Source: September 9, 2015 Read More →

NOTICE OF PUBLIC HEARING ON THE CITY OF ELKINS BOND ORDINANCE

NOTICE OF PUBLIC HEARING ON
THE CITY OF ELKINS BOND ORDINANCE

A public hearing will be held on the following-entitled Ordinance at a regular meeting of the Council of The City of Elkins (the “City”) to be held on Thursday, September 24, 2015, at 7:00 pm at The City of Elkins, City Hall, 401 Davis Avenue, Elkins, West Virginia, and at such hearing any person interested may appear before the City and present protests, and all protests and suggestions shall be heard by the City and it shall then take such actions as it shall deem proper in the premises upon an Ordinance entitled:

ORDINANCE AUTHORIZING THE PAYMENT OF THE WATERWORKS SYSTEM DESIGN BOND ANTICIPATION NOTE, SERIES 2007, THE PAYMENT OF THE WATERWORKS BOND ANTICIPATION NOTE, SERIES 2011 A AND THE ACQUISITION AND CONSTRUCTION OF CERTAIN ADDITIONS, IMPROVEMENTS AND EXTENSIONS TO THE EXISTING WATERWORKS SYSTEM OF THE CITY OF ELKINS, AND THE FINANCING OF THE COST, NOT OTHERWISE PROVIDED THEREOF, THROUGH THE ISSUANCE BY THE CITY OF NOT MORE THAN $15,500,000 IN AGGREGATE PRINCIPAL AMOUNT OF WATER REVENUE BONDS, SERIES 2015 A (UNITED STATES DEPARTMENT OF AGRICULTURE); NOT MORE THAN 8,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF WATER REVENUE BONDS, SERIES 2015 B (UNITED STATES DEPARTMENT OF AGRICULTURE); AND THROUGH THE ISSUANCE BY THE CITY OF NOT MORE THAN $15,500,000 IN AGGREGATE PRINCIPAL AMOUNT OF WATER REVENUE BONDS, SERIES 2015 C (WEST VIRGINIA INFRASTRUCTURE FUND); PROVIDING GENERALLY FOR THE RIGHTS AND REMEDIES OF AND SECURITY FOR THE REGISTERED OWNERS OF SUCH BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF ALL DOCUMENTS RELATING TO THE ISSUANCE OF SUCH BONDS; APPROVING, RATIFYING AND CONFIRMING THE LOAN AGREEMENT RELATING TO SUCH BONDS; AUTHORIZING THE SALE AND PROVIDING FOR THE TERMS AND PROVISIONS OF SUCH BONDS AND ADOPTING OTHER PROVISIONS OF SUCH BONDS RELATING THERETO; AND PROVIDING WHEN THIS ORDINANCE SHALL TAKE EFFECT.

The above-quoted title of the Ordinance describes generally the contents thereof and the purposes of the Bonds contemplated thereby. The City contemplates the issuance of the Bonds described in the Ordinance. The proceeds of the Bonds will be used to (i) pay the Issuer’s Waterworks System Design Bond Anticipation Note, Series 2007; (ii) pay the Issuer’s Waterworks Bond Anticipation Note, Series 2011 A; (iii) pay a portion of the costs of acquisition and construction of certain additions, improvements and extensions to the existing public waterworks system of the Issuer (the “Project”); and (iv) pay costs of issuance and other related costs. The Bonds are payable solely from revenues to be derived from the ownership and operation of the system of the City. No taxes may at any time be levied for the payment of the Bonds or the interest thereon.

The above-entitled Ordinance was adopted by the Council of The City of Elkins on August 20, 2015. A certified copy of the above-entitled Ordinance is on file with the City for review by interested parties during regular office hours.

Following the public hearing, the City intends to enact the Ordinance upon final reading.

Dated: September 4, 2015.

/s/ Sutton Stokes
Clerk
9/10, 9/17