renovation of a portion of an existing building to be used by the ball team and completed renovations of the existing building on certain real property located in the City (the “Facilities”); WHEREAS, pursuant to a Contract of Lease Purchase dated November 1, 2004 between the Authority and the City, the Authority leased the Facilities to the City (the “Lease”); WHEREAS, the City has been notified that substantial savings can be obtained from the refunding of Series 2004 Bonds; WHEREAS, the Series 2004 Bonds are outstanding on the date of enactment hereof in the aggregate principal amount of $3,960,000 and following the November 1, 2016 principal payment date will be outstanding in the aggregate principal amount of $3,470,000; (the “Bonds To Be Refunded”); WHEREAS, the City desires to have upgrades made to the scoreboard thereby improving the Facilities (the “Project”); WHEREAS, the City has requested the Authority issue, sell and deliver its Taxable Lease Revenue Refunding and Improvement Bonds (The City of Charleston Stadium Project), Series 2016 A (the 2016 A Bonds”) in the aggregate principal amount not to exceed $6,000,000 “Series under a resolution to be presented to the Authority on October 20, 2016 (the for “Resolution”) the purpose of currently refunding and redeeming the Series 2004 Bonds, paying costs of the Project and paying costs of issuance; and WHEREAS, the Council does hereby find and determine, that (i) the acquisition and equipping of the Project; (ii) the leasing of the Facilities from the Authority pursuant to the Lease, as supplemented and amended by the First Supplemental Contract of Lease Purchase, the form of which is attached hereto as Exhibit A (the Lease” and together with the Lease, the “Supplemental Lease”); (iii) the current refunding and redemption of the Bonds To Be Refunded; “Amended and (iv) all other things contemplated by or contained in this Ordinance or the Amended Lease are for a public purpose of the City and are necessary, proper and appropriate to accomplish a public purpose. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CHARLESTON, WEST VIRGINIA: Section 1. Findings. It is hereby found and determined that (i) the acquisition and equipping of the Project; (ii) the leasing of the Facilities from the Authority pursuant to the Amended Lease;
renovation of a portion of an existing building to be used by the ball team and completed renovations of the existing building on certain real property located in the City (the “Facilities”); WHEREAS, pursuant to a Contract of Lease Purchase dated November 1, 2004 between the Authority and the City, the Authority leased the Facilities to the City (the “Lease”); WHEREAS, the City has been notified that substantial savings can be obtained from the refunding of Series 2004 Bonds; WHEREAS, the Series 2004 Bonds are outstanding on the date of enactment hereof in the aggregate principal amount of $3,960,000 and following the November 1, 2016 principal payment date will be outstanding in the aggregate principal amount of $3,470,000; (the “Bonds To Be Refunded”); WHEREAS, the City desires to have upgrades made to the scoreboard thereby improving the Facilities (the “Project”); WHEREAS, the City has requested the Authority issue, sell and deliver its Taxable Lease Revenue Refunding and Improvement Bonds (The City of Charleston Stadium Project), Series 2016 A (the “Series 2016 A Bonds”) in the aggregate principal amount not to exceed $6,000,000 under a resolution to be presented to the Authority on October 20, 2016 (the “Resolution”) for the purpose of currently refunding and redeeming the Series 2004 Bonds, paying costs of the Project and paying costs of issuance; and WHEREAS, the Council does hereby find and determine, that (i) the acquisition and equipping of the Project; (ii) the leasing of the Facilities from the Authority pursuant to the Lease, as supplemented and amended by the First Supplemental Contract of Lease Purchase, the form of which is attached hereto as Exhibit A (the “Supplemental Lease” and together with the Lease, the “Amended Lease”); (iii) the current refunding and redemption of the Bonds To Be Refunded; and (iv) all other things contemplated by or contained in this Ordinance or the Amended Lease are for a public purpose of the City and are necessary, proper and appropriate to accomplish a public purpose. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CHARLESTON, WEST VIRGINIA: Section 1. Findings. It is hereby found and determined that (i) the acquisition and equipping of the Project; (ii) the leasing of the Facilities from the Authority pursuant to the Amended Lease;
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