CITY OF ELKINS
NOTICE OF PUBLIC HEARING
REGARDING BOND AUTHORIZING ORDINANCE
(SANITATION DEPARTMENT GARAGE)
A public hearing will be held on the following-entitled Ordinance at a regular meeting of the City Council of the City of Elkins to be held on Thursday, March 7, 2024, at 7:00 p.m., in the Council Chamber, 2nd Floor, Elkins City Hall, 401 Davis Avenue, Elkins, West Virginia and at such hearing any person interested may appear before the Council and present protests, comments and suggestions, and all protests, comments and suggestions shall be heard by the Council and it shall then take such action as it shall deem proper in the premises upon an Ordinance entitled:
AN ORDINANCE AUTHORIZING AND DIRECTING THE DESIGN, ACQUISITION, CONSTRUCTION AND EQUIPPING OF A SANITATION DEPARTMENT GARAGE TOGETHER WITH ALL NECESSARY APPURTENANCES THERETO (THE “PROJECT”) BY THE CITY OF ELKINS (THE “CITY”) ON REAL PROPERTY OWNED BY THE ELKINS MUNICIPAL BUILDING COMMISSION (THE “ISSUER”); THE LEASING OF THE PROJECT PROPERTY AND ALL PROJECT IMPROVEMENTS AND APPURTENANCES THERETO BY THE CITY FROM THE ISSUER; THE SALE AND ISSUANCE BY THE ELKINS MUNICIPAL BUILDING COMMISSION OF ITS NOT TO EXCEED $2,000,000 PRINCIPAL AMOUNT OF LEASE REVENUE BONDS, IN ONE OR MORE SERIES (THE “BONDS”) FOR THE PURPOSE OF PAYING COSTS OF THE PROJECT, COSTS OF ISSUANCE OF THE BONDS AND RELATED COSTS; AUTHORIZING THE EXECUTION AND DELIVERY OF AN AGREEMENT AND LEASE AND OTHER DOCUMENTS RELATING TO THE PROJECT AND THE ISSUANCE OF THE BONDS AND APPROVING OTHER MATTERS RELATING TO THE TERMS AND SECURITY OF SUCH BONDS; AND PROVIDING FOR OTHER MATTERS IN CONNECTION THEREWITH.
The above-entitled Ordinance has been approved by the Council of the City of Elkins (the “City”) upon first reading on February 15, 2023.
The above-quoted title of the Ordinance describes generally the contents thereof and the purposes of the Bond issue contemplated thereby. The proceeds of the Bonds will be used to design, acquire, construct and equip a Sanitation Department Garage in the City of Elkins together with all necessary appurtenances in connection therewith (the “Project”). The City approves the issuance of Lease Revenue Bonds, in one or more series, by the Building Commission for the purpose of facilitating the financing of costs of the Project, all as described in the Ordinance.
The Ordinance also approves the leasing of the Project facilities by the City from the Building Commission pursuant to an Agreement and Lease, by and between the City and the Building Commission (the “Lease”) and the payment of lease rentals by the City to the Building Commission at such time and in such amount as to pay the principal of and interest on the Bonds as the same becomes due and payable. The Bonds will be payable solely from the lease rentals to be paid by the City to the Building Commission pursuant to the Lease. No taxes may at any time be levied 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 City Clerk of the City of Elkins in Elkins City Hall, 401 Davis Avenue, Elkins, West Virginia for review by interested parties during regular office hours.
Following said public hearing, the City Council intends to consider enactment of said Ordinance upon final reading and placement of such Ordinance into effect if such action appears to be appropriate after taking into consideration the comments and suggestions made at the public hearing.
Dated: February 15, 2024
/s/ Sutton Stokes
City Clerk
2/23, 3/1