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HomeMy Public PortalAbout1955_10_10 244 • There being no further business , upon motion duly made, se- con_ded and carried, Council adjourned. gjaleL4( /041-454.. Mayor Recorder' er-t-m • • REGULAR, OCTOBER 10, 1955 At a regular meeting of the Mayor and Council of the Town of Leesburg., in Virginia, held in the .Council Chamber, Monday, _ October 10, 1955, at 7 :30. o' clock, P. M. there were present E. ' B. White, Mayor, Horace M. Hallett, Recorder, George J. Durfey, Reginald K. Gheen, Howard B. Gill, C. R. Lytle, C. R. Hollands- worth and Thelma J. Smoot, g Councilmen.gi • Sentember j• and the regular meeting of eSeptemberm 19tfl -were read, ana upon'motion of_George J. Durfey, seconded by C. R. Lytle and unanimously carried, were approved as read. The Auditor-Treasurer presented his monthly report for the month of September, 1955, and the quarterly report for the months of July, August, and September, 1955, and upon motion of C. R. Lytle; seconded by George J. Durfey, and unanimously carried, the following resolution was adopted; BE IT RESOLVED, by the Council of the Town of Leesburg, in Virginia, that the said quarterly report of the Auditor-Treasurer • for the. months of July, August, and September, 1955, be, and . they are hereby. accepted.and approved. BE IT FURTHER RESOLVED, that the Auditor-Treasurer, be , and he is 48E ghae,4thorized. and directed to have published in a news- ) paper/in ther zn of Leesburg once, and to post a copy of said quaterly report in front of the Court Hone of the Town of Lees- burg, in Virginia. The Auditor-Treasurer presented the current bills, and upon motion of Thelma J. Smoot, seconded by Reginald K. Gheen, and unanimously carried, the following resolution was adopted; ' BE IT RESOLVED, by the Council of the Town of Leesburg, in Virginia , thatl-the Auditor-Treasurer, be, and he is hereby auth- orized and directed to pay the following bills : . Virginia Electric & Power Company :. Street Lighting White Way Lighting 19.80 , Power-Pump House 39.75` • Power New Well 17.85 ' Power-Harrison Spring 12.00, Sireen, M. 0. , Fire House . 2.30 - C. & P. Telephone Company of Virginia . 4.30 ' Loudoun Times-Mirror 10.70 - Garrett Insurance Agency 69.38 ' Burroughs Corporation Frances M. Carnes 4.50 - T. J. Hatcher 5.55 L. S. Hutchison Esso Stations • 1,80 Creel Brothers , Inc. 21.14 " • • Leesburg Hardware 1.80 ' League of Virginia Municipalitie 75.00 ' Diamond Alkali Company 34.13 " Old Dominion Appliance Company, Inc. - 22.80 ' Caldwell-Sites Company 19.20' J. T. Hirst & Company, Inc. . 10.24' Department- of Highways (Commonwealth of Virginia)-. 70.90 ' Wallace & Tiernan 46.51' Hays Mfg. Company 24.81' Noland Company, Inc. 3.50' Raymond R. Rodrick 55.55 j Leesburg Service Station 2. 10) Howard W. Vesey (Town Attorney) 56.45 • Total regular bills 0 816.42 - : 245 Water and Sewer Construction Fund Howard W. Vesey (Town Attorney) $ 2,500.00 4- -- Chemical Bank Note Company (Printing Bonds ) 181.35 Loudoun Times-Mirror (Printing Special Checks )- 18.80 iv - Total Bills Special Account $ 2,700.15• Mr. Durfey gave a report regarding Monroe Manor street, side- walk and curb deficiencies that he had reported to the Council at a previous meeting, and since there was some question as to who was to inform Monroe Manor Corporation, . Mayor White told the • Council that, he would write a letter to the said Monroe Manore Corporation with the assistance of the Street Committee inform- ing them of the deficiencies that had been reported by Mr. Dur- fey, and request that they be corrected at once. Mr.. Gheen gave a report regarding the advisability of pur- chasing a property to be used as Town Hall property and parking area, and after a lengthly discussion, and upon motion of Reginald K. Gheen, seconded by Howard B. Gill, and unanimously carried, the -- following resolution was adopted: WHEREAS, the Council of the Town of Leesburg, in Virginia, did on the 11th day of July, 1955, sell the Town Hall, and in