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HomeMy Public PortalAbout 1959_10_12 : 211 REGULAR MEETING, October 12, 1959 A regular meeting of the Council for the Town of Leesburg in Virginia, was called to order at 8 :00 P. M. by the Mayor, f George J. Babson. Councilmen present were C. Meloy Fishback, George E. Isaacs , Emerson H. James , Hunter M. Leach, John W. Pumphrey and U. Austin Wright . ✓ The minutes of the special meeting held August 13, 1959, were corrected to read as follows : RESOLVED, By the Council of the Town of Leesburg, that the Planning Commission is hereby instructed to approve the final plat of the resubdivision of the L. W. Parker Tract , provided the performance bonds are conditioned upon the in- stallation of the required physical improvements within two years ; the deed of trust which is to be executed to secure the performance bond include Lot No . 5 , Section II of the L. W. Parker Subdivision and that ssid bond and deed of trust are r.`d approved by the Town Attorney for the Town. of Leesburg, in Virginia. The minutes of the regular meeting held September 14, 1959, having been read by the members of Council individually, and no -corrections being proposed, were approved without further reading. • The Auditor-Treasurer presented his financial statement for the month of September, the special sewer debt fund state- ment , the bills payable as of September 14, 1959, and his state- ' ment of cash and disbursements for the quarter ending September 30, 1959 . • Upon motion of Mr . Isaacs , seconded by Mr. Pumphrey, and unanimously adopted, it was : RESOLVED, That the Auditor-Treasurer be and he hereby is authorized to pay the following bills : Virginia Electric & Power Co . $ 479.58 . C. & P. Telephone Co . of Va. 72.30 Armfield, Harrison & Thomas 10.00 C. A. Stallings 12 .00 George W. Titue, Treasurer, Loudoun County 15 .25 Mitchell ' s 4.40 . Southern States Leesburg Cooperative 1 .80 Leesburg Hardware 17 .49 Hough ' s Gulf Service 4.05 McDonald & Jenkins 28.77 Hankey ' s Radio Sericite 8 .00 Leesburg Service Station 21 .45 Loudoun Laundry, Inc . 3 .35 Leesburg Motors , Inc. • 19.45 Village "66" Service 46 .96 R. P. Milligan, Texaco Station 1 .50 L. S . Hutchison Esso Statiobs 57 .63 J. T. Hitst & Co . Inc. 3.61 Burroughs Corporation 1 :20 Stationery & Office Equipment Co . 33.17 Neptuhe Meter Company 179.52 Western Pennsylvania Chemical Co. , Inc.- 13 .50 A/C Pipe, Inc. 20.76 G. H. Parent Co. 14.68 Young, Webb & Devine 100.00 A. S. Mullen 9.00 Treasurer of Virginia 12.54 Raymond L. Hough 30.00 Robert K. Wilson 301 .85 .J. R. L. Shumaker 32.80 Millard C. Myers 9.25 Mrs . Genevieve Carnes 20.00 Miss Sadie A. Saffer 20.00 E. S. Dailey 25 .00 Loudoun Times Publishing Co . 115 .95 Total $1,746 .81 - s 2 7.2 • Upon motion of Mr. Isaacs , seconded by Mr . Pumphrey, and unanimously adopted, it was :resolved : WHE'7EAS, the Auditor-Treasurer has presented a report of all cash receipts and an analysis of all disbursements for the quarter ending September 30, 1959 ; • NOW, T.:EREFCRE, Be it resolved by the Council of the Town of Leesburg, in Virginia, that the Auditor-Treasruer be and lie hereby is authorized and directed to have a copy of said report published in a newspaper in said Town, and / also to post a copy in front of the Court House in said Town. Upon motion of Mr . Fishback, sedonded by Mr. James , the following resolution was unanimously adopted: RESOLUTION PROVIDING FOR THE ISSUANCE OF $300,000 WATER AND SEWER BONDS .OF THE TOWN OF LEESBURG WHEREAS, the Clerk for the Circuit Court for Loudoun County certified on October 9 , 1959 , to the Council for the Town of Leesburg, the order entered on September 29, 1959, .. by the Circuit Court for Loudoun County, Virginia, adjudging, ordering and decreeing that a majority of the qualified voters voting at the Special Election held on September 15 , 1959, were in favor of and approved the issuance .of general obli- • gation bonds of the aggregate maximum amount of $300,000.00 and that the Council of said Town is fully authorized and empowered to prepare and issue and to sell or to negotiate said bonds to the amount so authorized; and, WHEREAS, the Town Council desires to make further pro- vision for the issuance of the .300,000 Water and Sewer Bonds which are authorized by the ordinance adopted by the Town _ Council on July 13, 1959 ; NOW, THEREFOR_ , BE IT RESOLVED, by the Town. Council of • the Town of Leesburg as follows : • (1) The bonds to be issued pursuant to the ordinance entitled "An Ordinance authorizing the issuance of $300,000 of bonds of the Town of Leesbnrg to finance the cost of im- proving and extending the Town 's water and sewer system and providing for the submission of the question of issuing said bonds to the qualified voters of said Town, " adopted by the Town Council of said Town on July 13, 1959, shall be designated "Water and Sewer Bonds" and shall consist of three hundred bonds of the denominatioh of $1 ,000 each, numbered from . 