CITY OF WEIRTON

PUBLIC HEARING

April 09, 2007 7:00 P. M.

Mayor Miller commented, “We have to have a public hearing right now on the ATAD Project. Butch, do you want to give us an overview? From Steptoe and Johnson, we have Vince Collins here to tell us a little bit about the project.”

Mr. Mastrantoni commented, “I would respectfully defer to Mr. Collins who’s here. And, he can, perhaps, prep for the public hearing.”

Mr. Collins commented, “Thank you Mr. Mayor, Mr. City Manager, and Members of Council. I was here a few weeks ago when you started the ordinance for this sewer bond project. That was the first reading and since then there has been a second reading, and we have, of course, advertised for a public hearing, and it will be followed by presumably a third reading when Council convenes on the ordinance approving the issuance of the sewer bonds. And, I can go into some detail here real quickly. Basically, this is authorizing the City to borrow the amount of $4,199,000 for the purpose of your sewer project from the State revolving fund. The terms are a 2% interest rate with an administration fee of 1%, so it’s basically a 3% interest rate. The bonds mature in 20 years. The payments are essentially even. Each quarter you have to make or actually each month you make a payment that’s equal to one twelfth of the annual debt service. I’m not going to go into the project itself unless you want me to, or maybe Butch can do that. But, basically, the bonds are necessary to finance the project. That’s very short and sweet what the public hearing is about.”

Mayor Miller commented, “If Butch would have taken care of that, we’d still be here tomorrow night.”

(Laughter)

Mr. Collins commented, “People have said that about me too Mayor and I know you have a big agenda tonight.”

Mayor Miller commented, “And, I’m not sure if anybody’s here from the public here that would want to comment on it, have any questions. Between Butch and myself and Vince, I feel certain that we’ll be able to give them an answer.”

Mr. Collins commented, “Sure. I’ll be here. Thank you.”

Mayor Miller commented, “Are there any questions from the general public concerning the bond debt. If not, then we’ll proceed with the Council meeting.

Public Hearing Adjourned