said deed reserved the use thereof for Town Offices until January 1, 19563 and, WHEREAS, the Council of the Town of Leesburg, in Virginia, desires to provide suitable and adequate space for the offices of the Town and forLa_suitable meeting place for the meetings of the Town Council; and, IlL WHEREAS, it is the desire of the Council of the Town of Leesburg, in Virginia, to improve and expand the Town' s parking - facilities in the block bounded by King, Loudoun, Wirt and Mar- ket Streets ; and, . WHEREAS, the Town of Leesburg, in Virginia, has an option to purchase the property commonly known as the Grimes property fronting on the North side of Loudoun Street in the Town of Leesburg, in Virginia, at a price of $15,000.00 ; • NOW, THEREFORE, BE. IT RESOLVED, by the Council of the Town • of -Leesburg, in Virginia, at its duly called meeting held on the 10th day of October, 1955, as follows : - - (1) The Town Attorney, be, and he is hereby authorized and instructed to prepare a contract for the purchase of the fee simple title in and to the property known as the Grimes property located on the North side of Loudoun Street in the Town of Leesburg, in Virginia, for the sum of $15,000.00. (2 ) The Mayor and the Recorder, be, and they are hereby autho- rized and instructed to execute for and in behalf of the Town of Leesburg, in Virginia, the contract of purchase of the property commonly known as the Grimes property referred to in Paragraph (1) when said contract has been prepared by the Town Attorney and • executed by the sellers. . • - . • (3) The Town Attorney, be, and he is hereby authorized and • directed to examine the title to the property commonly known as the Grimes property located on the North side of Loudoun Street in the Town of Leesburg, in Virginia, and upon the certification of the Town Attorney that the sellers are able to deliver a good indefeasible fee simple title to said property, together with a general. warranty deed executed by .the sellers transferring said property to the Town of Leesburg, in Virginia, the Auditor-Treas- urer, be, and he is hereby authorized and directed to pay to said sellers , at the- direction of- the Town Attorney, the sum of ' $15,000.00, together with any and all costs incident to the clos- ing of said transaction and the recording of said deed. 246 - (4) The property referred to hereinabove, which is that property commonly referred to as the Grimes property, located on the North side ,of-Loudoun Street in the Town of Leesburg, in Virginia, is that property more particularly described as-- • All that certain lot or parcel of land with all the improvements thereon and appurtenances thereunto apper . taining, situate, lying and being in the Town of Lees- burg, Loudoun County, Virginia, located on the North side - . of Loudoun Street between:Kingr.and Wirt Streets, bounded on the East by the property of C. Dunn; on the West by the property of J. D. Lambert. • - ' By order of the Town Council October 10, 1955. • • Recorder Mayor Upon motion of George J. Burley, seconded by C. R.. Lytle, and unanimously carried, the following resolution was adopted : BE IT RESOLVED, by the Council of the Town of Leesburg, in Virginia, that the Water Committee obtain through the Fire Under- writers Corporation their standards and specifications for water mains. Also, to obtain the advise of the Town' s Engineer regard- ing this matter. Mayor White read an application from Mr. Leonard W. Parker . for permission to connect to the Town Water main and sewer system, and said connection will be made into Mr. Parker' s subdivision east of the Town corporate limits, and upon motion of Reginald K. Gheen, seconded by Thelma J. Smoot, and carried by a vote of five • to one, Gheen, Gill, Lytle, Hollandsworth and Smoot for, Durfey against, the following resolution was adopted : BE IT RESOLVED, by the Council of the Town of Leesburg, in Virginia, that. the Auditor-Treasurer, be, and he is hereby auth- J orized and directed to issue a permit to Mr. Leonard. W. Parker to