1 to 300, inclusive, in the order of their maturity, and shall be dated July 15, 1959 . • • (2) Said bonds shallbbe payable in annual installments on January 15 in each year as follows : $15 ,000 in each of the years 1963 to 1982, inclusive . The bonds shall bear interest from their date at a rate or rates which shall not exceed 4% per annumand such interest shall be payable semi- annually on January 15 and July .15 . . • (3) Said bonds . shall be coupon bonds registerable as to principal only. Both principal of and interest on the bonds shall be payable at the office of The Loudoun National Bank of Leesburg, in the Town of Leesburg, Virginia, or, at the option of the holder, at the principal office of the First and Merchants Aational Bank, in the City of Richmond, Virginia, in any coin or currency of the United States of • America which at the time of payment is legal tender for the .payment of public and private debts . 273 • • (4) The corporate seal of the Town shall be affixed or impressed upon each of/ said bonds and each of said bonds shall be signed by the Mayor of said Town and shall be at- tested by the Clerk of Council , and each of the interest coupons representing the• interest payable on such bonds shall be authenticated by the facsimile signatures of said Mayor and Clerk of Council . ' (5) Until all of said $300,000 Water and Sewer Bonds have been fully paid and discharged in accordance with their terms , (1) the Town shall operate its water supply system and sewage disposal system as a single combined system and will charge rates or fees for water furnished by such system and for the disposal of sewage by such system; and (2) such rates or fees shall be fixed and maintained at a level which will produce sufficient revenues to pay- for the cost of opera- tion and administration of said combined system (including 0,4 00 interest on bonds issued therefore) and the' cost of insurance against loss by injury to persons and property, and an annual amount to be covered into a/sinking fund sufficient to pay, Q at or before - maturity , all "bonds issued to finance said com- '-� . bined system; and (3) the revenues which the Town derives from said combined system in each fiscal year shall , to the extent necessary, be first applied to the payment of such cost of operation and administration duringtthe fiscal year and to the payment of such annual amount payable in such fiscal year ; and (4) the Town shall segregate and keep se- gregated, from all other funds , all revenues derived by the Town from its operation and ownership of said combined system. In consideration of the purchase and acceptance of said bonds by those who shall hold the same from time to time, the pro- visions of this paragraph of this resolution shall be deemed to be and shall constitute a contract between the Town and the holders. from . time to time of said bonds and of the interest I/. ' coupons -appurtenant thereto . (6) The bonds and the interest coupons representing the interest payable thereon and the provisions for the registration of said bonds to be endrosed thereon:Shall be in substantially the following form: FORM OF BOND • No, No . UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA TOWN OF LEESBURG WATER AND SEWER BOND $1 ,000 $1,000 • • ' • The TOWN OF LEESBURG (herein referred to as "Town") , a • municipal corporation of the Commonwealth of Virginia, hereby acknowledges itself indebted and, for value received, promises to pay to the bearer of this bond, or, if this bond be registered, to the registered holder, the sum of ONE THOUSAND DOLLARS ($1 ,000) on the 15th day of January, 19 , and to pay interest thereon from the date of this bond until it shall mature at the rate of per centum ( 96) per annum, 274 payable semi-annually on January 15th and July 15th in each year, upon presentation and surrender of the annexed coupons