NOTICE OF PUBLIC HEARING ON THE
CITY OF NEW
MARTINSVILLE BOND ORDINANCE
A public hearing will be
held on the following
entitled Ordinance at a
meeting of the Council of
the City of New
Martinsville (the “City”) to
be held on Monday,
December 2, 2024, at 7:30 p.m. at the 191 Main, New Martinsville, 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:
ORDINANCE
AUTHORIZING THE
ACQUISITION AND
CONSTRUCTION OF
ADDITIONS,
BETTERMENTS AND
IMPROVEMENTS TO
THE SEWERAGE
PORTION OF THE
EXISTING PUBLIC
COMBINED WATER
WORKS AND
SEWERAGE SYSTEM
OF THE CITY OF NEW
MARTINSVILLE AND
THE FINANCING OF THE
COST THEREOF, NOT
OTHERWISE
PROVIDED, THROUGH
THE ISSUANCE BY THE
CITY OF NOT MORE
THAN $1,600,000
IN AGGREGATE
PRINCIPAL AMOUNT OF
COMBINED
WATERWORKS AND
SEWERAGE SYSTEM
REVENUE BONDS,
SERIES 2024 A (WEST
VIRGINIA SRF
PROGRAM); AND NOT
MORE THAN $1,500,000
IN AGGREGATE
PRINCIPAL AMOUNT OF
COMBINED
WATERWORKS AND
SEWERAGE SYSTEM
REVENUE BONDS,
SERIES 2024 B (WEST
VIRGINIA SRF
PROGRAM/
FORGIVABLE)
PROVIDING FOR THE
RIGHTS AND REMEDIES OF AND SECURITY FOR THE REGISTERED
OWNERS OF SUCH
BONDS;
AUTHORIZING
EXECUTION
AND DELIVERY OF ALL
DOCUMENTS RELATING TO THE ISSUANCE OF
SUCH BONDS;
APPROVING,
RATIFYING AND
CONFIRMING A BOND
PURCHASE
AGREEMENT
RELATING TO SUCH
BONDS; AUTHORIZING
THE SALE AND
PROVIDING FOR THE
TERMS AND
PROVISIONS OF SUCH
BONDS AND
ADOPTING OTHER
PROVISIONS RELATING
THERETO.
The above quoted title of
the Ordinance describes
generally the contents
thereof and the purposes
of the Series 2024 A
Bonds and Series 2024 B
Bonds (collectively, the
“Series 2024 Bonds”)
contemplated thereby.
The City contemplates the issuance of the Series
2024 Bonds described in the Ordinance. The
proceeds of the Series
2024 Bonds will be used to (i) pay the costs of
acquisition and
construction of additions, betterments and
improvements to the
sewerage portion of the
existing public combined
waterworks and sewerage
system of the City (the
“Project”), and (ii) to pay
certain costs of issuance
of the Series 2024 Bonds
and related costs. The
Series 2024 Bonds are
payable solely from
revenues to be derived
from the ownership and
operation of the combined
waterworks and sewerage
system of the City. No
taxes may at any time be levied by the City for the
payment of the Series
2024 Bonds or the interest
thereon.
The above-entitled
Ordinance was adopted
by the Council of the City
on second reading on
November 18, 2024. 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 Council of
the City of New
Martinsville intends to
enact the Ordinance upon
final reading.
/s/ Kim Whiteman
Recorder
16168