install and connect the necessary water and sewer lines in compliance withhis application, providing the plans and speci- fications under which said water and sewer lines are- to be in- stalled are filed' with the Town and approved by the Town' s Engineer, and providing further,-that said fabilities are in- stalled. ccordances with said plans and specifications , all • costs '"�`is.ait thereto to be borne by Mr. Parker, and the same to be turned over to the Town together. with necessary right- of-ways , and clear of all: claims. Mayor White read a letter from. a Mr. Basil Haley regarding • their questions of installing a water neutralizing plant in the • Town of Leesburg. . Mayor White asked the Street Committee if they would in- vestigate the sidewalk condition in front of the property owned by Mrs. Max Davis and occupied by a Mr. Beavers . Mayor White suggested to the Counsel, the names. of• Messrs. - . Reed Johnson and Frank Caldwell as members of the Planning Commission, and upon motion of Reginald K.. Gheen, seconded by C. R. Lytle, and unanimously carried, the following resolution was adopted : BE IT RESOLVED, by the Council of the Town of Leesburg, in Virginia, that Messrs. Reed Johnson and Frank Caldwell, be, and they are hereby appointed to serve on the Town of Leesburg Planning Commission; • Upon motion of C. R. Lytel, seconded by Reginald K. Gheen, _ and unanimously carried the following resolution was adopted : WHEREAS, The Town of Leesburg, in Virginia, has heretofore -_ issued its bonds in the principal amount of One Hundred. Sixty ThousandGenerala' ( 160,000,00) , the same being Obligation Water and Sewer Revenue Bonds dated October 1, 1955, and received on October 5, 1955, in the sum of One Hundred Sixty Thousand Two Hundred Eighty-eight Dollars (0160,288.00) for said bonds ; and, 247 WHEREAS, it is the desire of the Town of Leesburg, in Vir- ginia, to deposit said funds with The Loudoun National Bank of Leesburg, Virginia, and The Peoples National Bank of Leesburg - and to receive thereon interest return pending the use of said funds ; ' NOW, THEREFORE, BE IT RESOLVED, that the Mayor and the Auditor-Treasurer of the Town •of Leesburg, in Virginia, be, and they are hereby authorized and directed to deposit $90,288.00 of said funds in The Loudoun National Bank of Leesburg, Virginia, and 070,000.00 in The Peoples National Bank of Leesburg, Virginia, and in the deposit of said funds they are hereby authorized, re- quested and directed to deposit said sums in each of said banks -on the following basis : • (1) The action of the Auditor-Treasurer in depositing said sum of $160,288.00 in the Water and Sewer General Obligation ac- -count of the Town of Leesburg, in Virginia, in the Loudoun Nat- - ional Bank of Leesburg is hereby ratified and affirmed. (2) The Mayor and the Auditor-Treasurer are hereby authoriz- ed, requested and directed to open an account in The Loudoun National Bank, Leesburg Virginia, as a Time Deposit Account, and to deposit therein $70,000.00 so that the same shall provide an interest rate of Two Per Cent (2%) on the said $70,000.00 so deposited. • (3) The Mayor and the Auditor-Treasurer, be, and they are hereby authorized and directed to open a Time Deposit Account for and in behalf of the Town of Leesburg, in Virginia, in The Peoples .National Bank of Leesburg, Virginia, and to deposit therein $70,000.0001 the funds received from the sale of the Town' s Gen- • eral Obligation Water and Sewer Revenue Bonds , so -that the same • shall provide an interest rate of Two Per Cent (2%) on the $70,000.004so deposited. (4) The Mayor and the Auditor-Treasurer, be, and they are hereby authorized and directed, in the opening of the aforesaid Time Deposit open accounts in each of the said banks mentioned in Paragraphs (2) and (3 ) above, to do so by the deposit therein of the sum of $70,000.00 in three (3) separate amounts ; namely : $20,000.00, $25,000.00 and $25,000.00, so -that each of the afore- • . said amounts can be withdrawn without jeopardizing