VPA 2023 Notice of Public Hearing
NOTICE OF PUBLIC HEARING ON PROPOSED COMMONWEALTH PORT FUND REVENUE REFUNDING BOND FINANCING BY THE VIRGINIA PORT AUTHORITY
NOTICE IS HEREBY GIVEN that on the 6th day of March 2023 at the offices of the Virginia Port Authority (the “Authority”), 600 World Trade Center West, Norfolk, Virginia 23510, beginning at 9:00 a.m., the Authority will hold a public hearing on the proposed issuance by the Authority of its Commonwealth Port Fund Revenue Refunding Bonds in accordance with Chapter 10, Title 62.1 of the Code of Virginia 1950, as amended (the “Act”), in an aggregate principal amount up to $63,000,000 (the “Series 2023B Bonds”) to (a) refund all or a portion of the outstanding principal amount of the Authority’s Commonwealth Port Fund Revenue Refunding Bonds, Series 2018 (Taxable) (the “Refunded Bonds”); and (b) pay all or a portion of the expenses incurred with respect to the issuance of the Series 2023B Bonds and the refunding of the Refunded Bonds (the “Project”).
The proceeds from the issuance of the Series 2018 Taxable Bonds were used to refund all of the outstanding principal amount of the Authority’s Commonwealth Port Fund Revenue Bonds, Series 2011 (Non-AMT) (the “Series 2011 Bonds”) and to pay all or a portion of the expenses incurred with respect to the issuance of the Series 2018 Taxable Bonds and the refunding of the Series 2011 Bonds. The Series 2011 Bonds were issued to finance or refinance the costs of the Craney Island Eastward Expansion (the “2011 Project”) and pay the expenses incurred in connection with the issuance of the Series 2011 Bonds.
The 2011 Project will continue to be owned by the Authority. As provided by the Act, the Series 2023B Bonds will be payable (a) primarily from revenues and receipts derived from the Commonwealth Port Fund, and (b) if and to the extent such revenues and receipts shall be insufficient, a “sum sufficient” appropriation first from legally available moneys in the Transportation Trust Fund and then from the General Fund of the Commonwealth. Neither the Commonwealth, nor any political subdivision thereof, including the Authority, shall be obligated to pay the Series 2023B Bonds or the interest thereon, or other costs incident thereto, except from the funds pledged specifically as security therefor.
The public hearing, which may be continued or adjourned, will be held pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended. Any person interested in the issuance of the Series 2023B Bonds or the location or nature of the port facilities comprising the Project may appear and be heard. Information concerning the Project and the locations of such facilities is on file and open for inspection by the public at the Authority’s offices during business hours.
Stephen A. Edwards
Executive Director
Virginia Port Authority