NOTICE OF
PUBLIC HEARING
Notice is hereby given that on June 21, 2022, at 12:00 p.m., prevailing time, a public hearing will be held in the City Council Chambers located at 1500 Chapline Street, Wheeling, West Virginia, at which time and place all parties and interests may appear before the Wheeling Municipal Building Commission (the “Commission”) and may be heard as to whether the following described Ordinance shall be put into effect.
Notice is further hereby given that on June 7, 2022, the Commission adopted on second reading an Ordinance authorizing and directing the issuance of not more than $69,500,000 in aggregate principal amount of Wheeling Municipal Building Commission (West Virginia) Pension Funding Revenue Bonds in one or more series (the “Bonds”) to finance costs of a Pension Funding Program (the “Program”) for the benefit of the City of Wheeling, West Virginia (the “City”) and the inhabitants of the City of Wheeling. The Ordinance further provides for the leasing of certain real property (the “Leased Property”) by the Commission from the City pursuant to a Lease Agreement (the “Site Lease”) and the leasing back of the Leased Property to the City pursuant to a Lease Agreement (the “Lease”).
The Bonds will be special obligations of the Commission payable solely from the revenues, rentals, and other monies received by the Commission pursuant to the Lease, any other permitted lease of the Leased Property and other security held pursuant to an Indenture (defined below) and any amounts received by the Bond Trustee from the West Virginia Municipal Pension Oversight Board pursuant to West Virginia Code Section 33-3-14d (b)(2) and will not constitute a debt or liability of the City (except as provided in the Lease), or the State of West Virginia.
The Ordinance further provides for a Bond Indenture and Security Agreement (the “Indenture”) to be entered into between the Commission and WesBanco Bank, Inc., as the trustee for the Bonds (the “Trustee”) by which the Commission will assign to the Trustee the right to receive rental and other payments under the Lease or other leases permitted by the Indenture and a Leasehold Credit Line Deed of Trust, Fixture Filing and Security Agreement (the “Deed of Trust”) which will encumber the Commission’s leasehold interest in the Leased Property under the Site Lease and any amounts received by the Bond Trustee from the West Virginia Municipal Pension Oversight Board pursuant to West Virginia Code Section 33-3-14d(b)(2) to further secure the owners of the Bonds and the Commission will deliver the Bonds in return for the purchase price thereof to be used to pay costs of the City’s Pension Funding Program. The Leased Property will be leased by the City to the Commission pursuant to the Site Lease and leased back by the Commission to the City pursuant to the Lease.
A certified copy of the Ordinance is on file for review by interested persons during regular office hours in the office of the Clerk of The City of Wheeling, West Virginia, 1500 Chapline Street, Wheeling, West Virginia.
Secretary,
Wheeling Municipal
Building Commission
Int. & N.R., Jun. 10, 17, 2022