CITY OF CHESTER, WEST VIRGINIA
NOTICE OF PUBLIC HEARING AND ABSTRACT OF NOTE ORDINANCE
Notice is hereby given to any person interested that on January 4, 2021, the City Council of the City of Chester, West Virginia (the “City”) adopted an ordinance (the “Ordinance”) which, among other things:
- Authorized the design of certain additions, betterments and improvements (the “Project”) to the waterworks portion of the City’s existing combined waterworks and sewerage system (the “System”), and the temporary financing of such costs thereof through the issuance of not more than $800,000 in aggregate principal amount of Combined Waterworks and Sewerage System Bond Anticipation Notes, Series 2021 (the “Notes”).
- Directed that the Notes be issued in such principal amounts, bear interest at such rate or rates, not exceeding the then legally permissible limit, mature on such dates and in such amounts and redeemable, in whole or in part, as prescribed in a supplemental resolution.
- Directed the continuation of a revenue fund and the disposition of the System revenues; provided for the payment of operating expenses of the System and debt service on the Notes; directed the creation of a sinking fund for the Notes and continuation of the renewal and replacement fund; and directed the creation of a project fund and the disbursement of Note proceeds.
- Provided that the Notes shall not be or constitute a corporate indebtedness of the City within the meaning of any statutory or constitutional limitations, but shall be payable solely from shall be payable from and secured by the proceeds of revenue bonds or other obligations issued subsequent to the Notes to permanently finance the Project and a first lien on Surplus Revenues of the System; pledged the proceeds of revenue bonds or other obligations issued subsequent to the Notes to permanently finance the Project and the Surplus Revenues of the System to payment of the Notes and established the rights of the registered owners of the Notes to such proceeds of revenue bonds or other obligations issued subsequent to the Notes to permanently finance the Project and Surplus Revenues; and provided certain conditions for the issuance of additional obligations.
- Provided for insurance coverage on the System, enforcement of collection of fees, rates or other charges for the System and other covenants in favor of the registered owners; established the events of default and the remedies of the registered owners; and provided for the modification or amendment of the Ordinance upon the terms and conditions set forth in the Ordinance.
The City contemplates the issuance of the Notes 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 Chester at a regular meeting on February 1, 2021, at 5:00 p.m., in the Council Chambers, City Hall, Chester, 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 as adopted by the City Council on January 4, 2021, is on file with the Clerk for review by interested persons at the City Hall during regular office hours.
Tara Ayers, City Clerk Ayers____________________
Assistant Clerk of the City of Chester,