TITLE

After Court Victory, Coralville, Iowa, Is Ready to Sell $46 Million

AUTHOR(S)
Shields, Yvette
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/27/2003, Vol. 344 Issue 31666, p48
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
After a 17-month legal challenge, Coralville, Iowa, is ready to sell $46 million of bonds secured by an annual appropriation in July 2003 as a result of a state Supreme Court decision supporting the city's contention that appropriation-backed debt is not subject to state-imposed debt limits. Coralville, just outside of Iowa City, was set in early 2002 to move forward with a major economic development project, a new $70 million convention center and hotel. The city merged two already-designated urban renewal areas and crafted a financing plan that relied in part on $13 million of tax-increment financing bonds and $33 million of capital loan notes. The TIF bonds will be repaid from TIF revenues from the urban renewal area, and the capital loan notes carry a general obligation-like pledge of ad valorem taxes, although ultimately both are secured only by the city's pledge to make an annual appropriation sufficient to cover debt service.
ACCESSION #
10171017

 

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