THE CITY OF OAK HILL
NOTICE OF PUBLIC HEARING
REGARDING BOND
AUTHORIZING ORDINANCE
(PUBLIC WORKS BUILDING)
A public hearing will be held on the following-entitled Ordinance at a regular meeting of the City Council of The City of Oak hill to be held on Thursday, August 25, 2022, at 6:00 p.m., in the Council Chambers, City Hall, 100 Kelly Ave, Oak Hill, 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 THE ACQUISITION OF AND THE DESIGN, CONSTRUCTION, AND EQUIPPING OF ADDITIONS, BETTERMENTS, AND IMPROVEMENTS TO CERTAIN REAL PROPERTY LOCATED AT 101 MAIN STREET EAST IN THE CITY OF OAK HILL TO BE LEASED BY THE CITY OF OAK HILL BUILDING COMMISSION; AUTHORIZING THE LEASING OF SUCH FACILITIES BY THE BUILDING COMMISSION TO THE CITY OF OAK HILL; APPROVING THE SALE, ISSUANCE AND DELIVERY OF NOT TO EXCEED $1,500,000 LEASE REVENUE BONDS, SERIES 2022 BY THE OAK HILL BUILDING COMMISSION TO PROVIDE FUNDS TO FINANCE A PORTION OF THE COSTS OF SUCH ACQUISITION AND RELATED COSTS AND EXPENSES; 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 SERIES 2022 BONDS; AND PROVIDING FOR CERTAIN OTHER MATTERS IN CONNECTION THEREWITH.
The above-entitled Ordinance has been approved by the City Council of The City of Oak Hill (the “City”) upon first reading on June 13, 2022.
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 real property a new municipal building together with all necessary appurtenances in connection therewith to be located on real property in the vicinity 101 Main Street East in The City of Oak Hill (the “Project”). The City approves the issuance of Lease Revenue Bonds, in one or more series, by the Oak Hill Building Commission (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 be 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 Oak Hill 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: August 11, 2022.
/s/ Damita Johnson
City Manager