010119200 August 25, September 1
NOTICE OF PUBLIC HEARING ON
THE CITY OF MORGANTOWN BOND ORDINANCE
A public hearing will be held on the following-entitled Ordinance at a regular meeting of the Council of The City of Morgantown (the “City” ) to be held on Tuesday, September 5, 2017, at 7:00 p.m. in the Council chambers at the Morgantown City Hall, 389 Spruce Street, Morgantown, West Virginia, and at such hearing any person interested may appear before the Council and present protests, and all protests and suggestions shall be heard by the Council and it shall then take such actions as it shall deem proper in the premises upon an Ordinance entitled:
THE CITY OF MORGANTOWN
AN ORDINANCE AUTHORIZING THE DESIGN, ACQUISITION, CONSTRUCTION AND EQUIPPING OF CERTAIN ADDITIONS, BETTERMENTS AND IMPROVEMENTS TO THE STORMWATER SYSTEM AND SEWER SYSTEM OF THE EXISTING COMBINED UTILITY SYSTEM OF THE CITY OF MORGANTOWN AND THE FINANCING OF THE COST THEREOF, NOT OTHERWISE PROVIDED, THROUGH THE ISSUANCE BY THE CITY OF NOT MORE THAN $4,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF COMBINED UTILITY SYSTEM REVENUE BONDS, SERIES 2017 A; PROVIDING FOR THE RIGHTS AND REMEDIES OF, AND THE SECURITY FOR, THE REGISTERED OWNERS OF SUCH BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT, TAX CERTIFICATE, TAX COMPLIANCE POLICY, CONTINUING DISCLOSURE POLICY AND OTHER DOCUMENTS RELATING TO THE BONDS; AND ENACTING OTHER PROVISIONS WITH RESPECT TO SUCH BONDS.
The above quoted title of the Ordinance describes generally the contents thereof and the purposes of the Series 2017 A Bonds contemplated thereby. The City contemplates the issuance of the Series 2017 A Bonds described in the Ordinance. The proceeds of the Series 2017 A Bonds will be used (i) to pay a portion of the costs of design, acquisition, construction and equipping of the Project as described in the Ordinance; (ii) to fund a reserve account for the Series 2017 A Bonds; and (iii) to pay certain costs of issuance of the Series 2017 A Bonds and related costs, which specifically may include, but not be limited to, the premium for a municipal bond insurance policy and/or municipal bond debt service reserve insurance policy for the Series 2017 A Bonds. The Series 2017 A Bonds are payable from the revenues derived from the System. No taxes may at any time be levied for the payment of the Series 2017 A Bonds or the interest thereon.
The above-entitled Ordinance was adopted by the Council of The City of Morgantown on August 15, 2017. A certified copy of the above-entitled Ordinance is on file with the City Clerk for review by interested parties during regular office hours.
Following the public hearing, the Ordinance will be presented to City Council upon final reading for consideration for enactment.
/s/ Linda Tucker
City Clerk