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HomeMy Public PortalAbout1963_07_17SPEC 197 MINUTES CF A SPECIAL MEETING OF THE LEESBURG ,TOWN COUNCIL, JULY 17, 1963. • A special meeting of the Leesburg Town Council was held in the Council Chambers, Leesburg, Virginia, on July 17, 1963, pursuant to notice by certi- fied mail - special delivery to all Council members, a copy of said notice being attached hereto, with return receipts. Mayor Frank Raflo called the meeting to order at 4 :30 P.M. Councilmen present were : Stanley M. Caulkins, George P. Hammerly, Hunter M. Leach , .aurice P. Lowenbach , Jr. and John W. Pumphrey. Absent from the meeting was �\ Councilman Lynnwood L. Lay. In the absence of the Recorder , Dorothy B. Rosen �\ was appointed Recorder Pro-Tem. - k Upon aid-Lion of Councilman Hammerly, seconded by Councilman Caulkins, the following resolutions were adopted by the following recorded vote : • FOR Mayor Frank Raflo Stanley F . Caulkins George P. Hammerly • Hunter M. Leach • Maurice R. Lowenbach , Jr. 00 John W. Pumphrey • l t- • AGAINST 3j� None CC RESOLUTION AUTHORIZING THE ISSUANCE OF $157,000 AIRPORT BONDS OF. THE TOWN OF LEESBURG. • WHEREAS, the Town of Leesburg has acquired a parcel of land of approximately 106.9269 acres fronting on -Route 643 in Leesburg Mag- �_- isterial District , Loudoun County , Virginia, and the Council of said . Town desires to improve said parcel for use as an Airport to be man- -- aged and operated by the municipal airport commission, an agency of_ the Town in accordance with Section 15-77.49 of the Code of Virginia, 1950, said improvements to cost $157,000; NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Leesburg as fol- lows : (1) In order to finance the cost of improving said parcel of land for use as an Airport consisting of paving and/or turfing for runways, taxiways and aprons and related structures, together with • the acquisition and installation of the necessary equipment re- quired for such .use , including lighting and marking,. fencing and relocation of overhead power and telephone lines, and the acquisi- tion of air space easements, the Town of Leesburg shall issue , pur- suant to the Public Finance Act of 1958 of Virginia, its bonds of the aggregate principal amount of $157,000. (2) Said bonds shall be dated July 1 , 1963, and shall con- . sist of two bonds of the denomination .of- $10,000 each numbered 1 and 2, in the order of their maturity, payable $10,000 on July 1 , in -each of the years 1965 and 1966, and five bonds of the denomi- nation of $27,400 each numbered 3 to 7, inclusive,' in the order of their maturity, payable $27,400 on July 1 in each of the years 1967 to 1971 , inclusive. Said bonds shall bear interest at the rate of 4% per annum payable semi-annually on January 1 and July 1. Each • of said bonds shall be payable at the office of , the Loudoun National { Bank of Leesburg, in the Town of Leesburg, Virginia, and shall be registered, as to both principal and interest , in the name of The Loudoun National Bank of Leesburg, or its legal representatives, h successors or transferees. The bonds are ,redeemable , in whole or in part, at the option of the Town on any interest payment date at 198 Special Meeting, July 17, 1963. a price equal to the principal amount of the bonds to be redeemed plus the accrued interest thereon. Notice of intention to make such redemption shall be given, in writing, to the registered owner, not less than 30 days prior to the redemption date. Owner- ship of the bonds may be transferred by completing the provision for transfer on the bonds by inserting the date of transfer , name of transferee and the signature of the transfer agent. The Loud- oun National Bank of Leesburg is hereby named transfer agent. • (3) Each of said bonds shall be in the following form: No. a UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA TOWN OF LEES3URG AIRPORT BOND I THE TOWN OF LEESBURG (hereinafter referred to as "Town") , a municipal corporation of the Commonwealth of Virginia, hereby ac- knowledges itself indebted and for value received promises to pay to The Loudoun National Bank of Leesburg, in Leesburg, Virginia, or its legal representatives, successors or transferees, on July 1 , 19___, the sum of Dollars, (S ) , and to pay interest thereon from the date of this bond until it shall mature at the rate of four per centum (40) per annum payable semi-annually on January 1 and July 1 in each year. Both principal and interest on this bond are payable at the office of The Loudoun National Bank of Leesburg, in -the Town of Leesburg, 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 is one of an authorized issue , the aggregate princi- pal amount of which is $157,000 the bonds of which are of like ten- • or , except as to number , denomination and maturity, and are issued pursuant to the Public Finance Act of 1958 , (Chapter 19.1 of -Title 15 of the Code of Virginia of 1950) and a resolution adopted there- under entitled : "Resolution authorizing the issuance of $157,000 Airport Bonds of the Town of Leesburg", adopted by the Council of the Town on July 17, 1963. This bond is redeemable at the option of the Town on any in- terest payment date at a price equal to the principal amount there- of -plus the accrued interest thereon provided that notice of inten- tion to make such redemption is given, in writing, to the registered owner not less than 30 days prior to the redemption date. Ownership of this bond may be transferred in accordance with the resolution by completing the provision for transfer hereon. • The faith and credit of the Town are hereby irrevocably pledged for the punctual payment of the principal of and interest on this bond according to its terms. • It is hereby certified and recited that all conditions, acts and things required by the Constitution and statutes of the Common- wealth of Virginia to exist , to have happened and to have been per- ' formed precedent to and in the issuance of this bond, exist , have happened and have been performed , and that the issue of bonds of which this is one , together with all other indebtedness of the Town, is within every debt and other limit prescribed by the Constitution rand laws of such Commonwealth. IN WITNESS WHEREOF , -the Town has caused this bond to be signed by its Mayor and to be attested by, its Clerk of Council and has caused its corporate seal to be hereunto affixed , and this bond to be dated July 1 , 1963. ATTEST: Mayor Clerk of Council Special Meeting, July 17, 1963. PROVISION FOR TRANSFER Date of Transfer Name of Transferee Transfer Agent (4) The Mayor of the Town of Leesburg and the Clerk of Council are hereby authorized and directed to sign said bonds and to affix the corporate seal of the Town thereto. (5) The full faith and credit of the Town of Leesburg is pledged to the payment of the principal of and interest on said bonds and an ad valorem tax shall be levied annually on all property subject to tax- ation by the Town for the purpose of paying such principal and inter- est, as the same becomes due and payable. ' (6) The Town Treasurer is hereby directed to deliver said bonds, 00 when they shall have been executed as herein provided, to The Loudoun cn National Bank of Leesburg, upon receidirig in payment therefor the t‘. principal amount of said bonds in accordance with the agreement to L:.: purchase said bonds made with the Town Council. 5 CYC BE IT FURTHER RESOLVED That the Clerk of this Council be and he is hereby dedicated to file a certified copy of the resolution authorizing the issuance of $157,000 Airport Bonds of the Town of Leesburg with the Clerk of the Circuit Court for Loudoun County , Virginia, and to cause the notice of said bond issue to be published in the Loudoun Times Mirror, a newspaper published in the Town of Leesburg, Virginia, within ten days from the filing of said resolution with the Clerk of the Cir- cuit Court. WHEREAS, the Council has by a resolution duly adopted on July 17, 1963, provided for the issuance of $157,000 Airport Bonds described in the notice hereinafter set forth and it is necessary, in order to comply with the provisions of the Public Finance Act, of 1958 , that the Notice hereinafter set forth shall be published ; NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Leesburg, as fol- lows : ol- 1ows : (1) The Clerk of Council is hereby directed to publish the following notice: NOTICE OF THE ISSUANCE OF BONDS OF THE TOWN OF LEESBURG. PLEASE TAKE NOTICE that the Council of the Town of Leesburg has by a resolution duly adopted on July 17, 1963, pursuant to the Public Finance Act of 1958 of Virginia, authorized the issuance of bonds of the Town of Leesburg of the aggregate principal amount of $157,000 dated July 1 , 1963, and that a certified copy of such reso- 111 lution has been filed with the Circuit Court of Loudoun County, and the Town of Leesburg will issue said bonds to finance the cost of improving a parcel of land which has been acquired by the Town con- sisting of approximately 106.9269 acres fronting on Route 643 in 4 Leesburg Magisterial District , Loudoun County, Virginia, for use as an airport by the construction of runways with related improve- `foo Special Meeting, July 17, 1963. ments, including the acquisition and installation of the necessary equipment required for such use- and the acquisition of air space easements, and that this notice is being published pursuant to Sec- tion 15-666.40 of said Public Finance- Act of 1958: ' - By order of the Council of the Town of Leesburg. Dated : July 17, 1963. /s/ H. Frederick Mang Clerk of Council (2) The publication of said notice shall be made in The Loud- oun Times Mirror, which is a newspaper having a general circulation in the Town of Leesburg. Upon motion of Councilman Hammerly, seconded by Councilman Lowenbach, there being no further business to come before the meeting, it was adjourned with general consent at 4 :47 P.M. cli v Mav r Recorder Pro-Tem I e • I I •