to exceed $5,000,000. Proceeds of the Bonds will be used pursuant to the Act for the purposes of: (a) currently refunding outstanding indebtedness used for the The Presbyterian Village d/b/a Grand JiVante (the “Corporation”) previous acquisition and prior and current construction, furnishing and renovation of its facilities located at 502 Butler Street, Ackley, Iowa 50601 (the “Project”), (b) funding a debt service reserve fund and (c) paying for certain other costs associated with the issuance of the Bonds.
The Bonds, when issued, will be limited obligations and will not constitute general obligations of the Issuer nor will they be payable in any manner by taxation, but the Bonds will be payable solely and only from amounts received by the Issuer under a Loan Agreement between the Issuer and the Corporation, the obligations of which will be sufficient to pay the principal of and interest and redemption premium, if any, on the Bonds as and when the same shall become due.
At the time and place fixed for the public hearing, individuals who appear will be given an opportunity to express their views for or against the proposal to issue the Bonds for the purpose of financing the Project. Written comments may also be submitted to the Issuer at the City Clerk’s Office, Ackley, Iowa, 50601. Written comments must be received by the above hearing date.
By order of the City Council of Ackley, Iowa.
Kelly DeBerg, City Clerk