VILLAGE OF
VALLEY GROVE
BUILDING COMMISSION
NOTICE OF PUBLIC HEARING ON LEASE REVENUE BONDS
(VALLEY GROVE VOLUNTEER FIRE DEPARTMENT
PROJECT) SERIES 2016
AND RELATED MATTERS
Pursuant to Section 7 of Chapter 8, Article 16 of the Code of West Virginia, 1931, as amended, a public hearing will be held by the Village of Valley Grove Building Commission (the “Building Commission”) on the following entitled Ordinance and on the question of whether there should be approved the issuance of Bonds by the Building Commission in an amount not to exceed $740,000 for the purpose of financing, in part, the costs of: (i) refinancing a loan (the “Loan”) made by the Valley Grove Volunteer Fire Department, Inc., a nonprofit corporation organized and existing under the laws of the State of West Virginia (the “Corporation”) for the acquisition and construction of a 8,250 square foot fire station, including all fixtures, located at 355 Firehouse Lane, Valley Grove, West Virginia (the “Facilities”); and (ii) paying the costs of issuance of the Bonds and related costs (collectively, the “Project”).
At the special meeting of the Board of the Building Commission to be at 11:00 a.m., on November 30, 2016, in its office at the Municipal Building, 8566 National Road, Valley Grove, West Virginia, and at such hearing all parties and interested persons may attend and appear before the Building Commission and be heard as to whether the Ordinance shall be put into effect and to express their views on the proposed issuance of Bonds and at such hearing all objections and suggestions shall also be heard and the Building Commission shall then take such action as it shall deem proper in the premises upon an Ordinance entitled:
ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $740,000 VILLAGE OF VALLEY GROVE BUILDING COMMISSION LEASE REVENUE BONDS TO PROVIDE FUNDS TO REFINANCE A PRIOR LOAN MADE TO VALLEY GROVE FIRE DEPARTMENT, INC. FOR THE COSTS OF THE VALLEY GROVE VOLUNTEER FIRE STATION; THE LEASING BY THE VILLAGE OF VALLEY GROVE BUILDING COMMISSION OF THE FIRE STATION AND THE LEASE-BACK OF SUCH PROPERTY TO THE FIRE DEPARTMENT FOR USE OF THE PROPERTY; AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST, SECURITY AGREEMENT, ASSIGNMENT OF RENTS AND LEASES AND DEED OF TRUST; AN INITIAL LEASE AND A LEASE AGREEMENT; AUTHORIZING THE EXECUTION AND DELIVERY OF SUCH BONDS; DESIGNATING THE BONDS AS “BANK-QUALIFIED;” AUTHORIZING THE EXECUTION AND DELIVERY OF OTHER DOCUMENTS, INSTRUMENTS, AGREEMENTS AND CERTIFICATES; AND AUTHORIZING THE TAKING OF ALL OTHER ACTIONS RELATING TO SUCH FINANCING.
The above-quoted title of the Ordinance generally describes the contents thereof and the purposes of the bond issue contemplated thereby. The proceeds of the Bonds will be used to finance the costs of (i) refinancing the Loan for the Facilities; and (ii) paying the costs of issuance of the Bonds and related costs. The Corporation will lease the site to the Building Commission, which will then lease the property back to the Corporation for use of the property. The rentals to be paid by the Corporation under the lease will be sufficient to pay the principal of and interest due on the Bonds. The Bonds are payable solely from revenues and rentals to be derived from the leasing of the property by the Corporation. No taxes may be levied at any time for the payment of the Bonds or the interest thereon.
A certified copy of the above-entitled Ordinance is on file at the office of the Building Commission at the Municipal Building, 8566 National Road, Valley Grove, West Virginia, for review by interested persons during regular office hours.
Following the public hearing, the Ordinance will become effective.
VILLAGE OF VALLEY GROVE
BUILDING COMMISSION
By: /s/ Donna McCave
Its: Secretary/Treasurer
Int. Nov. 15, 22, 2016
235917