the interest rate on the remaining amounts. (5) The Mayor and the Auditor-Treasurer, be, and they are hereby authorized and directed to execute for andin behalf of the Town of Leesburg, in Virginia, an escrow agreement by and between The Loudoun National Bank of Leesburg, Virginia, the Town of Leesburg, in Virginia,' and the Manufacturers Trust Company, 55 Broad Street, New Nork 15, New York, which said escrow agreement is hereinafter set forth in full, and upon the execution of- same, to deliver said excrow agreement to The Loudoun National Bank of • Leesburg, Virginia, and the Manufacturers Trust Company of New York City, New York. (6 ) The Mayor and the Auditor-Treasurer, be, and they are hereby authorized and directed to execute for and in behalf of The Town of Leesburg, in Virginia, an escrow agreement by and between The Peoples National Bank -of Leesburg, Virginia, The Town of Leesburg, in Virginia, and The Loudoun National Bank of Leesburg, Virginia,. as escrow agent, which said escrow agreement is '.in form and content identical with the escrow agreement refer- red to in Paragraph (5 ) and hereinafter set forth, except that the same provides for the inclusion of "Governmental Agencies Obligations , " and upon the execution of same to deliver said es- crow agreement to The Peoples National Bank of Leesburg, Virginia, and The Loudoun National Bank of Leesburg, Virginia. • (7) The Mayor and the Auditor-Treasurer, be, and they are hereby authorized and directed to execute for and in behalf of -the Town of Leesburg, in Virginia, an escrow agreement by and bet- . trap- ween the Loudoun National Bank of Leesburg, Virginia, The Town of 248 _Leesburg, in Virginia, and The Peoples National Bank of Leesburg, Virginia, as escrow agent, which said escrow agreement is in form and content identical with the excrow agreement referred to in ' Paragraph (5 ) above, except that provision is made for the sub- stitution of securities of "Other Governmental Agencies ," and up- on execution of same to deliver said escrow agreement to The Peoples National Bank of Leesburg, Virginia, and The Loudoun Nat- ional Bank of Leesburg, Virginia. (8 ) The Mayor and the Auditor-Treasurer, be, and they are hereby _authorized and directed in the opening of the above re- - ferred to Time Deposit accounts , to do so in the form and style of the memorandum of agreement hereinafter set forth, and in their representation of the Town of Leesburg, in Virginia, as herein- above provided for, to execute and furnish such specimen signat- ure cards as may be required and to do all other things necessary • to effectuate the purposes of this resolution, .including with- _drawal of said funds. • (9 ) The Mayor and the Auditor-Treasurer of the Town of Leesburg, in Virginia, be, -and they are hereby authorized and directed to execute a "Bank Account Agreement and Authorized Signature" card for use by the Manufacturers Trust Company, New York City, New York, in the handling of the funds deposited with the Manufacturers Trust Company of New York under the escrow agreement hereinabove provided for and as hereinafter .set forth in full. (Copy excrow agreement in full. ) By order of Council passed this 10th day of October, 1955. /5/ Horace M. Hallett /S/ Elijah B. White Recorder Mayor RE : THE LOUDOUN NATIONAL BANK OF LEESBURG, VA. , AND TOWN OF LEESBURG, VA. Memorandum of Agreement made between The Loudoun National ;Bank of Leesburg, Va. , (hereinafter called the "Bank" ) , and The Town of Leesburg, Va. , (hereinafter called -the ."Depositor" ).. WHEREAS, the Depositor has selected the Bank as depository of certain public money or moneys and as requested security therefore ; NOW, THEREFORE, the Bank herewith deposits with The Peoples National Bank of Leesburg, Na. , (hereinafter called the "Escrow Agent" ) , the securities described in Schedule A annexed hereto as collateral for the benefit of the Depositor, such securities to be retained by the Escrow Agent pursuant to the provisions hereof. (1) In the event the Bank