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CITY OF FAIRMONT NOTICE OF PUBLIC HEARING REGARDING BOND AUTHORIZING ORDINANCE(EAST SIDE FIRE STATION)

CITY OF FAIRMONT
NOTICE OF PUBLIC HEARING
REGARDING BOND AUTHORIZING
ORDINANCE
(EAST SIDE FIRE
STATION)
A public hearing will be held on the following-entitled Ordinance at a regular meeting of the City Council of the City of Fairmont to be held on Tuesday, August 13, 2019, at 7:00 p.m., in the Council Chambers, Public Safety Building, 500 Quincy Street, Fairmont, West Virginia and at such hearing any person interested may appear before the Council and present protests, comments and suggestions, and all protests, comments and suggestions shall be heard by the Council and it shall then take such action as it shall deem proper in the premises upon an Ordinance entitled:
AN ORDINANCE AUTHORIZING AND APPROVING THE DESIGN, ACQUISITION, CONSTRUCTION AND EQUIPPING OF A NEW FIRE STATION TO BE CONSTRUCTED ON REAL PROPERTY LOCATED IN THE VICINITY OF 828 VERMONT AVENUE IN THE CITY OF FAIRMONT AND TO BE KNOWN AS THE “EAST SIDE FIRE STATION” BY THE CITY OF FAIRMONT ON BEHALF OF THE FAIRMONT BUILDING COMMISSION; THE LEASING OF SUCH REAL PROPERTY AND ALL PROJECT IMPROVEMENTS AND APPURTENANCES THERETO BY THE CITY OF FAIRMONT FROM THE FAIRMONT BUILDING COMMISSION; THE SALE AND ISSUANCE BY THE FAIRMONT BUILDING COMMISSION OF ITS NOT TO EXCEED $3,000,000 PRINCIAL AMOUNT OF LEASE REVENUE BONDS, IN ONE OR MORE SERIES; PRESCRIBING THE FORMS AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN AGREEMENT AND LEASE AND OTHER INSTRUMENTS AND AUTHORIZING AND APPROVING OTHER DOCUMENTS AND MATTERS RELATING TO THE TERMS AND SECURITY OF SUCH BONDS; AND PROVIDING FOR OTHER MATTERS IN CONNECTION THEREWITH.
The above-entitled Ordinance has been approved by the Council of the City of Fairmont (the “City”) upon first reading on July 9, 2019.
The above-quoted title of the Ordinance describes generally the contents thereof and the purposes of the Bond issue contemplated thereby. The proceeds of the Bonds will be used to design, acquire, construct and equip on the Fire Station Property a new fire station (the “East Side Fire Station”) together with all necessary appurtenances in connection therewith to be located on real property in the vicinity of 828 Vermont Avenue in the City of Fairmont (the “Project”). The City approves the issuance of Lease Revenue Bonds, in one or more series, by the Building Commission for the purpose of facilitating the financing of costs of the Project, all as described in the Ordinance.
The Ordinance also approves the leasing of the Project facilities by the City from the Building Commission pursuant to an Agreement and Lease, by and between the City and the Building Commission (the “Lease”) and the payment of lease rentals by the City to the Building Commission at such time and in such amount as to pay the principal of and interest on the Bonds as the same becomes due and payable. The Bonds will be payable solely from the lease rentals to by paid by the City to the Building Commission pursuant to the Lease. No taxes may at any time be levied for the payment of the Bonds or the interest thereon.
A certified copy of the above-entitled Ordinance is on file at the office of the City Clerk of the City of Fairmont for review by interested parties during regular office hours.
Following said public hearing, the City Council intends to consider enactment of said Ordinance upon final reading and placement of such Ordinance into effect if such action appears to be appropriate after taking into consideration the comments and suggestions made at the public hearing.
Dated: July 16, 2019.
/s/ Valerie Means
City Manager
Times: July 19, 26, 2019