Legal Notices

NOTICE TO RESIDENTS OF CABELL COUNTY, WEST VIRGINIA AND OTHER PERSONS INTERESTED – ISSUANCE OF COMMERCIAL DEVELOPMENT IMPROVEMENT AND REFUNDING REVENUE BONDS BY THE COUNTY COMMISSION OF CABELL COUNTY FOR THE FOSTER FOUNDATION NOTICE IS HEREBY GIVEN, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended, that THE COUNTY COMMISSION OF CABELL COUNTY, WEST VIRGINIA (the “County Commission”) contemplates the adoption of a bond authorizing resolution, at a regular meeting to be held on MAY 14, 2020, AT 10:00 A.M., prevailing time, to consider for approval the issuance of its Commercial Development Improvement and Refunding Revenue Bonds in an amount not to exceed $20,737,500 (the “Bonds”), pursuant to Chapter 13, Article 2C of the West Virginia Code of 1931, as amended, to assist the FOSTER FOUNDATION, a West Virginia nonprofit corporation (the “Corporation”), in (i) refunding its Commercial Development and Refunding Revenue Bond, Series 2013 (the “Prior Bonds”); and (ii) financing certain additional capital improvements to the Corporation’s facilities used by the Corporation in the operation of a continuing care retirement community in an amount not to exceed $1,700,000 (the “Project”). The Bonds will be qualified Section 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code. The location of the Project and the improvements previously financed with the proceeds of the Prior Bonds is 1 Bradley Foster Drive, Huntington, Cabell County, West Virginia 25701. The Corporation is the owner, operator and manager of the facilities to which the Project relates and of the improvements previously financed with the proceeds of the Prior Bonds. The County Commission shall have no financial obligation or liability of any kind in connection with payment of the principal of or interest on the Bonds. The Bonds shall not constitute an indebtedness of the County Commission, but shall be a limited obligation of the County Commission payable solely from loan repayment proceeds or other revenues to be derived pursuant to a bond purchase and loan agreement to be entered into among the County Commission, the Corporation and Peoples Bank, an Ohio banking corporation, as purchaser of the Bonds, and neither the Bonds nor the interest thereon, nor any charge in connection therewith, shall be a charge against the general credit or taxing powers of the County Commission or Cabell County, nor shall the same ever constitute an indebtedness of the County Commission or Cabell County, within the meaning of any constitutional provision or statutory limitations. A public hearing will be held before the County Commission, in the County Commission Chambers in the Cabell County Courthouse, located at 750 Fifth Avenue, Huntington, West Virginia, on MAY 14, 2020 AT 10:00 A.M., and any person or persons interested may appear before the County Commission to present written or oral comments and suggestions and be heard as to the proposed issue of Bonds, the refunding of the Prior Bonds, and the location and nature of the Project to be financed with the Bonds and of the improvements previously financed with the proceeds of the Prior Bonds. Interested individuals may also submit written comments to the County Commission at 750 Fifth Avenue, Huntington, West Virginia 25701 on or before May 14, 2020. This notice is given pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended. Following said public hearing, the County Commission intends to vote on the adoption of the Resolution approving the issuance of the Bonds and to take such other action as it deems proper. Dated this May 5, 2020. Phyllis Smith Clerk, The County Commission of Cabell County LH-91898 5/5/20