NOTICE OF PUBLIC HEARING
A public hearing will be held on the following-entitled Ordinance at a regular meeting of the Common Council of the City of Beckley (the “City”) to be held on Tuesday, October 11, 2022, at 6:30 p.m. in Council Chambers at City Hall, 409 South Kanawha Street, Beckley, West Virginia, and at such hearing any person interested may appear before the City and present protests, and all protests and suggestions shall be heard by the City and it shall then take such actions as it shall deem proper in the premises upon an Ordinance entitled:
AN ORDINANCE AUTHORIZING AND APPROVING THE ESTABLISHMENT BY THE CITY OF BECKLEY (THE “CITY”) OF A PENSION FUNDING PROGRAM AND THE FUNDING OF SUCH PROGRAM WITH THE PROCEEDS OF TAXABLE PENSION FUNDING REVENUE BONDS (“THE BONDS”) ISSUED BY THE BECKLEY BUILDING COMMISSION (THE “BUILDING COMMISSION”); AUTHORIZING AND APPROVING THE ISSUANCE BY THE BUILDING COMMISSION OF THE BONDS, IN ONE OR MORE SERIES, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $37,000,000 TO FINANCE THE COST OF A PENSION FUNDING PROGRAM INCLUDING THE FUNDING OF A DEBT SERVICE RESERVE FUND FOR THE BONDS, IF REQUIRED, THE PAYMENT OF COSTS OF ISSUANCE OF THE BONDS AND RELATED COSTS; AND TO PAY OTHER COSTS IN CONNECTION THEREWITH, INCLUDING THE ESTABLISHMENT OF A CONTINGENCY RESERVE FUND WITH RESPECT TO THE BONDS AND, IF DEEMED ADVISABLE, THE PURCHASE OF BOND INSURANCE IN CONNECTION WITH THE BONDS; AUTHORIZING AND APPROVING THE ACQUISITION OF REAL PROPERTY AND ASSOCIATED IMPROVEMENTS BY THE CITY FROM THE BECKLEY BUILDING COMMISSION; THE LEASING BY THE CITY, AS LESSOR, OF CERTAIN REAL PROPERTY WITH ALL BUILDINGS, IMPROVEMENTS, FIXTURES, EQUIPMENT, RIGHTS OF WAY AND APPURTENANCES ASSOCIATED THEREWITH (COLLECTIVELY THE “LEASED PROPERTY”) TO THE BUILDING COMMISSION, AS LESSEE, PURSUANT TO A SITE LEASE AGREEMENT TO BE EXECUTED AND DELIVERED BY AN AUTHORIZED OFFICER OF THE CITY; AUTHORIZING AND APPROVING A LEASE AGREEMENT BETWEEN THE BUILDING COMMISSION, AS LESSOR, AND THE CITY, AS LESSEE, WITH RESPECT TO THE REAL PROPERTY (THE “LEASE”) TO BE EXECUTED AND DELIVERED BY AN AUTHORIZED OFFICER OF THE CITY; AUTHORIZING THE PREPARATION OF A PRELIMINARY OFFICIAL STATEMENT TO BE USED IN CONNECTION WITH THE SALE OF THE BONDS; AUTHORIZING THE EXECUTION AND DELIVERY BY THE MAYOR OF THE CITY OF A CONTINUING DISCLOSURE AGREEMENT, AN OFFICIAL STATEMENT, AND A BOND PURCHASE AGREEMENT BETWEEN THE BUILDING COMMISSION AND THE PURCHASER OF THE BONDS, AND ACKNOWLEDGED AND AGREED TO BY THE CITY; APPROVING THE ADOPTION BY THE CITY OF CONTINUING DISCLOSURE POLICIES AND PROCEDURES WITH RESPECT TO THE CONTINUING DISCLOSURE AGREEMENT TO BE EXECUTED BY THE CITY IN CONNECTION WITH THE ISSUANCE OF THE BONDS; AND AUTHORIZING OTHER NECESSARY ACTIONS IN CONNECTION WITH THE FOREGOING.
The above quoted title of the Ordinance describes generally the contents thereof and the purposes of the Bond issue contemplated thereby. The City contemplates enactment of the Ordinance authorizing the acquisition of certain real property and the improvements thereon (collectively, the “Leased Property”) from the Beckley Building Commission (the “Building Commission”). The Ordinance also authorizes the leasing of the Leased Property to and the subsequent leasing of the Leased Property from, the Building Commission. The City contemplates that the Building Commission will issue not more than $37,000,000 in aggregate principal amount of 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 and the inhabitants of the City and to pay costs of issuance of the Bonds and related costs. The Bonds will be payable solely from (i) allocations by the West Virginia Municipal Pensions Oversight Board of revenues in the West Virginia Municipal Pensions Security Fund, and (ii) lease rentals payable to the Building Commission by the City with respect to the Leased Property. No taxes may at any time be levied for the payment of the Bonds or the interest thereon.
The above-entitled Ordinance was approved and adopted on first reading by the Common Council of the City of Beckley on September 27, 2022. A certified copy of the above-entitled Ordinance is on file with the City for review by interested parties during regular office hours.
Following the public hearing, the Common Council of the City of Beckley intends to enact the Ordinance upon final reading.
By: /s/ Billie L. Trump
City Recorder-Treasurer