CITY OF CHESTER,
WEST VIRGINIA
NOTICE OF PUBLIC HEARING AND ABSTRACT OF
BOND ORDINANCE
Notice is hereby given to any person interested that on February 5, 2024, the City Council of the City of Chester, West Virginia (the “City”) adopted an ordinance which, among other things:
1. Authorized the payment of the outstanding principal of and interest on the City’s Combined Waterworks and Sewerage System Bond Anticipation Notes, Series 2021 (the “Series 2021 Notes”) and the design, acquisition, construction and equipping of certain extensions, additions, betterments and improvements (the “Project”) to the waterworks portion of the City’s existing combined waterworks and sewerage system (the “System”), the permanent financing of such costs thereof through the issuance of not more than $1,700,000 in aggregate principal amount of Combined Waterworks and Sewerage System Revenue Bonds, Series 2024 (Bank Qualified) (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 City 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.
6. Authorized the extension of the maturity date of the Series 2021 Notes.
The City 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 City of Chester at a regular meeting on February 21, 2024, at 4:30 p.m., in the Council Chambers, City Hall, Chester, 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 City Council on February 5, 2024, is on file with the City Clerk for review by interested persons at the City Hall during regular office hours.
/s/ Tara Ayers
City Clerk of the City of Chester,
West Virginia
WDT – Feb. 7 & 14, 2024