NOTICE OF PUBLIC HEARING ON THE
TOWN OF SOPHIA
BOND ORDINANCE
A public hearing will be held on the following-entitled Ordinance at a regular meeting of the Council of the Town of Sophia (the “Town”) to be held on Thursday, November 21, 2024 at 4:00 p.m. at the Town Hall, 100 E. Railroad Avenue, Sophia, West Virginia, and at such hearing any person interested may appear before the Town and present protests, and all protests and suggestions shall be heard by the Town and it shall then take such actions as it shall deem proper in the premises upon an Ordinance entitled:
ORDINANCE AUTHORIZING THE PAYMENT OF THE SERIES 2017 BONDS AND THE ACQUISITION AND CONSTRUCTION OF IMPROVEMENTS AND EXTENSIONS TO THE EXISTING PUBLIC SEWERAGE FACILITIES OF TOWN OF SOPHIA AND THE FINANCING OF THE COST, NOT OTHERWISE PROVIDED, THEREOF THROUGH THE ISSUANCE BY THE TOWN OF SOPHIA OF NOT MORE THAN $1,250,000 IN AGGREGATE PRINCIPAL AMOUNT OF SEWER REVENUE BONDS, SERIES 2024 A (UNITED STATES DEPARTMENT OF AGRICULTURE); NOT MORE THAN $3,250,000 IN AGGREGATE PRINCIPAL AMOUNT OF SEWER REVENUE BONDS, SERIES 2024 B (WEST VIRGINIA SRF PROGRAM); AND NOT MORE THAN $2,500,000 IN AGGREGATE PRINCIPAL AMOUNT OF SEWER REVENUE BONDS, SERIES 2024 C (WEST VIRGINIA SRF PROGRAM/FORGIVABLE); PROVIDING FOR THE RIGHTS AND REMEDIES OF AND SECURITY FOR THE REGISTERED OWNERS OF SUCH BONDS; AUTHORIZING EXECUTION AND DELIVERY OF ALL DOCUMENTS RELATING TO THE ISSUANCE OF SUCH BONDS; APPROVING, RATIFYING AND CONFIRMING A BOND PURCHASE AGREEMENT RELATING TO THE SERIES 2024 B BONDS AND SERIES 2024 C BONDS; AUTHORIZING THE SALE AND PROVIDING FOR THE TERMS AND PROVISIONS OF SUCH BONDS AND ADOPTING OTHER PROVISIONS RELATING THERETO
The above-quoted title of the Ordinance describes generally the contents thereof and the purposes of the Series 2024 A Bonds, Series 2024 B Bonds and Series 2024 C Bonds (collectively, the “Series 2024 Bonds”) contemplated thereby.The Town contemplates the issuance of the Series 2024 Bonds described in the Ordinance. The proceeds of the Series 2024 Bonds will be used to (i) pay the Series 2017 Bonds, (ii) pay a portion of the costs of acquisition and construction of improvements and extensions to the existing public sewerage system of the Town and (iii) pay costs of issuance and related costs. The Series 2024 Bonds are payable from the Net Revenues to be derived from the ownership and operation of the sewerage system of the Town. No taxes may at any time be levied for the payment of the Series 2024 Bonds or the interest thereon.
The above-entitled Ordinance was adopted by the Council of the Town of Sophia on second reading on September 19, 2024. A certified copy of the above-entitled Ordinance is on file with the Town for review by interested parties during regular office hours.
Following the public hearing, the Town intends to enact the Ordinance upon final reading.
Dated: October 31, 2024.
/s/ Mayor