NOTICE OF PUBLIC HEARING
NOTICE OF PUBLIC HEARING
TO RESIDENTS OF THE COUNTY OF WOOD
AND OTHER PERSONS INTERESTED –
ENACTMENT OF ORDINANCE AND ISSUANCE OF
LEASE REVENUE REFUNDING BONDS FOR
THE COUNTY COMMISSION OF WOOD COUNTY
NOTICE IS HEREBY GIVEN, that THE COUNTY COMMISSION OF WOOD COUNTY, a public corporation and governing body of Wood County, a political subdivision of the State of West Virginia (the âCounty Commissionã) contemplates the enactment of an ordinance (the âOrdinanceã) at a regular meeting to be held on Thursday, September 7, 2017, at 9:30 a.m., prevailing time, to consider for approval the issuance by the Wood County Building Commission, a public corporation and county building commission of the State of West Virginia (the âIssuerã or the âBuilding Commissionã) of its Wood County Building Commission Lease Revenue Refunding Bonds, Series 2017 (the âRefunding Bondsã) pursuant to Chapter 8, Article 33, Chapter 8, Article 16 and Chapter 13, Article 2E of the Code of West Virginia, 1931, as amended (collectively, the âActã) for the purposes of (i) refunding all or a portion of the Taxable Lease Revenue Bonds, Series 2010 A (Recovery Zone Economic Development Bonds) (the âBonds to be Refundedã), and (ii) paying costs of issuance relating thereto. The Ordinance further provides for the continued leasing by the Issuer of the property financed in whole or in part by the Bonds to be Refunded and certain adjacent properties (sometimes referred to as the Judicial Center and hereinafter collectively referred to as the âPropertyã or the âFacilitiesã) to the County Commission, pursuant to that certain Lease Agreement by and between the Issuer as lessor and the County Commission as lessee, entered into in connection with the original issuance of the Bonds to be Refunded (the âOriginal Leaseã), as such Original Lease is proposed to be amended and supplemented by a Supplemental Lease Agreement (the âSupplemental Lease Agreementã). The Original Lease, as so amended and supplemented by the Supplemental Lease Agreement is hereinafter referred to as the âLease.ã
The Refunding Bonds shall not constitute an indebtedness of the Issuer or the County Commission, but shall be special obligations of the Issuer payable solely from the revenues, rentals, and other monies received by the Issuer pursuant to the Lease and any other permitted lease of the Facilities, other security including funds and accounts pledged to such repayment pursuant to the Trust Indenture described below, and the real and personal property constituting the Project pursuant to a Credit Line Deed of Trust, Fixture Filing and Security Agreement, (collectively, the âOriginal Deed of Trustã) by and among the Issuer, the trustees named therein, and United Bank, Inc., as bond trustee, which shall be modified, supplemented and amended by a modification to the Original Deed of Trust, to be executed in connection with the proposed issuance of the Refunding Bonds (the âOriginal Deed of Trust, as so modified, supplemented and amended, is hereinafter referred to as the âDeed of Trustã). The Refunding Bonds, together with the interest thereon, shall never be nor constitute a charge against the general credit or taxing powers of the Issuer, the County Commission, or Wood County, nor shall the same ever constitute an indebtedness of the Issuer, the County Commission or Wood County within the meaning of any constitutional provision or statutory limitations.
The Ordinance further provides for one or more supplements (including specifically a Supplemental Trust Indenture that is a supplement) to the original Trust Indenture between the Building Commission and United Bank, Inc., as Trustee (the âOriginal Trust Indentureã, and as so supplemented by the Supplemental Trust Indenture, collectively, the âTrust Indentureã). The Building Commission will deliver the Refunding Bonds in return for the purchase price thereof to be used to refund all or a portion of the Bonds to be Refunded. As noted above, and as further provided in the Ordinance, the Facilities will initially continue to be leased by the Building Commission to the County Commission of Wood County, West Virginia, pursuant to the Lease.