fails to account in the ordi- nary course of business and pay over to the Depositor on demand all or any part of the sumsdeposited with it by the Depositor and the amount of the balance due the Depositor is admitted by the Bank, or is determined in a judgment rendered by any Court in any state or jurisdiction, then upon demand in writing by the Depositor addressed to the Escrow Agent , which demand shall be accompanied either by an admission by the Bank in writing cer- _ tifying to the balance due, or by a certified copy of such judg- ment wherein the balance due has been determined, the Escrow Agent shall sell at the market such of the securities then held _ by it hereunder as may be necessary to pay the following: (a) The expense of the sale (b) The expense of any litigation ( c ) The amount determined as due the Depositor. The remainder of said securities and/or the balance of the pro- ceeds of the sale thereof, if any, shall be returned to the Bank or to any Person or persons duly authorized to receive the same. . 249 - 2to time,) The Bank at any time and from time tim , may sub- stitute other United States Government or Government Agency obli- gations of equal face •value in lieu of those set forth in Schedule A hereof or in lieu of any securities subsequently substituted therefor, without the consent of the Depositor. Additional secu- rities may be deposited with the Escrow Agent from time to time and any such secutities shall be held subject to all the terms and conditions of this agreement. All securities at any time held by the Escrow Agent hereunder Shall- be held as collateral for any and-all deposits of public moneys made theretofore by the Depositor with the Bank, and no such securities may be with- . .i drawn from the terms and conditions of this Agreement without the prior written consent of the Depositor being delivered to the Escrow Agent except to effect a substitution as hereinabove provided. (3 ) The Escrow Agent may remove and colbct all matured coupouns from the bonds so deposited hereunder and shall pay the proceeds thereof to the Bank, provided, however, that the said Escrow Agent shall not have been notified prior thereto in writing by the Depositor that the Bank is in default under this Agreement. In the event the Escrow Agent shall have been so not- ified of a default, then such proceed shall be held by the Escrow Agent subject to all the provisions hereof relating to the princi- pal deposit. (4) This agreement shall terminate at any time that the Depositor shall authorize or instruct the Escrow Agent in writing to release or deliver to the Bank all securities or cash then held hereunder, and upon such release or delivery by the Escrow Agent to the Bank the Escrow Agent shall be fully discharged from all and any further liability hereunder. (5) The Escrow Agent shall not be required to institute or defend alone or with others any action or legal process involving this escrow or any property therein, or which in any manner affect IlL its duties or liabilities hereunder, unless it does so attthe re- quest of the Bank and then only upon being fully indemnified in an amount and in such character as it shall require against any and all liabilities , judgments and other expenses of every kind and character which may be incurred by it, expended or sustained • in such litigation, or from any other cause by reason of its acceptance of this escrow. IN WITNESS WHEREOF, the parties hereto have signed these presents this 11th day of October, 1955. THE LOUDOUN NATIONAL BANK • BY: /S/ R. K. Gheen, Cashier TOWN OF LEESBURG, VA. BY : /Sf Elijah B. White, Mayor /s/ Horace M. Hallett, Recorder /S/ Geo. E. Ward, Auditor- Treasurer 11/ ACCEPTED : THE PEOPLES NATIONAL BANK OF LEESBURG, VA. BY: /S/ T. Frank Osburn, Vice. Pres. SCHEDULE "A" $24,000 United States of America Treasury Bonds 2 3/4% due September 15, 1961. n 250 There being no further business , upon motion duly made, seconded, and carried, Council adjourned. May r Recorder • • • • • • • • • • • 1 • .w •