TOWN OF ATHENS,
WEST VIRGINIA
NOTICE OF PUBLIC HEARING AND ABSTRACT OF BOND
ORDINANCE
Notice is hereby given to any person interested that on June 16, 2020, the Town Council of the Town of Athens, West Virginia (the “Town”) adopted an ordinance which, among other things:
1. Authorized the design, acquisition and construction of certain extensions, additions, betterments and improvements (the “Project”) to the Town’s existing combined waterworks and sewerage system (the “System”), the permanent financing of such costs thereof through the issuance of not more than $1,000,000 in aggregate principal amount of Combined Waterworks and Sewerage System Revenue Bonds, Series 2020 A (CWSRF Program) (the “Bonds”).
2. Directed that the Bonds be issued in such principal amounts, bear interest at such rate or rates, not exceeding the then legal maximum rate, mature on such dates and in such amounts and redeemable, in whole or in part, as prescribed in a supplemental resolution.
3. Directed the continuation of a revenue fund and the disposition of the System revenues; provided for the payment of operating expenses of the System and debt service on the Bonds; directed the creation of a sinking fund and a reserve account for the Bonds and creation of the renewal and replacement fund; and directed the creation of a bond construction trust fund and the disbursement of Bond proceeds.
4. Provided that the Bonds shall not be or constitute a corporate indebtedness of the Town within the meaning of any statutory or constitutional limitations, but shall be payable solely from the Gross Revenues of the System; pledged the Gross Revenues of the System to payment of the Bonds and established the rights of the registered owners of the Bonds to such Gross Revenues; provided certain conditions for the issuance of additional bonds.
5. Provided for insurance coverage on the Project and the System, enforcement of collection of fees, rates or other charges for the System and other covenants in favor of the registered owners; established the events of default and the remedies of the registered owners; and provided for the modification or amendment of the Ordinance upon the terms and conditions set forth in the Ordinance.
The Town contemplates the issuance of the Bonds described in, and under the conditions set forth in the Ordinance abstracted above. Any person interested may appear before the Council of the Town of Athens at a regular meeting on July 7, 2020, at 7:00 pm., in the Council Chambers, Town Hall, Athens, West Virginia, and present protests and be heard as to whether the above-described Ordinance shall be put into effect.
A certified copy of the Ordinance as adopted by the Council of Town on June 16, 2020, is on file with the Recorder for review by interested persons at the Town Hall during regular office hours.
Charles A. Lilly
Recorder of the Town of Athens,
West Virginia
ID: 404014