NOTICE OF PUBLIC HEARING
Notice is hereby given that on August 13, 2024, at 4:00 p.m., prevailing time, a public hearing will be held in the fourth-floor conference room of The City of Parkersburg Municipal Building, 1 Government Square, Parkersburg, West Virginia. At such hearing all parties and interests may appear before the Municipal Building Commission of The City of Parkersburg (the “Building Commission”) and may be heard as to whether the following described Ordinance shall be put into effect.
Notice is further hereby given that on July 9, 2024, the Building Commission adopted on second reading an Ordinance authorizing and directing the issuance of not more than $15,000,000 in aggregate principal amount of Municipal Building Commission of The City of Parkersburg Lease Revenue Bonds in one or more series (the “Bonds”) to finance a portion of the costs of (i) the design, acquisition, construction, furnishing and equipping of a new recreational facility for The City of Parkersburg (the “City”), together with all appurtenant facilities (the “Recreational Facility Project”), and (ii) the design, acquisition, construction, furnishing and equipping of a new fire station, together with all appurtenant Facilities (the “Fire Station Project” and together with the Recreational Facility Project, the “Projects”) (the foregoing real estate and any Additional Property (as defined herein) together with the improvements thereon, including without limitation any renovations, improvements, furnishings or equipment resulting from the Projects, and together with all easements and rights of way in connection therewith are collectively referred to herein as the “Property”). The Ordinance further provides for the acquisition of the Property from the City and the leasing of the Property to the City pursuant to one or more Lease Agreements (the “Leases”). In the event that the City determines it is advisable, the City may convey additional real estate to the Building Commission for the purpose of providing additional security for the payment of the principal of and the premium, if any, and interest on the Bonds (the foregoing real estate together with the improvements thereon and all easements and rights of way in connection therewith are collectively referred to herein as the “Additional Property”). The Additional Property shall be specifically identified and the acquisition thereof by the Building Commission authorized pursuant to one or more supplemental resolutions to be adopted by the Building Commission.
The Bonds will be special obligations of the Building Commission payable solely from the revenues, rentals, and other monies received by the Building Commission pursuant to the Leases and any other permitted lease of the Property and other security held pursuant to a bond purchase agreement described below and will not constitute a debt or liability of the City (except as provided in the Leases), or the State of West Virginia.
The Ordinance further provides for one or more bond purchase agreements, one or more bond indenture and security agreements by which the Building Commission will assign to the trustee for the Bonds, the right to receive rental and other payments under the Leases or other leases permitted by the bond indenture and security agreements, or the deeds of trust that will encumber the Property to further secure the owners of the Bonds and the Building Commission will deliver the Bonds in return for the purchase price thereof to be used to pay all or a portion of the costs of the Projects, the funding of one or more debt service reserve funds, if required, and costs of issuing the Bonds and related costs.
A certified copy of the Ordinance is on file for review by interested persons during regular office hours in the temporary office of the City Clerk of The City of Parkersburg, West Virginia, 1 Government Square, Parkersburg, West Virginia.
Secretary, Municipal Building Commission of
The City of Parkersburg
Aug 2, 9