therefor, as they severally become due . Both principal of and interest on this bond will be paid at the office of The Loudoun National Bank of Leesburg, in the Town of Leesburg, Virginia, or, at the option of the holder , at the principal office of the First and Merchants National Bank, in the City of Richmond, Virginia, in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts . This bond may be registered as to principal by the holder in his name on the books of the Town kept in the office of the Town Treasurer of the Town, and such registration shall be noted hereon by -said Town Treasurer, after which no valid transfer of this bond shall be made except on said books , until after registered transfer to bearer. If this bond be so registered, the principal shall thereafter be payable only to the registered holder thereof . Such registration shall not affect the negotiability 'of the coupons , which shall continue to pass by delivery. This bond is oneof an issue of bonds of like date and tenor, except as to rate of interest and maturity, authorized by an ordinance duly adopted by the Council of the Town and approved by the affirmative vote of the majority of the qualified voters of the _'Town voting upon the questioh of their issuance at a special election held for that purpose on September 15,. 1959, in accordance with the provisions of clause (b) of Section 127 of the Constitution of Virginia, and is issued pursuant to the Public Finance Act of 1958 (Chapter 19 . 1 of Title 15 .of the Code of Virginia, 1950)., • to pay the cost of enlarging and inkroving the combined water supply and sewage disposal system maintained by the Town. The Town has covenanted that ; until all of the bonds of said issue have been fully paid- and discharged in ac- cordance with their terms , (1) the Town shall operate its water supply system and sewage disposal system as a single combined system and will charge rates or fees for water fur- nished by such system and for the disposal of sewage by such system; and (2) such rates„or fees shall be fixed and main- tained at a level which will produce sufficient revenues to pay for the cost of operation and administration of said combined system (including interest on bonds issued therefor) and the cost of insurance against loss by injury to persons and .property, and an annual amount to• be covered into a sinking fund sufficient to pay, at or before maturity, all bonds issued to finance said combined system; and (3) the revenues which the Town derives fromr_said ' combined system in ?each fiscal year shall , to the extent necessary, be first applied to the payment of such cost of operation and admin- istration during the fiscal year and to the payment of such annual amount payable in such fiscal year ; and (4) the Town shall segregate and keep segregated, from all other funds , all revenues derived by the Town from its operation and owner- ship of said combined system. It is hereby certified and recited that all conditions , acts and things required by the Constitution or statutes of the Commonwealth of Virginia to exist , be performed or happen precedent to or in the issuance of this bond, exist , have been performed and have happened, and that the issue of bonds of which this is one., together with all other in- debtedness of the Town, is within every debt and other limit prescribed by the Constitution or statutes of the Common- wealth of Virginia, and that the full faith and crddit of the Town are hereby pled_;ed for the payment of the principal of aend interest on this bond in accordance with its terms . r 275 IN WITNESS WHEREOF, the Town has caused its corporate seal to be affixed hereto or impressed hereon, and this bond to be signed by its Mayor and attested by its Clerk of Council , and the coupons hereto annexed to be authenticated by the fac- simile signatures of its Mayor and Clerk of Council, and this bond to be dated July .15 , 1959 . • ATTEST: Mayor Clerk of Council FORM OF COUPON . �i No. $ On the 15th day of January, • July, 19 , the TOWN O.m LEESBURG, Q of the Commonwealth of Virginia, will pay to the beareR DOLLARS ($ ) at the office of The Loudoun National Bank of Leesburg, in the Town of Leesburg, Virginia, or, at the option of the holder, at the principal office of the First and Merchants National Bank , in the City of Richmond, Virginia, in any coin or currency of the United States of America which at the time of payment is legal tender for the 'payment of public and private debts , being the interest then due on its Water and Sewer Bond, dated July 15 , 1959, No . 