BECKLEY
BUILDING COMMISSION
NOTICE OF PUBLIC HEARING ON LEASE REVENUE BONDS
(CITY OF BECKLEY FIRE
STATION PROJECT)
SERIES 2019 A (BANK
QUALIFIED TAX EXEMPT)
AND RELATED MATTERS
A public hearing will be held by the Beckley Building Commission (the “Building Commission”) on the following entitled Ordinance and on the question of whether there should be approved the issuance of Lease Revenue Bonds (City of Beckley Fire Station Project) Series 2019 A (Bank Qualified Tax Exempt) (the “Bonds”) by the Building Commission in an amount not to exceed $5,000,000 for the purpose of (i) along with other funds available therefrom, financing the costs of planning, designing, acquiring, constructing and equipping a new Fire Station #3, off Ragland Road, adjacent to the new Beckley Bypass, for the prevention and extinguishment of fires and emergency services for the public within the corporate limits of the City of Beckley, Beckley, West Virginia, (the “Project”) (ii) paying the costs of issuance of the Bonds and related costs, at a special meeting of the Board of the Building Commission to be held at 6:00 p.m. prevailing time, on January 8, 2019, at the Beckley-Raleigh County Convention Center, 200 Armory Drive, Beckley, West Virginia, and at such hearing all parties and interested persons may attend and appear before the Building Commission and be heard as to whether the Ordinance shall be put into effect and to express their views on the proposed issuance of Bonds and at such hearing all objections and suggestions shall also be heard and the Building Commission shall then take such action as it shall deem proper in the premises upon an Ordinance entitled:
ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $5,000,000 BECKLEY BUILDING COMMISSION LEASE REVENUE BONDS (CITY OF BECKLEY FIRE STATION PROJECT) SERIES 2019 A (BANK QUALIFIED TAX EXEMPT) TO PROVIDE FUNDS, ALONG WITH OTHER FUNDS AVAILABLE THEREFROM TO FINANCE THE COSTS IN CONNECTION WITH THE PLANNING, ACQUISITION, DESIGN, CONSTRUCTION AND EQUIPPING OF CERTAIN CAPITAL IMPROVEMENTS AND PAY COSTS OF ISSUANCE THEREOF; AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE, DEED OF TRUST, AND SECURITY AGREEMENT, AND A CONTRACT OF LEASE PURCHASE; AUTHORIZING AND DIRECTING THE EXECUTION AND DELIVERY OF SUCH BONDS; AND AUTHORIZING THE EXECUTION AND DELIVERY OF OTHER DOCUMENTS, INSTRUMENTS, AGREEMENTS AND CERTIFICATES AND AUTHORIZING THE TAKING OF ALL OTHER ACTIONS RELATING TO SUCH FINANCING.
The above-entitled Ordinance was passed by the Building Commission on December 19, 2018. The above-quoted title of the Ordinance describes generally the contents thereof and the purposes of the bond issue contemplated thereby.
The subject Fire Station Project is located off Ragland Road, adjacent to the new Beckley Bypass, Beckley, West Virginia and leased by the Building Commission to the City pursuant to a Contract of Lease Purchase between the Building Commission and the City (the “Lease Agreement”). The Fire Station Project will be operated by the City. The Building Commission and the City will enter into the Lease Agreement in order to provide for the payment of the Bonds.
Rentals to be paid by the City pursuant to the Lease Agreement will be sufficient to pay the principal of and interest due on the Bonds. The Bonds are payable solely from revenues and rentals to be derived from the leasing of the property by the City. No taxes may at any time be levied for the payment of the Bonds or the interest thereon. The Bonds will be special obligations of the Building Commission payable solely from payments to be received by the Building Commission pursuant to the Lease Agreement, and any other permitted lease of the facilities and other security held pursuant to a bond indenture described below including without limitation a deed of trust on the facilities being the Fire Station, and will not constitute a debt or liability of the City of Beckley, West Virginia or the State of West Virginia.
The Ordinance further provides for a Trust Indenture to be entered into by the Building Commission with the Trustee (the “Indenture”) by which the Building Commission will assign to the trustee for the benefit of the owners of the Bonds the right to receive rental and other payments under the Lease Agreement or other leases permitted by the Indenture or deed of trust on the facilities being the Fire Station #3 to further secure the bondholders and the trustee will deliver the Bonds and receive in trust the purchase price therefor, plus accrued interest, if any.
A certified copy of the above-entitled Ordinance is on file for review by interested persons on each weekday, except holidays, from 8:30 a.m. to 4:30 p.m. in the office of the City of Beckley Recorder-Treasurer, Beckley City Hall, 409 South Kanawha Street, Beckley, West Virginia
Dated: December 20, 2018
BECKLEY BUILDING
COMMISSION
By: /s/ Kurt Reiber
Secretary / Treasurer
1-4-FRI-2-RH; LG 189744
ID: 189744