NOTICE OF PUBLIC HEARING ON THE
TOWN OF FRANKLIN BOND ORDINANCE
A public hearing will be held on the following entitled Ordinance at a regular meeting of the Council of the Town of Franklin (the “Town”) to be held on Tuesday, February 14, 2023, at 6:00 pm at the Town Hall, Franklin, West Virginia, and at such hearing any person interested may appear before the Town and present protests, and all protests and suggestions shall be heard by the Town and it shall then take such actions as it shall deem proper in the premises upon an Ordinance entitled:
ORDINANCE AUTHORIZING ACQUISITION AND CONSTRUCTION OF ADDITIONS, BETTERMENTS AND IMPROVEMENTS TO THE EXISTING PUBLIC WATERWORKS SYSTEM OF THE TOWN OF FRANKLIN AND THE FINANCING OF THE COST, NOT OTHERWISE PROVIDED, THEREOF THROUGH THE ISSUANCE BY THE TOWN OF FRANKLIN OF NOT MORE THAN $2,000,000 IN ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF WATER REVENUE BONDS, SERIES 2023 A (WEST VIRGINIA DWTRF PROGRAM); AND NOT MORE THAN $2,500,000 IN ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF WATER REVENUE BONDS, SERIES 2023 B (WEST VIRGINIA DWTRF PROGRAM/FORGIVABLE); PROVIDING FOR THE RIGHTS AND REMEDIES OF AND SECURITY FOR THE REGISTERED OWNERS OF SUCH BONDS; AUTHORIZING EXECUTION AND DELIVERY OF ALL DOCUMENTS RELATING TO THE ISSUANCE OF SUCH BONDS; APPROVING, RATIFYING AND CONFIRMING A LOAN AGREEMENT RELATING TO SUCH BONDS; AUTHORIZING THE SALE AND PROVIDING FOR THE TERMS AND PROVISIONS OF SUCH BONDS AND ADOPTING OTHER PROVISIONS RELATING THERETO.
The above quoted title of the Ordinance describes generally the contents thereof and the purposes of the Series 2023 A Bonds and Series 2023 B Bonds (collectively, the “Series 2023 Bonds”) contemplated thereby. The Town contemplates the issuance of the Series 2023 Bonds described in the Ordinance. The proceeds of the Series 2023 Bonds will be used to (i) to pay a portion the costs of acquisition and construction of certain additions, betterments and improvements to the existing public waterworks system of the Town (the “Project”), (ii) to fund the Series 2023 A Reserve Account, and (iii) to pay certain costs of issuance of the Series 2023 Bonds and related costs. The Series 2023 Bonds are payable solely from revenues to be derived from the ownership and operation of the waterworks system of the Town. No taxes may at any time be levied by the Town for the payment of the Series 2023 Bonds or the interest thereon.
The above-entitled Ordinance was adopted by the Council of the Town of Franklin on second reading on January 24, 2023. A certified copy of the above entitled Ordinance is on file with the Town Clerk for review by interested parties during regular office hours.
Following the public hearing, the Council of the Town of Franklin intends to enact the Ordinance upon final reading.
/s/ Frank Wehrle
Town Clerk
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