11. Mayor Clerk of Council Registration Provision The within bond has been registered as to principal only, as follows : Date of • In Whose Name • Town Registration Registered Treasurer • • • • • • • • (7) The Town Treasurer is hereby authorized and directed to provide a suitable book or books for the registration of said bonds , and to carry out the provisions set forth in said bonds for the registration and transfer of said bonds . (8) The Mayor and Clerk of Council are hereby authorized to cause said bonds to be prepared and to execute said bonds in accordance With their terms and to deliver said bonds when duly executed to such person or persons as the Town Council may hereafter direct upon receiving in payment therefor such sum as the Town Council may fix as the purchase price thereof. 27.61 Upon motion of Mr. Fishback, seconded by Mr . Pumphrey, the following resolution was unanimously adopted: RESOLUTION PROVIDING FOR THE SALE OF $300,000 WATER AND SEWER BONDS OF TBE TOWN OF LEESBURG WHEREAS, the Council desires to make provision for the sale of the 3300,000 Water and Sewer Bonds dated July 15, 1959 , heretofore authorized by the Council ; NOW, THEREFORE, BE IT RESOLVED, by the Council of the Town of Leesburg as follows : (1) The Council shall receive sealed proposals for the purchase of the $300,000 Water and Sewer Bonds of said Town dated July 15 , 1959 which are to be issued pursuant to the resolution entitled "Resolution providing for the issuance of $300,000 Water and Sewer Bonds of the Town of Leesburg, " adopted by the Council on October 12, 1959, pursuant to and in accordance with the following notice , c ,: of sale : NOTICE OF SALE TOWN OF LEESBURG, VIRGINIA $300,000 WATER AND SEWER BONDS • Sealed bids will be received for the Town of Leesburg, a municipal corporation of the Commonwealth of Virginia, until 12 o ' clock Noon, Eastern Standard Time, on the 29th day of October, 1959, at the office of the State• Commission • on Local Debt of the Commonwealth of Virginia, Room 222 Finance Building, Capitol Square, Richmond, Virginia, at which time said bids aill be opened by such Commission, for the purchase of $300,000 Water and Sewer Bonds of the Town of Leesburg. The bohds consist of an issue of $300,000 Water and Sewer Bonds, payable in annual installments on January 15 in each year as follows : $15 ,000 in each of the years 1963 to 1982, inclusive . The bonds are of the denomination of $1,000 each and are dated July 15 , 1959: Interest is pay- able semi-annually on January 15 and July 15 . The bonds • are coupon bonds registerable as to principle only and are payable at the office of the Loudoun National Bank of Lees- burg, in the Town of Leesburg, Virginia, or, at the option of the holder, at the principal office of the First and Merchants National Bank, in the City of Richmond, Virginia. The bonds are issued to finance the cost of enlarging and improving the combined water supply and sewage disposal system maintained by the Town. The bonds are general ob- ligations of the Town secured by a pledge of its faith and credit and by a covenant that , until all of the bonds. have been fully paid and discharged in accordance with their terms , (1) the Town shall operate its water supply .system and sewage disposal system as a single combined system and will charge rates or fees for water furnished I/by such system and for the disposal of sewage by such system; and (2) such rates or fees shall be fixed and maintained at a level which will produce sufficient re- venues to pay for the cost of operation and administration of said combined system (including interest on bonds issued therefor) and the cost of insurance against loss by injury to persons and property, and an annual amount to be covered into a sinking fund sufficient uo pay, at or before maturity, all bonds issued to finance said combined system ; and (3) the revenues which the Town dervies from said combined system in each fiscal year shall , to the extent necessary, , 277 be first applied to the payment of such cost of operation and administration during the fiscal year and to the payment of such annual • amount payable in such fiscal year ; and (4) the Town shall segregate and keep segregated, from all other funds , all revenues derived by the Town from its operation and ownership of said combined system. Bidders are invited to name the rate or rates of interest which the bonds are to bear, which rate or rates must be a multiple or multiples of one-tenth or one-eighth of one per centum. No more than two rates may be named, and all bonds maturing on the same date must bear interest at the same rate , and each rate of interest named must be for consecutive maturities and cannot be repeated; however, no rate may exceed 4% per annum. Each proposal" submitted must offer a price which is not less than par and accrued interest and must offer to purchase all of the bonds . 