Public Notice

NOTICE OF PUBLIC
HEARING ON THE
CITY OF ELKINS BOND
ORDINANCE
A public hearing will be held on the following-entitled Ordinance at a regular meeting of the Council of The City of Elkins (the “City”) to be held on Monday, June 24, 2024, at 7:00 pm at The City of Elkins Council Chambers, City Hall, 401 Davis Avenue, Elkins, West Virginia, and at such hearing any person interested may appear before the City and present protests, and all protests and suggestions shall be heard by the City and it shall then take such actions as it shall deem proper in the premises upon an Ordinance entitled:
AN ORDINANCE AUTHORIZING AND DIRECTING THE TRANSFER BY THE CITY OF ELKINS (THE “CITY”) OF CITY HALL TO THE ELKINS MUNICIPAL BUILDING COMMISSION (THE “ISSUER”), THE DESIGN, ACQUISITION, CONSTRUCTION AND EQUIPPING OF ADDITIONS, BETTERMENTS AND IMPROVEMENTS TO CITY HALL (THE “PROJECT”) BY THE CITY, THE LEASING OF CITY HALL 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 $1,200,000 IN AGGREGATE PRINCIAL 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-quoted title of the Ordinance describes generally the contents thereof and the purposes of the Bonds contemplated thereby. The proceeds of the Bonds will be used to (i) permanently finance a portion of the costs of design, acquisition, construction and equipping of additions, betterments and improvements to City Hall (the “Project”); and (ii) pay certain costs of issuance of the Bonds and related costs. The City approves the issuance of Bonds, in one or more series, by the Elkins Building Commission (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 transfer of City Hall by the City to the Building Commission and the leasing of the City Hall, including the Project, 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 with the City Clerk for review by interested parties during regular office hours.
Following the public hearing, the City Council intends to enact the Ordinance upon final reading.
Dated: June 14, 2024
/s/ Sutton Stokes
City Clerk