A public hearing will be held on the Ordinance, the title of which is set forth below, and on the issuance of the Refunding Bonds, and the continued leasing of the Facilities by the Issuer to the County Commission pursuant to the Lease, before the members of the County Commission at the County Commission Meeting Room of the Wood County Courthouse, No. 1 Court Square, Suite 203, Parkersburg, West Virginia, on Thursday, September 7, 2017, at 9:30 a.m., prevailing time, and any person or persons interested may appear before the County Commission to present written or oral protests, comments and suggestions and be heard as to the proposed issue of Refunding Bonds, the acquisition, construction and equipping of the Project, the leasing of the Project facilities by the Issuer to the County Commission, and as to whether or not the Ordinance shall be put into effect:
AN ORDINANCE OF THE COUNTY COMMISSION OF WOOD COUNTY, WEST VIRGINIA (THE âCOUNTY COMMISSIONã) APPROVING AND AUTHORIZING THE REFUNDING BY THE WOOD COUNTY BUILDING COMMISSION (THE âISSUERã) OF THE CURRENTLY OUTSTANDING WOOD COUNTY BUILDING COMMISSION (WEST VIRGINIA) TAXABLE LEASE REVENUE BONDS, SERIES 2010 A (RECOVERY ZONE ECONOMIC DEVELOPMENT BONDS) DATED DECEMBER 22, 2010 (THE âBONDS TO BE REFUNDEDã), AND IN CONNECTION THEREWITH THE ISSUER’S SALE, ISSUANCE AND DELIVERY OF NOT MORE THAN $6,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF WOOD COUNTY BUILDING COMMISSION (WEST VIRGINIA) LEASE REVENUE REFUNDING BONDS (BANK QUALIFIED- TAX EXEMPT BONDS), IN ONE OR MORE SERIES, TO PROVIDE ALL OR A PORTION OF THE FUNDS NEEDED TO EFFECTUATE THE REFUNDING OF THE BONDS TO BE REFUNDED AND TO PAY ISSUANCE AND OTHER COSTS IN CONNECTION THEREWITH; APPROVING AND AUTHORIZING THE AMENDMENT OF THAT CERTAIN LEASE AGREEMENT BETWEEN THE ISSUER AND THE COUNTY COMMISSION PROVIDING FOR THE LEASING OF CERTAIN FACILITIES AND PROPERTY (KNOWN AS THE JUDICIAL CENTER) TO THE COUNTY COMMISSION, ALL AS MORE FULLY SET FORTH HEREIN; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY BY THE ISSUER OF ONE OR MORE SUPPLEMENTAL TRUST INDENTURE(S) SUPPLEMENTAL TO THE EXISTING TRUST INDENTURE RELATING TO THE BONDS TO BE REFUNDED; APPROVING AND AUTHORIZING MODIFICATIONS TO A CREDIT LINE DEED OF TRUST, FIXTURE FILING AND SECURITY AGREEMENT, AND SUPPLEMENTS TO THE EXISTING LEASE BETWEEN THE ISSUER AND THE COUNTY COMMISSION (AMENDING AND MODIFYING SUCH LEASE); APPROVING AND AUTHORIZING THE EXECUTION OF A BOND PURCHASE AGREEMENT BY THE ISSUER WITH SUCH SIGNATURES OR APPROVALS THEREOF, IF ANY, AS MAY BE REQUIRED; APPROVING AND AUTHORIZING THE DISTRIBUTION OF ONE OR MORE PRELIMINARY OFFICIAL STATEMENTS, AND THE EXECUTION AND DISTRIBUTION OF ONE OR MORE OFFICIAL STATEMENTS, BY THE ISSUER; APPROVING AND AUTHORIZING THE ISSUER’S SALE OF SUCH REFUNDING BONDS, THE EXECUTION AND DELIVERY OF ALL BOND DOCUMENTS, AND THE TAKING (OR OMITTING TO TAKE) SUCH OTHER ACTIONS, AS MAY BE DETERMINED BY AUTHORIZED OFFICERS OF THE COUNTY COMMISSION TO BE NECESSARY OR CONVENIENT (UPON ADVICE OF BOND COUNSEL) IN CONNECTION WITH THE ISSUANCE AND SALE OF SUCH REFUNDING BONDS AND/OR CARRYING OUT THE TRANSACTIONS CONTEMPLATED BY, AND/OR CARRYING OUT THE INTENT OF, THIS ORDINANCE AND/OR ANY OF THE BOND DOCUMENTS.
The above-quoted title of the Ordinance describes generally the contents thereof and the purposes of the Project, Bonds and Lease Agreement contemplated thereby. The County Commission contemplates the approval of the issuance of the Bonds by the Issuer and the approval of the Lease Agreement described in said Ordinance.
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 County Commission of Wood County, West Virginia, Wood County Courthouse, 1 Courthouse Square, Parkersburg, West Virginia.
Following said public hearing, the County Commission intends to vote on the adoption of said Ordinance upon final reading and to take such action as it deems proper.
Dated this 24th day of August, 2017.
Clerk of The County Commission
of Wood County
Aug 25, Sep 1