Public Notice

NOTICE OF PUBLIC
HEARING ON THE ELKINS
MUNICIPAL BUILDING
COMMISSION BOND
AUTHORIZING ORDINANCE
A public hearing will be held on the following-entitled Ordinance at a special meeting of the Board of the Elkins Municipal Building Commission (the “Building Commission”) to be held on Monday, June 24, 2024, at 5:30 pm at The City of Elkins City Hall, Room 212, 401 Davis Avenue, Elkins, West Virginia, and at such hearing any person interested may appear before the Building Commission and present protests, and all protests and suggestions shall be heard by the Building Commission and it shall then take such actions as it shall deem proper in the premises upon an Ordinance entitled:
AN ORDINANCE APPROVING AND AUTHORIZING THE TRANSFER OF THE CITY HALL OF THE CITY OF ELKINS (THE “CITY”), INCLUDING THE REAL PROPERTY ON WHICH THE CITY HALL IS LOCATED (THE “CITY HALL PROPERTY”), TO THE ELKINS MUNICICPAL BUILDING COMMISSION (THE “ISSUER”), THE DESIGN, ACQUISITION, CONSTRUCTION AND EQUIPPING OF ADDITIONS, BETTERMENTS AND IMPROVEMENTS TO THE CITY HALL BY THE CITY, TOGETHER WITH ALL NECESSARY APPURTENCANCES RELATED THERETO (THE “PROJECT”); THE LEASING OF THE CITY HALL, THE PROPERTY AND THE PROJECT TO THE CITY; THE ISSUANCE BY THE ISSUER OF ITS LEASE REVENUE BONDS, IN ONE OR MORE SERIES, IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT MORE THAN $1,200,000, 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-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 Building Commission approves the issuance of the Bonds, in one or more series 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, the subsequent leasing of City Hall, including the Project, by The City of Elkins (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.
The above-entitled Ordinance has been approved by the Board of the Building Commission upon second reading on June 13, 2024. 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 Board intends to enact the Ordinance upon final reading.
Dated: June 14, 2024
/s/ Sutton Stokes
City Clerk