Notice is hereby given that on Tuesday, May 19, 2015, at 2:00 p.m., prevailing time, a public hearing will be held in Conference Room 1 in the Law Offices of Bowles Rice LLP, Fifth Floor, United Square, 501 Avery Street, Parkersburg, West Virginia, at which time and place all parties in interest may appear before the Wood County Building Commission (the âBuilding Commissionã) and may be heard as to whether the following described Ordinance enacted by the Building Commission shall be put into effect.
Notice is further hereby given that on May 6, 2015, the Building Commission enacted an Ordinance ordering the issuance of not to exceed $1,716,500 in aggregate principal amount of the Wood County Building Commission Lease Revenue Bonds (Parkersburg and Wood County Public Library Project) Series 2015, in one or more series (the âBondsã), to finance the costs not otherwise provided of the acquisition, construction, improvement, furnishing and equipping of the new Parkersburg and Wood County Public Library at 1807 Blizzard Drive, Parkersburg, Wood County, West Virginia (the âProjectã). The Ordinance further provides for the execution and delivery of a Lease Agreement by and between the Building Commission and the Library pursuant to which the Building Commission will lease to the Parkersburg and Wood County Public Library (the âLibraryã) the leasehold estate and improvements thereon constituting the Project, together with the existing Public Library located at 3100 Emerson Avenue, Parkersburg, West Virginia (the âExisting Public Libraryã), which leasehold estate and improvements constituting the Project and the Existing Public Library will be transferred and assigned by the Library to the Building Commission in connection with the issuance of the Bonds.
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 Lease and any other permitted lease of the Project and/or the Existing Public Library and other security held pursuant to a bond purchase agreement described below and will not constitute a debt or liability of The County Commission of Wood County, the Library (except as provided in the Lease) or the State of West Virginia.
The Ordinance further provides for a bond purchase agreement to be entered into among the Building Commission, the Library 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 bond purchase agreement or the deed of trust that will be executed and delivered by the Building Commission encumbering the Project and the Existing Public Library to further secure the owner or owners of the Bonds and the Building Commission will deliver the Bonds in return for the purchase price thereof to be used to pay a portion of the costs of the Project. The Project and the Existing Public Library will initially be leased by the Building Commission to the Library 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 Clerk, Wood County Courthouse, #1 Court Square, Parkersburg, West Virginia.
Published at the direction of the Wood County Building Commission, this 8th day of May 2015.
Secretary, Wood County Building Commission
May 8, 15