NOTICE OF PUBLIC HEARING
Notice is hereby given that on Thursday, May 25, 2023 at 9:30 a.m., prevailing local time, in the Raleigh County Commission Meeting Room located in the Raleigh County Courthouse (or such other alternate location within the County Courthouse as may be announced at such location as of 9:30 a.m. on said date), 116 1/2 N. Heber Street, Beckley, WV 25801, at which time and place all parties in interest may appear before the Raleigh County Building Commission (the “Building Commission”) and may be heard as to whether the following described Ordinance adopted by the Building Commission shall be put into effect.
Notice is further hereby given that on May 25, 2023, the Building Commission enacted an Ordinance authorizing and ordering the issuance of not more than $19,000,000 in aggregate principal amount of Raleigh County Building Commission Lease Revenue Bonds (Klöckner Facility Project), Series 2023 (Taxable) (the “Bonds”) to finance all or a portion of the costs of the acquisition, construction, improvement, development, equipping, renovation, expansion and leasing of those certain lots, parcels or tracts of land, and one or more existing buildings (the “Existing Facility”) and other improvements thereon, including without limitation, any buildings, improvements, furnishings or equipment resulting from the Project, as hereinafter defined (the “Expansion Facility” and, together with the Existing Facility, the “Property”) for use by Klöckner Pentaplast of America, Inc. (“Klöckner”) as a plastics manufacturing facility (collectively, the “Project”). The Ordinance further provides for the leasing of the Property to the County by the Building Commission pursuant to a Lease Agreement between the Building Commission, as Lessor, and the County, as Lessee (the “Lease”). The Ordinance further provides for the subleasing of the Property by the County to New River Gorge Regional Development Authority (“NRGRDA”) between the County as Sublessor, and NRGRDA, as Sublessee (the “Sublease”). The Ordinance further provides for the sub-subleasing of the Property NRGRDA, as Sub-Sublessor, to Klöckner, as Sub-Sublessee (the “Sub-Sublease” and together with the Lease and the Sublease, the “Leases”).
The Bonds will be special obligations of the Building Commission payable solely from the revenues, rentals, and other monies received by the Building Commission pursuant to the Leases and any other permitted lease of the Property and other security held pursuant to an Indenture described below and will not constitute a debt or liability of the County (except as provided in the Lease) or the State of West Virginia.
The Ordinance further provides for an Indenture, Credit Line Deed of Trust, Security Agreement, Fixture Filing and Assignment of Rents and Leases (the “Indenture”) by and between the Commission and (BANK, TBA), as bond trustee (the “Bond Trustee”), P. Corey Bonasso and Thompson R. Pearcy, as deed of trust trustees (collectively, the “Deed of Trust Trustee”), and a Bond Purchase Agreement to be entered into among the Building Commission and the Original Purchaser of the Bonds by which the Building Commission will assign to the Original Purchaser of the Bonds, the right to receive rental and other payments under the Lease or other leases permitted by the Indenture that will encumber the Property to secure the owner of the Bonds and the Building Commission will deliver the Bonds in return for the purchase price thereof to be used to pay all or a portion of the costs of the Project and costs of issuing the Bonds. Accordingly, the Property will initially be leased by the Building Commission to the County pursuant to the Lease.
A certified copy of the Ordinance is on file for review by interested persons during regular office hours in the office of The County Commission of Raleigh County, West Virginia, Raleigh County Courthouse, 116 1/2 N. Heber Street, Beckley, WV 25801.
Published at the direction of the Raleigh County Building Commission, this 16th day of May, 2023 and this 23rd day of May, 2023.
Secretary, Raleigh County Building Commission
CERTIFICATION
Certified a true copy of an Ordinance finally enacted by the RALEIGH COUNTY BUILDING COMMISSION on the 25th day of May, 2023 and put into effect on the 25th day of May, 2023, following a public hearing held on May 25, 2023.
Dated: May 25, 2023.
Secretary, Raleigh County
Building Commission
ID: 707390