Kanawha

Legal Notices

THE SOUTH CHARLESTON MUNICIPAL BUILDING COMMISSION NOTICE OF PUBLIC HEARING ON LEASE REVENUE BONDS (JEFFERSON ROAD DEVELOPMENT PROJECT) SERIES 2022 B (TAXABLE) AND RELATED MATTERS Pursuant to W. Va. Code 8-16-7, a public hearing will be held by The South Charleston Municipal Building Commission (the “Building Commission”) on the following entitled Ordinance and on the question of whether there should be approved the issuance by the Building Commission of Lease Revenue Bonds (Jefferson Road Development Project), Series 2022 B (Taxable) (the “Bonds”), in an aggregate principal amount not to exceed $20,000,000 for the purpose of providing financing for the costs of (i) acquiring, constructing, improving, developing and equipping real estate along and around Jefferson Road, located in South Charleston, Kanawha County, West Virginia, for purposes of commercial and economic development, including paying capitalized interest on the Bonds, engineering, legal, and other related costs thereto (collectively, the “Project”); and (ii) paying the costs of issuance of the Bonds and related costs. At the special meeting of the Board of the Building Commission to be held at 6:30 p.m. August 18, 2022, in City Council Chambers in the City Hall, 401 D Street, South Charleston, West Virginia, all parties and interested persons may attend and appear before the Building Commission and be heard as to whether the Ordinance shall be put into effect and to express their views on the proposed issuance of Bonds and at such hearing all objections and suggestions shall also be heard and the Building Commission shall then take such action as it shall deem proper in the premises upon an Ordinance entitled: ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $20,000,000 THE SOUTH CHARLESTON MUNICIPAL BUILDING COMMISSION LEASE REVENUE BONDS (THE “BONDS”) TO PROVIDE FUNDS TO (I) FINANCE THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, DEVELOPMENT AND EQUIPPING OF REAL PROPERTY LOCATED ALONG AND AROUND JEFFERSON ROAD, SOUTH CHARLESTON, WEST VIRGINIA; AND (II) PAY THE COSTS OF ISSUANCE OF THE BONDS AND RELATED COSTS; AUTHORIZING THE EXECUTION AND DELIVERY OF AN INDENTURE, CREDIT LINE DEED OF TRUST, SECURITY AGREEMENT, FIXTURE FILING AND ASSIGNMENT OF RENTS AND LEASES AND A CONTRACT OF LEASE-PURCHASE; AUTHORIZING THE EXECUTION AND DELIVERY OF THE BONDS; PROVIDING PARAMETERS FOR THE TERMS OF THE BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF OTHER DOCUMENTS, INSTRUMENTS, AGREEMENTS AND CERTIFICATES; AND AUTHORIZING THE TAKING OF ALL OTHER ACTIONS RELATING TO SUCH FINANCING. The above-quoted title of the Ordinance generally describes the contents thereof and the purposes of the Bonds issued by The South Charleston Municipal Building Commission contemplated thereby. The proceeds of the Bonds issued by The South Charleston Municipal Building Commission will be used to (i) finance the costs of the Project; and (ii) pay the costs of issuance of the Bonds and related costs. The Building Commission and the City of South Charleston (the “City”) will enter into a Contract of Lease-Purchase dated as of the date of closing (the “Lease”) providing for, among other things, the leasing of four parcels of real estate: (i) the South Charleston Community and Recreational Center, (ii) the South Charleston Memorial Ice Rink, (iii) the South Charleston Public Works Garage and (iv) Little Creek Golf Course by the City. The lease payments to be paid by the City under the Lease will be sufficient to pay the principal of and interest due on the Bonds. The Bonds are payable solely from the Trust Estate. The Lease is cancellable upon 30 days’ notice or an event of non-appropriation. A certified copy of the above-entitled Ordinance is on file at the office of the City Manager, the Municipal Building, 238 4th Avenue, South Charleston, West Virginia, for review by interested persons during regular office hours. Following the public hearing, the Building Commission intends to adopt a Resolution to make the Ordinance effective. Dated: August 4, 2022 THE SOUTH CHARLESTON MUNICIPAL BUILDING COMMISSION By: Sam Femia Sam Femia, its secretary LC-133754 08-05,12;2022