OHIO COUNTY BUILDING COMMISSION
NOTICE OF PUBLIC HEARING ON LEASE REVENUE BONDS,
SERIES 2022 A
(OHIO COUNTY CITY-COUNTY BUILDING IMPROVEMENT
PROJECT) AND
LEASE REVENUE BONDS, SERIES 2022 B (TAXABLE)
(OHIO COUNTY CITY-COUNTY BUILDING IMPROVEMENT
PROJECT) AND
RELATED MATTERS
Pursuant to Section 7 of Chapter 8, Article 16 of the Code of West Virginia, 1931, as amended, a public hearing will be held by the Ohio County Building Commission (the “Building Commission”) on the following entitled Ordinance and on the question of whether there should be approved the issuance by the Building Commission of not to exceed $12,000,000 in aggregate principal amount of Lease Revenue Bonds, Series 2022 A (Ohio County City-County Building Improvement Project) (the “Series A Bonds”), and Lease Revenue Bonds, Series 2022 B (Taxable) (Ohio County City-County Building Improvement Project) (the “Series B Bonds,” and together with the Series A Bonds, the “Bonds”) for the purpose of financing, in part, the costs of: (i) renovating, constructing, improving and equipping the City-County Building located at 1500 Chapline Street, Wheeling, Ohio County, West Virginia, including, but not limited to, upgrades to the upgrades to the HVAC system, roofing, windows, fire suppression system and electrical systems, together with other improvements thereon (collectively, the “Project”), for The County Commission of Ohio County, West Virginia (the “County Commission”); (ii) paying capitalized interest on the Bonds, if any; and (iii) paying the costs of issuance of the Bonds and related costs.
At the special meeting of the Board of the Building Commission to be held at 4:30 p.m., on November 15, 2022, in its office at the County City-County Building, Room 215, 1500 Chapline Street, Wheeling, West Virginia, and at such hearing all parties and interested persons may attend and appear before the Building Commission and be heard as to whether the Ordinance shall be put into effect and to express their views on the proposed issuance of Bonds and at such hearing all objections and suggestions shall also be heard and the Building Commission shall then take such action as it shall deem proper in the premises upon an Ordinance entitled:
ORDINANCE AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $12,000,000 IN AGGREGATE PRINCIPAL AMOUNT OF OHIO COUNTY BUILDING COMMISSION LEASE REVENUE BONDS, SERIES 2022 A (OHIO COUNTY CITY-COUNTY BUILDING IMPROVEMENT PROJECT) (THE “SERIES A BONDS”) AND LEASE REVENUE BONDS, SERIES 2022 B (TAXABLE) (OHIO COUNTY CITY-COUNTY BUILDING IMPROVEMENT PROJECT) (THE “SERIES B BONDS” AND TOGETHER WITH THE SERIES A BONDS, THE “BONDS”) TO PROVIDE FUNDS TO (I) FINANCE
THE RENOVATION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF THE CITY-COUNTY BUILDING, INCLUDING, BUT NOT LIMITED TO, UPGRADES TO THE HVAC SYSTEM, ROOFING, WINDOWS, FIRE SUPPRESSION SYSTEM AND ELECTRICAL SYSTEMS, LOCATED AT 1500 CHAPLINE STREET, WHEELING, WEST VIRGINIA; (II) PAY CAPITALIZED INTEREST ON THE BONDS, IF ANY; AND (III) PAY THE COSTS OF ISSUANCE ON THE BONDS AND RELATED COSTS; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND TRUST INDENTURE, A CREDIT LINE DEED OF TRUST, SECURITY AGREEMENT, FIXTURE FILING AND ASSIGNMENT OF RENTS AND LEASES, AND A CONTRACT OF LEASE-PURCHASE; AUTHORIZING THE EXECUTION AND DELIVERY OF THE BONDS; PROVIDING PARAMETERS FOR THE TERMS OF THE BONDS; DESIGNATING THE SERIES A BONDS AS “BANK-QUALIFIED;” AUTHORIZING THE EXECUTION AND DELIVERY OF OTHER DOCUMENTS, INSTRUMENTS, AGREEMENTS AND CERTIFICATES; AND AUTHORIZING THE TAKING OF ALL OTHER ACTIONS RELATING TO SUCH FINANCING.
The above-quoted title of the Ordinance generally describes the contents thereof and the purposes of the Bonds contemplated thereby. The proceeds of the Bonds will be used to finance the costs of (i) the Project; (ii) paying capitalized interest on the Bonds, if any; and (iii) paying the costs of issuance of the Bonds and related costs. The Building Commission and County Commission will enter into a Contract of Lease-Purchase (the “Lease”). The lease payments to be paid by the County Commission under the Lease will be sufficient to pay the principal of and interest due on the Bonds. The Bonds are payable solely from revenues and rentals to be derived from the Lease. No taxes may be levied at any time for the payment of the Bonds or the interest thereon.
A certified copy of the above-entitled Ordinance is on file at the office of the Building Commission at the County City-County Building, Room 215, 1500 Chapline Street, Wheeling, West Virginia, for review by interested persons during regular office hours.
Following the public hearing, the Building Commission intends to adopt a Resolution to make the Ordinance effective.
Dated: November 3, 2022.
OHIO COUNTY BUILDING COMMISSION
By: /s/ Michael J. Caruso
Its: Secretary
Int. Nov 3, 10, 2022