Pubic Hearing on September 15th
September 08, 2021
NOTICE OF MEETING OF THE BOARD OF DIRECTORS OF THE SOUTHERN IOWA RURAL WATER ASSOCIATION, STATE OF IOWA, ON THE MATTER OF THE PROPOSED AUTHORIZATION OF A LOAN AGREEMENT AND THE ISSUANCE OF NOT TO EXCEED $12,000,000 WATER REVENUE CAPITAL LOAN NOTES, AND THE HEARING ON THE ISSUANCE THEREOF
PUBLIC NOTICE is hereby given that the Board of Directors of the Southern Iowa Rural Water Association, State of Iowa, will hold a public hearing on the 15th day of September, 2021, at 10:00 A.M., at 1391 - 190th Street, Creston, Iowa, at which meeting the Board proposes to take additional action for the authorization of a Loan Agreement and the issuance of not to exceed $12,000,000 Water Revenue Capital Loan Notes, to provide funds to pay the costs of improvements and extensions to the Rural Water System, including acquisition of real property, acquisition, construction, improving and equipping of a Water Treatment Plant facility, transmission main piping, an elevated storage tank, and related site improvements, and refunding any outstanding Project Notes with accrued interest thereon issued in payment for said project. The Notes will not constitute general obligations or be payable in any manner by taxation, but will be payable from and secured by the Net Revenues of the Southern Iowa Rural Water Association (the "Water District").
The proceeds of the Water Revenue Capital Loan Notes may be applied to pay project costs directly or to pay interim Project Notes which the Water District will issue in the approximate amount of not to exceed $12,000,000 in anticipation of the future receipt of funds or note proceeds applicable to the foregoing project and purpose.
At the above meeting the Board shall receive oral or written objections from any resident or property owner of the Water District to the above action. After all objections have been received and considered, the Board will at the meeting or at any adjournment thereof, take additional action for the authorization of a Loan Agreement and the issuance of the Notes to evidence the obligation of the Water District thereunder or will abandon the proposal to issue said Notes.
This notice is given by order of the Board of Directors of the Southern Iowa Rural Water Association, State of Iowa, as provided by Sections 357A.11, 384.24A and 384.83 of the Code of Iowa.
Dated this 8th day of September, 2021.
Secretary of the Board of Directors, SIRWA, State of Iowa