NOTICE OF PUBLIC HEARING
A public hearing will be held on the following-entitled Ordinance at a regular meeting of the City Council of The City of Parkersburg (the “City”) to be held on Tuesday, August 13, 2024, at 7:30 p.m. (or as soon thereafter as the matter may be heard) in the Council Chambers, Municipal Building, 1 Government Square, Parkersburg, 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 CONVEYANCE OF CERTAIN REAL PROPERTY BY THE CITY OF PARKERSBURG (THE “CITY”) TO THE MUNICIPAL BUILDING COMMISSION OF THE CITY OF PARKERSBURG (THE “BUILDING COMMISSION”) IN CONNECTION WITH THE DESIGN, ACQUISITION, CONSTRUCTION, FURNISHING, AND EQUIPPING OF A RECREATIONAL FACILITY FOR THE CITY TOGETHER WITH ALL APPURTENANT FACILITIES (THE “RECREATIONAL FACILITY PROJECT”) AND THE DESIGN, ACQUISITION, CONSTRUCTION, FURNISHING, AND EQUIPPING OF A NEW FIRE STATION FOR THE CITY TOGETHER WITH ALL APPURTENANT FACILITIES (THE “FIRE STATION PROJECT” AND COLLECTIVELY WITH THE RECREATIONAL FACILITY PROJECT, THE “PROJECTS”); AUTHORIZING THE CITY TO UNDERTAKE THE DESIGN, ACQUISITION, CONSTRUCTION AND EQUIPPING OF THE PROJECTS; AUTHORIZING AND APPROVING THE ISSUANCE BY THE BUILDING COMMISSION OF ITS LEASE REVENUE BONDS, IN ONE OR MORE SERIES, IN AN AGGREGATE PRINCIPAL AMOUNT NOT MORE THAN $15,000,000 (THE “BONDS”), TO FINANCE ALL OR A PORTION OF THE COSTS OF THE PROJECTS, THE FUNDING OF ONE OR MORE DEBT SERVICE RESERVE FUNDS FOR THE BONDS, IF REQUIRED, AND THE PAYMENT OF COSTS OF ISSUANCE OF THE BONDS AND RELATED COSTS, INCLUDING THE PREMIUM FOR ONE OR MORE MUNICIPAL BOND INSURANCE POLICIES, IF NECESSARY; AUTHORIZING THE LEASING OF THE PROPERTY ASSOCIATED WITH THE PROJECTS TOGETHER WITH ALL BUILDINGS, IMPROVEMENTS, FIXTURES, EQUIPMENT, RIGHTS OF WAY AND APPURTENANCES ASSOCIATED THEREWITH BY THE CITY FROM THE BUILDING COMMISSION PURSUANT TO ONE OR MORE LEASE AGREEMENTS TO BE EXECUTED AND DELIVERED BY THE MAYOR OF THE CITY; AUTHORIZING THE ACKNOWLEDGEMENT AND AGREEMENT BY THE MAYOR OF THE CITY OF ONE OR MORE BOND PURCHASE AGREEMENTS BETWEEN THE BUILDING COMMISSION AND THE PURCHASERS OF THE BONDS; AUTHORIZING THE DISTRIBUTION OF ONE OR MORE PRELIMINARY OFFICIAL STATEMENTS, IF NECESSARY, AND THE EXECUTION, DELIVERY AND DISTRIBUTION OF ONE OR MORE OFFICIAL STATEMENTS, IF NECESSARY; AUTHORIZING, IF DEEMED ADVISABLE, THE PURCHASE OF ONE OR MORE BOND INSURANCE POLICIES WITH RESPECT TO THE BONDS; AUTHORIZING, IF DEEMED ADVISABLE, THE PURSUIT AND OBTAINING OF CREDIT RATINGS ON THE CITY OR ANY SERIES OF 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 conveyance of certain real property and the improvements thereon (collectively with any Additional Property (as defined herein) that may be identified in one or more supplemental resolutions of the City, the “Property”) to the Municipal Building Commission of The City of Parkersburg (the “Building Commission”) and the subsequent leasing of the Property from the Building Commission. The City contemplates that the Building Commission will issue not more than $15,000,000 in aggregate principal amount of Lease Revenue Bonds in one or more series (the “Bonds”) to finance a portion of the costs of (i) the design, acquisition, construction, furnishing and equipping of a new recreational facility for the City, together with all appurtenant facilities (the “Recreational Facility Project”), (ii) the design, acquisition, construction, furnishing and equipping of a new fire station, together with all appurtenant Facilities (the “Fire Station Project” and together with the Recreational Facility Project, the “Projects”), (iii) the funding of one or more debt service reserve funds for the Bonds, if required, and (iv) the costs of issuance of the Bonds and related costs. In the event that the City determines it is advisable, the City may convey additional real estate to the Building Commission for the purpose of providing additional security for the payment of the principal of and the premium, if any, and interest on the Bonds (the foregoing real estate together with the improvements thereon and all easements and rights of way in connection therewith are collectively referred to herein as the “Additional Property”). The Additional Property shall be specifically identified and the conveyance thereof by the City authorized pursuant to one or more supplemental resolutions to be adopted by the City. The Bonds will be payable solely from lease rentals payable to the Building Commission by the City with respect to the 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 City Council on July 23, 2024. A certified copy of the above-entitled Ordinance is on file with the City Clerk of the City for review by interested parties during regular office hours.
Following the public hearing, the City Council of the City intends to enact the Ordinance upon final reading.
By: /s/ Connie Shaffer
City Clerk
Aug 2, 9