NOTICE OF PUBLIC
HEARING
Notice is hereby given that on Thursday, September 28, 2017, at 10:30 a.m., prevailing time, a public hearing will be held in the County Commission Meeting Room, Wood County Courthouse, #1 Court Square, Parkersburg, West Virginia, at which time and place all parties in interest may appear before the Wood County Building Commission (the âBuilding Commissionã) and may be heard as to whether the following described Ordinance enacted by the Building Commission shall be put into effect.
Notice is further hereby given that on August 7, 2017, the Building Commission enacted an Ordinance ordering the issuance of not to exceed $1,400,000 in aggregate principal amount of the Wood County Building Commission Lease Revenue Bonds (Parkersburg and Wood County Public Library Project) Series 2017, in one or more series (the âBondsã), to finance the costs not otherwise provided of the renovation, improvement, furnishing and equipping of the Parkersburg and Wood County Public Library at 3100 Emerson Avenue, Parkersburg, Wood County, West Virginia (the âProjectã). The Ordinance further provides for the execution and delivery of a First Amendment to Lease Agreement supplementing and amending the existing Lease Agreement by and between the Building Commission and the Library (the existing Lease Agreement, as supplemented and amended by the First Amendment to Lease Agreement, is referred to herein as the âLeaseã) pursuant to which the Building Commission will continue to lease to the Parkersburg and Wood County Public Library (the âLibraryã) the existing Public Library referenced above located at 3100 Emerson Avenue, Parkersburg, West Virginia (the âExisting Public Libraryã) and the leasehold estate and improvements located at 1807 Blizzard Drive, Parkersburg, West Virginia upon which a new library has been constructed (the âNew Libraryã), the Existing Public Library and New Library having been previously transferred and assigned by the Library to the Building Commission.
The Series 2017 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 Lease and any other permitted lease of the Existing Public Library and/or New Library and other security held pursuant to a bond purchase agreement described below and will not constitute a debt or liability of The County Commission of Wood County, the Library (except as provided in the Lease) or the State of West Virginia.
The Ordinance further provides for a bond purchase agreement to be entered into among the Building Commission, the Library and the original purchaser of the Series 2017 Bonds by which the Building Commission will assign to the original purchaser of the Series 2017 Bonds the right to receive rental and other payments under the Lease, or other leases permitted by the bond purchase agreement or the deed of trust that will be executed and delivered by the Building Commission encumbering the Existing Public Library to further secure the owner or owners of the Series 2017 Bonds and the Building Commission will deliver the Series 2017 Bonds in return for the purchase price thereof to be used to pay costs of the Project. The Existing Public Library and New Library will initially continue to be leased by the Building Commission to the Library pursuant to the Lease.
A certified copy of the Ordinance is on file for review by interested persons during regular office hours in the office of the County Clerk, Wood County Courthouse, #1 Court Square, Parkersburg, West Virginia.
Published at the direction of the Wood County Building Commission, this 18th day of September 2017.
Secretary, Wood County Building Commission
Sep 18, 25