NOTICE OF PUBLIC HEARING ON THE
TOWN OF PAW PAW BOND ORDINANCE
A public hearing will be held on the following entitled Ordinance at a regular meeting of the Council of the Town of Paw Paw (the “Town”) to be held on Monday, May 6, 2024, at 7:15 pm at the Town Hall, 122 Winchester Street, Paw Paw, 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 THE ACQUISITION AND CONSTRUCTION OF CERTAIN EXTENSIONS, ADDITIONS, BETTERMENTS AND IMPROVEMENTS TO THE EXISTING PUBLIC SEWERAGE SYSTEM OF THE TOWN OF PAW PAW AND THE FINANCING OF THE COST THEREOF, NOT OTHERWISE PROVIDED, THROUGH THE ISSUANCE BY THE TOWN OF PAW PAW OF NOT MORE THAN $1,500,000 IN ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF SEWER REVENUE BONDS, SERIES 2024 B (WEST VIRGINIA SRF PROGRAM); AND NOT MORE THAN $1,500,000 IN ORIGINAL AGGREGATE PRINCIPAL AMOUNT OF SEWER REVENUE BONDS, SERIES 2024 C (WEST VIRGINIA SRF 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 A BOND PURCHASE 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 2024 B Bonds and Series 2024 C Bonds (collectively, the “Series 2024 Bonds”) contemplated thereby. The Town contemplates the issuance of the Series 2024 Bonds described in the Ordinance. The proceeds of the Series 2024 Bonds will be used to (i) pay a portion of the costs of acquisition and construction of certain additions, betterments and improvements to the existing public sewerage system of the Issuer (the “Project”); and (ii) pay certain costs of issuance of the Series 2024 Bonds. The Series 2024 Bonds are payable solely from revenues to be derived from the ownership and operation of the sewerage system of the Town. No taxes may at any time be levied by the Town for the payment of the Series 2024 Bonds or the interest thereon.
The above-entitled Ordinance was adopted by the Council of the Town of Paw Paw on second reading on April 16, 2024. 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 Paw Paw intends to enact the Ordinance upon final reading.
/s/ Ron Davis Town Clerk