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;
Rentals”, “Bonds” and “Indenture” set forth in the Lease are hereby amended and restated to read as follows: “Base Rentals” means the payments payable by the Lessee for and in consideration of the right to use the Leased Premises during the Lease Term pursuant to Section 2 and Exhibit B of the First Supplemental Lease, which Base Rentals shall be sufficient to pay when due, the Debt Service on the Series 2016 A Bonds. “Bonds” means the Series 2016 A Bonds. “Indenture” means the Indenture, Credit Line Deed of Trust and Security Agreement, dated as of ______, 2016, by and between the Lessor and WesBanco Bank, Inc. as Trustee, as the same may be amended, modified and supplemented from time to time. 2. Amended Lease. Sections 4 and 5 of the Lease are hereby supplemented, amended and restated to read as follows: 4. Lease Term, Deliver Date, Lessee’s Obligation for the Changes to Plans and Notices. In consideration of the rentals to be received by the Lessor and of the covenants and promises herein contained to be kept and performed by the Lessee, and in consideration of the issuance of the Bonds by the Lessor and the assignment of the Lease by the Lessor to the Trustee, the Lessor hereby demises and leases the Facilities to the Lessee, and the Lessee hereby hires, takes and leases the Facilities from the Lessor, for the Lease Term, at the rentals and on the conditions herein set forth. The term of the demise and leasing of the Facilities by the Lessor to the Lessee (the “Lease Term”) shall commence on the date of delivery of executed counterparts of this Lease to the parties hereto (the “Delivery Date”) and shall extend, unless sooner terminated in accordance with the provisions hereof, to November 1, 2030, provided, however, that the Lease Term shall expire on such earlier date as the principal of, premium, if any, and interest on all the Bonds and all other expenses payable by the Lessee hereunder shall have been paid or provisions for their payment shall have been made in accordance with the Indenture and this Lease. ANYTHING TO THE CONTRARY IN THIS LEASE NOTWITHSTANDING, THIS LEASE IS TERMINABLE BY THE LESSEE AT THE END OF ANY FISCAL YEAR UPON 30 DAYS’ PRIOR WRITTEN NOTICE DELIVERED TO THE TRUSTEE AND THE LESSOR.