1T Unless all proposals are rejected the bonds will be awarded to the bidder whose proposal results in the lowest t• net interest cost to the Town determined by computing the Q aggregate amount of interest payable on all the bonds from Q their date to their respective maturities and deducting from such aggregate amount the premium offered, if any. In addition to the price bid the purchaser must pay accrued interest from the date of the bonds to the date of payment of the purchase price . • Each proposal must be unconditional and must be accom- panied by a certified, or bank cashier ' s or bank treasurer ' s check or checks for $6 ,000 drawn upon an incorporated bank or trust company and payable to the Town of Leesburg, to secure the Town against any loss resulting from failure of IIthe bidder to comply with the terms of his proposal . The check or checks of the bidder whose proposal is accepted will be deposited by the Town and credited to the purchase price and no interest will be allowed thereon. The proceeds of the check or checks will be retained by the Town as liquidated damages in case the bidder fails to accept de- livery of and pay for the bonds . Checks of unsuccessful bidders will be returned upon award of the bonds . Immediately following the time all proposals. are to be received and opened, the State Commission on Local Debt of the Commonwealth of Virginia, will open the same and ascertain the amount of each proposal and the name or names of the person or persons making the same , and will ascertain the best bid in accordance with the terms hereof and certify the • same to the Town Council of the Town of Leesburg, and a re- presentative of the Town Council of the Town will be present for the purpose of acting upon the recommendation of the Commission as to the best bid; and the Town Council will cause such bonds to be prepared, executed and delivered to the successful bidder. The right is reserved to reject any and all bids . The bonds will be delivered at First and Merchants National Bank, in Richmond, Virginia, on November 19, 1959, or as soon thereafter as possible . The Town will furnish without cost to the. purchaser, at the time the bonds are delivered (1) the opinion of Alessrs . Reed, Hoyt , Washburn • & McCarthy, of New York City, that the bonds are valid and legally binding obligations of the Town and that the Town is authorized and required by law to levy on all real property taxable by the Town such ad valorem taxes as may be necessary .228 to pay the bonds and the interest thereon without limitation as to rate or amount , and that the covenant with respect to the charging and application of rates or fees for water furnished or for the disposal of sewage by such system is legal and binding, and (2) certificates in form satis- factory to said Attorneys evidencing the proper execution and delivery of the bonds and receipt of payment therefor, and (3) a certificate , dated as of the date of delivery of the bonds , and signed by the officers who signed the bonds, stating that no litigation is then pending or, to the knowledge of such officers , threatened to restrain or enjoin the issuance or delivery of the bonds or the 'levy ' or collection of taxes to pay the bonds or the interest thereon , or questioning the validity of the statutes or the proceedings under which the bonds are issued, and that neither the corporate existence or boundaries of the Town, nor the title of any of the said officers to their respec- tive offices , is being contested. Bidders submitting bids must use the bid forms which may be obtained from the State Commission on Local Debt . Each proposal should be enclosed in a sealed envelope marked "Proposal for Town of Leesburg Bonds , " and should be directed to the "Town Council of the Town of Leesburg, c/o State Commission on Local Debt , Room 222 Finance Build- ing, Capitol Square, Richmond, Virginia. " Further information will be furnished upon application to the undersigned. All bids will be received by the Commission for and on behalf of the Town of Leesburg, in the State of Virginia. STATE COMMISSION ON LOCAL DEBT J. GORDON BENNETT , Secretary (2) The Clerk of Council is hereby authorized and directed to publish a copy of such Notice of Sale in the RICHMOND TIMES DISPATCH, a newspaper published in Richmond, Virginia. Sealed proposals for the purchase of the bonds described in said notice shall be received and considered pursuant to and in accordance with said notice . • (3) This resolution shall take effect immediately upon its adoption by the Council . Council then recessed at 9 :00 P. M. to provide time for a meeting of the Administrative Committee . The Administrative Committee rose to report to Council , which reconvened at 10: 15 P. M. Upon motion of Mr. Isaacs , seconded by Mr. James, and unanimously adopted, it was : RESOLVED, That Herman Costello be appointed as Issuing Justice for the Town of Leesburg; in Virginia, said term of office to expire. on August 31 , 1961 . Upon motion of Mr . Leach, seconded by Mr . Pumphrey, and unanimously adopted, it was Resolved that : WHEREAS , Shirley Myers , Alma S . Myers and E. Frank Myers have requested the Council to waive the provisions of Section IV-A-b of the Leesburg Subdivision Ordinance by permitting them to furnish their personal bond in lieu -of a surety performance bond of a surety company or a a certified check to insure the installation of improvements in "Dry Mill Subdivision; " and, WHEREAS, Section 15-781 of the 1950 Code of Virginia permits the acceptance of a bond with surety or conditions satisfactory to such Governing Body; and, WHEREAS, Section IV-A-c of the Subdivision Ordinance for the Town of Leesburg permits a variance from the re- quirements of said Ordinance ; BE IT RESOLVED, That said applicants furnish a financial statement and personal bond in the amouht of Five Thousand Three Hundrey Thirty Five Dollars and Fifty Cents ($5, 335 .50) , sufficient to cover the costs ofthe required physical im- provements which shall be subject to the approval of the . Town Attorney and payable to the Town of Leesburg, con- ditioned upon installation of said improvements within two years , in lieu of a corporate surety bond or certified check ; and, BE IT FURTHER RESOLVED, That the Planning Commission �.� be and it is hereby directed to sign the final plat upon C,; approval of said bond. Q et Upon motion of Mr. Leach, seconded by Mr. Pumphrey, and unanimously adopted, it waS.: RESOLVED, That albert M. Keyes be and he is hereby ap- pointed, for an indefinite period, as a police officer for the Town of Leesburg, in Virginia, said term of office to begin October 15 , 1959. Upon motion of Mr . Leach, seconded by Mr . Pumphrey, and unanimously adopted, it was : RESOLVED, That Karlton J. Kirk be •and he is hereby ap- pointed, for an indefinite period, as Police Sergeant for the Town of Leesburg, in Virginia, said term of office to begin December 1 , 1959 . Upon motion of Mr . Leach, seconded by Mr. Pumphrey, and unanimously adopted, it was RESOLVED, By the Council for the Town of Leesburg, in Virginia, that Section (8) of the Leesburg Trailer Ordinance be revisdd to read as follows : - (8) CONFORMANCE AND ENFORCEMENT : Failure to comply with the regulations of this Ordinance shall be grounds for revocation of an annual operating license and of the prior approval of said Trailer Camp, by the Council for the Town of Leesburg. This Ordinance shall be enforced by the Zoning Adminis- trator for the Town of Leesburg, in Virginia. Upon motion of Mr. Leach , seconded by Mr. Fishback, ander unanimously adopted, it was : RESOLVED, By the Council for the Town of Leesburg, in Virginia, that George M. Martin, Town Attorney , or George J. Babson, Mayor, he and they are hereby appointed representatives of the Council of the Town of Leesburg at the opening of the bids on the $3001,000.00 Bond Issue at the offices of the StateCommission on Local Debt at Richmond, Virginia, on October 29 , 1959, for the purpose of acting upon the recom- mendation of the Commission as to the best bid. There being no further business to come before the meet- ing, upon motion of Mr. Isaacs , secs d In Mr . James, and unanimously adopted, the meeti rr:11,00 10 :40 P. M. 4111 rah: • 'uomor Mayor