NOTICE OF PUBLIC HEARING
Notice is hereby given that on Thursday, July 22, 2021 at 2:30 p.m., prevailing local time, in the Raleigh County Commission Meeting Room located in the Raleigh County Courthouse (or such other alternate location within the County Courthouse as may be announced at such location as of 2:30 p.m. on said date), 116 1/2 N. Heber Street, Beckley, WV 25801, at which time and place all parties in interest may appear before the Raleigh County Building Commission (the “Building Commission”) and may be heard as to whether the following described Ordinance adopted by the Building Commission shall be put into effect.
Notice is further hereby given that on July 1, 2021, the Building Commission enacted an Ordinance authorizing and ordering the issuance of not more than $6,500,000 in aggregate principal amount of Raleigh County Building Commission Lease Revenue Bonds (Raleigh County Sheriff’s Department Facility Project), Series 2021 (the “Bonds”) to finance all or a portion of the costs of the acquisition, construction, improvement, furnishing and equipping of those certain lots, parcels or tracts of land, and of one or more buildings and other improvements thereon, owned by the Commission, located in Raleigh County, West Virginia (the “Property”) to be used initially by Raleigh County, West Virginia (the “County”) as a new public safety facility for a Sheriff’s Department, located on the Property (the “Project”). The Ordinance further provides for the leasing of the Property to the County by the Building Commission pursuant to a Lease Agreement between the Building Commission, as Lessor, and the County, as Lessee (the “Lease”).
The Bonds will be special obligations of the Building Commission payable solely from the revenues, rentals, and other monies received by the Building Commission pursuant to the Lease and any other permitted lease of the Property and other security held pursuant to a Bond Purchase Agreement described below and will not constitute a debt or liability of the County (except as provided in the Lease) or the State of West Virginia.
The Ordinance further provides for a Bond Purchase Agreement to be entered into among the Building Commission, the County, and the Original Purchaser of the Bonds by which the Building Commission will assign to the Original Purchaser of the Bonds, the right to receive rental and other payments under the Lease or other leases permitted by the Bond Purchase Agreement or the Deed of Trust that will encumber the Property to further secure the owner of the Bonds and the Building Commission will deliver the Bonds in return for the purchase price thereof to be used to pay all or a portion of the costs of the Project and costs of issuing the Bonds. Accordingly, the Property will initially be leased by the Building Commission to the County 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 County Commission of Raleigh County, West Virginia, Raleigh County Courthouse, 116 1/2 N. Heber Street, Beckley, WV 25801.
Published at the direction of the Raleigh County Building Commission, this 8th day of July, 2021 and this 15th day of July, 2021.
Secretary, Raleigh County Building Commission