Legal Notices

THE SOUTH CHARLESTON MUNICIPAL BUILDING COMMISSION NOTICE OF PUBLIC HEARING ON LEASE REVENUE BONDS (SOUTH CHARLESTON PARK PLACE PROJECT) SERIES 2023 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 (South Charleston Park Place Project), Series 2023 (the “Bonds”), in one or more series, in an aggregate principal amount not to exceed $8,000,000 for the purpose of financing, in part, the costs of (i) constructing, improving, developing and equipping real estate for purposes of commercial and economic development, located 60 MacCorkle Avenue, South Charleston, West Virginia (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., on September 21, 2023, 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 $8,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF ONE OR MORE SERIES OF THE CITY OF SOUTH CHARLESTON MUNICIPAL BUILDING COMMISSION LEASE REVENUE BONDS (SOUTH CHARLESTON PARK PLACE PROJECT), SERIES 2023 (THE “BONDS”) TO PROVIDE FUNDS TO (I) FINANCE THE CONSTRUCTION, IMPROVEMENT, DEVELOPMENT, AND EQUIPPING OF REAL PROPERTY LOCATED AT 60 MACCORKLE AVENUE, SOUTH CHARLESTON, WEST VIRGINIA AND (II) PAY THE COSTS OF ISSUANCE OF THE BONDS AND RELATED COSTS; AUTHORIZING THE EXECUTION AND DELIVERY OF FIRST SUPPLEMENTAL AND AMENDED INDENTURE, CREDIT LINE DEED OF TRUST, SECURITY AGREEMENT, FIXTURE FILING AND ASSIGNMENT OF RENTS AND LEASES AND A SUPPLEMENTAL CONTRACT OF LEASE-PURCHASE; AUTHORIZING THE EXECUTION AND DELIVERY OF THE BONDS; PROVIDING PARAMETERS FOR THE TERMS OF THE BONDS; DESIGNATING THE BONDS AS “BANK QUALIFIED”; 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 Building Commission contemplated thereby. The proceeds of the Bonds issued by the 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 Supplemental Contract of Lease-Purchase dated as of the date specified therein (the “Lease”). 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: September 7, 2023. THE SOUTH CHARLESTON MUNICIPAL BUILDING COMMISSION By: Danny Huffman Its Secretary LC-159147 09-08,15;2023