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
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