TOWN OF OCEANA
NOTICE OF SPECIAL MEETING, PUBLIC HEARING
AND ABSTRACT OF BOND ORDINANCE
Notice is hereby given to any person interested that the Town Council of the Town of Oceana (the “Town”), on March 9, 2023, adopted an Ordinance, which, among other things:
1. Authorized the issuance of not more than $400,000 in aggregate principal amount of Waterworks System Design Revenue Bonds, Series 2023 A (West Virginia DWTRF Program) (the “Bonds”) to finance the costs of design and other preconstruction activities (the “Project”) related to the acquisition and construction of additions, betterments and improvements to the existing public waterworks system of the Town of Oceana (the “System”), and to pay costs of issuance and related costs of the Bonds.
2. Directed that the Bonds be issued in such principal amounts, bear interest, if any, at such rate or rates, not exceeding the then legal maximum rate, payable quarterly on such dates, mature on such dates and in such amounts, and be redeemable, in whole or in part, as prescribed in a supplemental resolution.
3. Provided that the Bonds shall not constitute an indebtedness of the Town within the meaning of any statutory or constitutional limitations, but shall be payable solely from the Gross Revenues derived from the operation of the System; pledged the Gross Revenues of the System to payment of the Bonds and established the rights of the registered owners of the Bonds to such Gross Revenues; and provided certain conditions for the issuance of additional bonds.
4. Directed the continuation of a revenue fund and the disposition of the System revenues; provided for payment of operating expenses of the System and debt service on the Bonds; directed the creation of a sinking fund and a reserve account for the Bonds; and directed the creation of a bond Project fund and the disbursement of Bond proceeds.
5. Provided for insurance coverage on the Project and the System, enforcement of collection of fees, rates or other charges for the System, and other covenants in favor of the registered owners; established the events of default and the remedies of the registered owners; and provided for the modification or amendment of the Ordinance upon the terms and conditions set forth in the Ordinance.
The Town contemplates the issuance of the Bonds described in, and under the conditions set forth in the Ordinance abstracted above. Any person interested may appear before the Council of the Town of Oceana at a special meeting and public hearing on Thursday, August 22, 2024, at 7:00 p.m., prevailing time, at Town Hall, 1285 Cook Parkway, Oceana, West Virginia, and present protests and be heard as to whether the above-described Ordinance shall be put into effect. The Town further intends to consider and adopt a Supplemental Resolution approving the terms and other provisions of the Bonds, and consider and approve other ordinance documents at this special meeting.
A certified copy of the Ordinance as adopted by the Town Council on March 9, 2023, is on file with the City Recorder for review by interested persons at City Hall during regular office hours.
Dated: August 6, 2024
/s/ Tamara Dishmon
Finance Director, Town of Oceana