Notice of Public Hearing – Glen Haven September 12
NOTICE OF PROPOSED ACTION TO HOLD HEARING ON
A LOAN AGREEMENT AND GUARANTEE IN A PRINCIPAL AMOUNT NOT TO EXCEED $400,000
(GENERAL OBLIGATION DEBT SERVICE LOAN AGREEMENT AND GUARANTEE)
The City Council of the City of Glenwood, Iowa, will meet on the 12th day of September, 2017, at the City Hall, Glenwood, Iowa, at 7 o’clock p.m., for the purpose of holding a hearing on a loan agreement and guarantee (the “Debt Service Loan Agreement and Guarantee”) in a principal amount not to exceed $400,000, for the purpose of providing a guarantee for a period of 35 years, for a portion of a loan that Glen Haven Home, Inc. expects to receive from the United States Department of Agriculture – Rural Development related to the acquisition of the Glenwood Resource Center.
The Debt Service Loan Agreement and Guarantee is proposed to be entered into pursuant to authority contained in Section 384.24A of the Code of Iowa, will constitute a general obligation of the City and will be payable from a debt service tax levy.
At that time and place, oral or written objections may be filed or made to the proposal to enter into the Debt Service Loan Agreement and Guarantee.
At any time before the date fixed for taking action to enter into the Debt Service Loan Agreement and Guarantee, a petition may be filed with the City Clerk of the City asking that the question of entering into the Debt Service Loan Agreement and Guarantee be submitted to the registered voters of the City, pursuant to the provisions of Section 384.26 of the Code of Iowa.
After receiving objections, and if no petition is filed, the City may determine to enter into the Debt Service Loan Agreement and Guarantee, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter.
By order of the City Council of the City of Glenwood, Iowa.