CITY OF KENOVA NOTICE OF PUBLIC HEARING AND ABSTRACT OF BOND ORDINANCE Notice is hereby given to any person interested that on December 15, 2016, the Council of the City of Kenova (the "Issuer"), approved on first reading an ordinance (the "Ordinance"), and on February 16, 2017, is expected to approve on second reading the Ordinance which, among other things: 1. Authorizes the acquisition and construction of certain additions, betterments and improvements (the "Project") to the Issuer's existing waterworks system (the "System") and the financing of the cost, not otherwise provided, thereof through the issuance of not more than $1,961,000 in aggregate principal amount of Water Revenue Bond, Series 2017 (the "Bond"). 2. Directs that the Bond be issued in such principal amount, bear interest at such rate or rates, not exceeding the then legal maximum rate, payable on such dates, mature on such dates and in such amounts and redeemable, in whole or in part, as prescribed in the Ordinance, any supplemental resolution or in the Loan Agreement for the Bond. 3. Authorizes the execution and delivery of the Loan Agreement. 4. Directs the continuation of a Revenue Fund and the disposition of the revenues of the System; provides for the payment of operating expenses of the System and the debt service on the Bond; provides for the creation of the Sinking Fund, Reserve Account and a Renewal and Replacement Fund for the Bond; and provides for the use of excess funds of the System. 5. Directs the creation of the Bond Construction Trust Fund and the disbursement of Bond proceeds. 6. Provides that the Bond shall not be or constitute an indebtedness of the Issuer within the meaning of any constitutional or statutory provision or limitation, but shall be payable solely from the Net Revenues of the System; pledges the Net Revenues of the System to payment of the Bond and establishes the rights of the registered owner of the Bond to the Net Revenues of the System. 7. Provides certain conditions for the issuance of additional bonds. 8. Provides for insurance coverage on the Project and the System, enforcement of collection of rates and other charges for the System, and other covenants of the Issuer in favor of the registered owner of the Bond. 9. Establishes the events of default and the remedies of the registered owner of the Bond. 10. Provides for the modification or amendment of the Ordinance upon the terms and conditions set forth in the Ordinance. The Issuer contemplates the issuance of the Bond described in and under the conditions set forth in the Ordinance abstracted above. Any person interested may appear before the Council of the City of Kenova at a regular meeting on February 16, 2017, at 6:00 p.m., in the Council Chambers, Kenova Municipal Building, 1501 Pine Street, Kenova, West Virginia, and present protests and be heard as to whether the above-described Ordinance shall be put into effect. A certified copy of the Ordinance is on file with the City Clerk for review by interested persons during the office hours of the Kenova Municipal Building. /s/ Melisa K. Palmer City Clerk LH-49560 2-3,10; 2017
↧