NOTICE OF PUBLIC HEARING ON
THE CITY OF PARKERSBURG BOND ORDINANCE
A public hearing will be held on the following-entitled Ordinance at a regular meeting of the Council of The City of Parkersburg (the “City”) to be held on Tuesday, May 25, 2021, at 7:30 p.m. in the Council Chambers, 1 Government Square, Parkersburg, 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 THE REFUNDING OF THE ISSUER’S OUTSTANDING COMBINED WATERWORKS AND SEWERAGE SYSTEM REFUNDING REVENUE BONDS, SERIES 2015 A (TAX-EXEMPT) AND THE FINANCING OF THE COST THEREOF, NOT OTHERWISE PROVIDED, AND PAYING COSTS OF ISSUANCE AND RELATED COSTS, THROUGH THE ISSUANCE OF COMBINED WATERWORKS AND SEWERAGE SYSTEM REFUNDING REVENUE BONDS, SERIES 2021 A (TAX-EXEMPT) OF THE CITY IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT MORE THAN $9,000,000; PROVIDING FOR THE RIGHTS AND REMEDIES OF, AND THE SECURITY FOR, THE REGISTERED OWNERS OF SUCH BONDS; AUTHORIZING AN OFFICIAL STATEMENT, A BOND PURCHASE AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT AND OTHER DOCUMENTS; AUTHORIZING THE SALE AND PROVIDING FOR THE TERMS AND PROVISIONS OF SUCH BONDS AND ADOPTING OTHER PROVISIONS RELATING THERETO.
The above-quoted title of the Ordinance describes generally the contents thereof and the purposes of the Bonds contemplated thereby. The City contemplates the issuance of the Bonds described in the Ordinance. The proceeds of the Bonds will be used to (i) finance the costs of currently refunding the Issuer’s Series 2015 A Bonds, (ii) fund a debt service reserve account for the Series 2021 A Bonds either with cash or pay the premium for a Municipal Bond Debt Service Reserve Insurance Policy for the Bonds in an amount equal to the Series 2021 A Bonds Reserve Requirement; (iii) pay the premium for a Municipal Bond Insurance Policy to secure the payment of the principal of, and interest on, the Bonds; and (iv) pay costs of issuance of the Series 2021 A Bonds and related costs. The Bonds are payable from the revenues derived from the System. No taxes may at any time be levied for the payment of the Bonds or the interest thereon.
The above-entitled Ordinance was adopted by the Council of The City of Parkersburg on May 11, 2021. A certified copy of the above-entitled Ordinance is on file with the City for review by interested parties during regular office hours.
Following the public hearing, the City intends to enact the Ordinance upon final reading.
/s/ Connie Shaffer
May 13, 20