• ABSTRACT OF BOND ORDINANCE AN...

ABSTRACT OF BOND ORDINANCE AND NOTICE OF PUBLIC HEARING Pursuant to the provisions of West Virginia Code Chapter 6, Article 9A, Section 6, and in accordance with the provisions of West Virginia Code Chapter 8, Article 16 and Chapter 22C, Article 2, as amended, you hereby notified that a special meeting of the Council (the "Council") of the City of Montgomery (the "City") will be held on the 21st day of August, 2017, to consider for enactment an Ordinance entitled "Ordinance Authorizing the Acquisition, Construction and Equipping of Improvements and Extensions to the Existing Public Sewerage Facilities of the City of Montgomery and the Financing of the Cost, Not Otherwise Provided Thereof, Through the Issuance by the City of Not More Than $991,570 in Aggregate Principal Amount of Sewer Revenue Bonds, Series 2017 (WV CWSRF Program), in One or More Series; Providing for the Rights and Remedies of and Security for the Registered Owner of Such Bonds; Authorizing Execution and Delivery of All Documents Relating to the Issuance of Such Bonds; Approving, Ratifying and Confirming a Bond Purchase Agreement Relating to Such Bonds; Authorizing the Sale and Providing for the Terms and Provisions of Such Bonds; and Enacting Other Provisions Relating Thereto" (the "Ordinance"), to authorize the issuance of Sewer Revenue Bonds, Series 2017 A and Series 2017 B (collectively, the "Bonds"), of the City in amounts totaling not to exceed $991,570. The Bonds will provide a portion of the funds to finance the cost of the acquisition, construction and extension of additions, betterments and improvements to the existing wastewater treatment system of the City. The principal amount of the Series 2017 A Bond will be $752,237. The entire amount of the principal of and interest on the Series 2017 A Bond will be paid solely and only from the revenues received from operation of the sewer system of the City to be amortized over a period of 38 years. The Series 2017 A Bond will bear interest at a rate not to exceed 0.25% per annum, plus an SRF Administrative Fee not to exceed 0.25% per annum. The principal amount of the Series 2017 B Bond will be $239,333. The principal amounts advanced under the Series 2017 B Bond will be deemed forgiven on the 30th day of June in the fiscal year in which advanced. The Series 2017 B Bond shall be deemed no longer outstanding after the last advance is forgiven. The Series 2017 B Bond shall bear no interest. A copy of the Ordinance and a copy of the plans and specifications of the Project are available for examination by any interested person at the Montgomery City Hall, 706 Third Avenue, during regular office hours of such office, which are from 8:30 a.m. to 4:00 p.m., Monday through Friday. The meeting will be held at the City Hall at 706 Third Avenue, Montgomery, West Virginia, on the 21st day of August, 2017, at 6:00 p.m., and any person or persons interested may appear before Council and be heard as to whether or not the Ordinance shall be put into effect. Council will hear all suggestions, protests and objections to the issuance of the Bonds. Dated this 1st day of August, 2017. CITY OF MONTGOMERY Greg Ingram, Mayor David White, Recorder 8-16-WED-2-MH; L 94
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PostedAugust 09, 2017