OAK HILL BUILDING
COMMISSION
NOTICE OF PUBLIC HEARING
REGARDING BOND
AUTHORIZING ORDINANCE
(PUBLIC WORKS BUILDING)
A public hearing will be held on the following-entitled Ordinance at a special meeting of the Oak Hill Building Commission to be held on Friday, September 30, 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 Oak Hill Building Commission and it shall then take such action as it shall deem proper in the premises upon an Ordinance entitled:
AN ORDINANCE APPROVING AND AUTHORIZING THE DESIGN, ACQUISITION, CONSTRUCTION AND EQUIPPING OF ADDITIONS, BETTERMENTS, AND IMPROVEMENTS TO CERTAIN REAL PROPERTY LOCATED AT 101 MAIN ST. EAST IN THE CITY OF OAK HILL AND TO BE KNOWN AS CITY HALL; THE ISSUANCE BY THE OAK HILL BUILDING COMMISSION OF ITS LEASE REVENUE BONDS, IN ONE OR MORE SERIES, IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT MORE THAN $1,500,000, THE PROCEEDS OF WHICH SHALL BE EXPENDED TO FINANCE A PORTION OF THE COSTS OF SUCH PROJECT AND PAYING COSTS IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS AND RELATED COSTS; AUTHORIZING THE EXECUTION AND DELIVERY OF A DEED OF TRUST, AN AGREEMENT AND LEASE, A LEASE ASSIGNMENT AND OTHER INSTRUMENTS AND DOCUMENTS AND APPROVING OTHER MATTERS RELATING TO THE TERMS AND SECURITY OF SUCH BONDS; DEFINING AND PRESCRIBING THE TERMS AND PROVISIONS OF THE BONDS; PROVIDING GENERALLY FOR THE RIGHTS AND REMEDIES AND SECURITY OF THE HOLDERS OF THE BONDS; PROVIDING FOR CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; AND PROVIDING WHEN THIS ORDINANCE SHALL TAKE EFFECT.
The above-entitled Ordinance has been approved by the Board of the Oak Hill Building Commission (the “Building Commission”) upon second reading on August 27, 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 Building Commission approves the issuance of Lease Revenue Bonds, in one or more series 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 of Oak Hill (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 Building Commission 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: September 15, 2022.
Secretary, Oak Hill Building
Commission
ID: 640180