ELKINS MUNICIPAL BUILDING COMMISSION
NOTICE OF PUBLIC HEARING
REGARDING BOND AUTHORIZING ORDINANCE
(SANITATION DEPARTMENT GARAGE)
A public hearing will be held on the following-entitled Ordinance at a special meeting of the Elkins Municipal Building Commission, a public corporation and municipal building commission of the State of West Virginia (the “Building Commission”) to be held on Thursday, March 7, 2024, at 4:00 p.m. in Room 212, Elkins City Hall, 401 Davis Avenue, Elkins, West Virginia, and at such hearing any person interested may appear before the Building Commission and present protests, comments and suggestions, and all protests, comments and suggestions shall be heard by the Building Commission and it shall then take such action as it shall deem proper in the premises upon a Bond Authorizing Ordinance entitled:
AN ORDINANCE APPROVING AND AUTHORIZING THE DESIGN, ACQUISITION, CONSTRUCTION AND EQUIPPING OF A SANITATION DEPARTMENT GARAGE BY THE CITY OF ELKINS (THE “CITY”) ON REAL PROPERTY PREVIOUSLY ACQUIRED BY THE ELKINS MUNICIPAL BUILDING COMMISSION (THE “ISSUER”) IN THE CITY OF ELKINS (THE “PROPERTY”), TOGETHER WITH ALL NECESSARY APPURTENCANCES RELATED THERETO (THE “PROJECT”); THE LEASING OF THE PROJECT PROPERTY TO THE CITY; THE ISSUANCE BY THE ELKINS MUNICIPAL BUILDING COMMISSION OF ITS LEASE REVENUE BONDS, IN ONE OR MORE SERIES, IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT MORE THAN $2,000,000, THE PROCEEDS OF WHICH SHALL BE EXPENDED TO FINANCE COSTS OF SUCH PROJECT, PAYING COSTS IN CONNECTION WITH THE ISSUANCE OF SUCH BONDS, PAYING COSTS IN CONNECTION WITH ANY INTERIM FINANCING AND RELATED COSTS; AUTHORIZING THE EXECUTION AND DELIVERY OF A DEED OF TRUST, AN AGREEMENT AND LEASE, A LEASE ASSIGNMENT AND OTHER INSTRUMENTS AND DOCUMENTS AND APPROVING OTHER MATTERS RELATING TO THE TERMS AND SECURITY OF SUCH BONDS; DEFINING AND PRESCRIBING THE TERMS AND PROVISIONS OF THE BONDS; PROVIDING GENERALLY FOR THE RIGHTS AND REMEDIES AND SECURITY OF THE HOLDERS OF THE BONDS; PROVIDING FOR CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; AND PROVIDING WHEN THIS ORDINANCE SHALL TAKE EFFECT.
The above-entitled Ordinance was adopted on first reading by the Building Commission on February 14, 2024.
The above-quoted title of the Ordinance describes generally the contents thereof and the purposes of the Bond issue contemplated thereby. The Building Commission contemplates the issuance of its Lease Revenue Bonds as described in the Ordinance. 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 Sanitation Department Garage, together with all necessary appurtenances (the “Facilities”) will be leased by the City of Elkins from the Building Commission in connection with the issuance of the Bonds. The Bonds will be payable solely from lease revenues to be derived from the leasing of the Facilities by the Building Commission to the City. 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 the public hearing, the Building Commission intends to enact said Ordinance upon final reading if such action appears to be appropriate after taking into consideration the protests, comments and suggestions made at the public hearing.
Dated: February 22, 2024
/s/ Van Broughton
Chairman, Elkins Municipal Building Commission
2/23, 3/1