Raleigh

Legal Notice

NOTICE OF PUBLIC HEARING
TO RESIDENTS OF THE
COUNTY OF FAYETTE
AND OTHER PERSONS
INTERESTED –
ENACTMENT OF A
SUPPLEMENTAL RESOLUTION AMENDING AND MODIFYING CERTAIN TAX-EXEMPT BONDS PREVIOUSLY ISSUED BY
THE COUNTY COMISSION OF FAYETTE COUNTY FOR
THE BOY SCOUTS OF AMERICA AND ARROW WV, INC.

NOTICE IS HEREBY GIVEN, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended, (the “Code”) that THE COUNTY COMMISSION OF FAYETTE COUNTY (the “County Commission”) contemplates the adoption, at a regular meeting to be held on February 17, 2023, at 10:00 A.M., prevailing time, of a Supplemental Resolution amending and modifying certain terms and provisions of its Commercial Development Revenue Bonds (Arrow WV Project), Series 2010B (as heretofore issued and amended, the “Series 2010 Bonds”) and amending and modifying certain terms and provisions of its Commercial Development Revenue Bonds (Arrow WV Project), Series 2012 (as heretofore issued and amended, the “Series 2012 Bonds” and, collectively with the Series 2010 Bonds, the “Bonds”). The amendments to the Bonds will cause the Bonds to be “reissued” as qualified 501(c)(3) bonds for federal income tax purposes. The maximum stated principal amount of the amended Series 2010 Bonds is $50,000,000 and the maximum stated principal amount of the amended Series 2012 Bonds is $175,000,000 for a total maximum stated principal amount of the Bonds, as amended, of $225,000,000.

The Bonds were issued by the County Commission, pursuant to Chapter 13, Article 2C of the West Virginia Code, as amended, to assist the Boy Scouts of America (the “Corporation”), a federally chartered corporation and tax-exempt entity under Section 501(c)(3) of the Code and Arrow WV, Inc. (“Arrow WV”), a West Virginia nonprofit corporation, a tax-exempt entity under Section 501(c)(3) of the Code, and a wholly owned subsidiary of the Corporation, in financing the design, acquisition, construction and equipping of The Summit Bechtel Family National Scout Reserve, together with all necessary appurtenances thereto (collectively, the “Project”). The location of the Project is generally bounded formerly or currently as follows: on the North by Dunloup Creek and Fayette County Route 25; on the East by New River Gorge National River; on the South by Mill Creek and WV Route 61; and on the West by WV Route 16 and WV Route 61 and the towns of Glen Jean and Mount Hope, West Virginia.

The Bonds do not constitute an indebtedness of the County Commission but are payable solely from loan repayment proceeds or other revenues to be derived pursuant to respective bond purchase and loan agreements, as amended, entered into by and among the County Commission, the Corporation, Arrow WV and JPMorgan Chase Bank, National Association, a national banking association, as lender and purchaser of the Bonds.

The real property on which the Project is located (the “Site”) was acquired in October 2009 by Arrow WV and the Site will continue to be owned by Arrow WV or leased or otherwise conveyed by Arrow WV to the Corporation. Accordingly, the owner and operator of the Project is Arrow WV, and the principal user of the Project is the Corporation which is the sole member of Arrow WV.

A public hearing will be held on the Supplemental Resolution, and the question of amending and modifying certain terms and provisions of the Bonds, before the members of the County Commission at a regular meeting thereof, to be held in the Fayette County Commission Meeting Room, Fayette County Courthouse, 100 Court Street, Fayetteville, West Virginia 25840, on February 17, 2023, at 10:00 a.m., prevailing time, and any person or persons interested may appear before the County Commission to present written or oral protests, comments and suggestions and be heard as to the proposed amendment and modification of certain terms and provisions of the Bonds and as to whether or not the Supplemental Resolutions shall be adopted.

Following said public hearing, the County Commission intends to vote on the adoption of said Supplemental Resolution and to take such action as it deems proper.

Dated: February 6, 2023.

/s/ Tom Louisos
President