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HomeMy Public PortalAbout1965_10_12 I t • I` i \ WAIVER OF NOTICE \, OF SPECIAL MEETING OCTOBER 2, 1965 1 We, the undersigned, being members of the Town Council of the Town of Leesburg, in Virginia, do severally waive all statu- tory and Charter requirements as to notice of time, place and { purpose of a Special Meeting of the Town Council and consent that the meeting shall be held in the Council Chambers of the Town Council at 11 :00 A.M. , Saturday, October 2, 1965, for the , purpose of considering the adoption of an Ordinance authorizing the issuance of 3900,000 of Bonds of the Town of Leesburg to fi- J nance the cost of improving 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, and any such other business as may come before said Council. enneth B. Rollins, Mayor Or / 1 d 6 � �,/- a. C. A. g ish Cole w. lter 400, ir-sillhar. . . . 4 404-sta . C. Maloy3`shback Robert A. 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A special meeting of the Leesburg Town Council was held in the Council Cham- bers, Leesburg, Virginia on October 2, 1965, in accordance with Waiver of Notice attached hereto and copy of letter mailed to each Councilman on September 29, 1965. Mayor Kenneth Rollins called the meeting to order at 11 :00 A.M. Councilmen present were : C: A. English Cole , C. Maloy Fishback, Maurice R. Lowenbach , Jr. Walter F. Murray and John H. Pumphrey; also present were Town Manager James W. Ritter, Jr. and Town Attorney George M. Martin. Absent from the meeting was Councilman Robert A. Orr. In the absence of the Clerk, Town Manager James W. Ritter , Jr.. was appointed Clerk Pro-Tem. On motion of Councilman Fishback, seconded by Councilman Pumphrey, and upon a unanimous vote , the following Ordinance was adopted: AN ORDINANCE AUTHORIZING THE ISSUANCE OF $900,000 OF BONDS OF THE TOWN OF LEESBURG TO FINANCE THE COST OF IMPROVING 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. WHEREAS, the Town of Leesburg has, for some years, maintained and operated a combined water supply and sewage disposal system suit- , able to provide a supply of water to the Town and its inhabitants and to collect and dispose of sewage ; and WHEREAS, said system• is not now adequate for the needs of said Town and the Town Council deems it desirable to enlarge and improve said system and to continue to maintain and operate such system as a specific undertaking from which said Town may derive a revenue with- in the meaning of Section 127 of the Constitution of Virginia: NOW, THEREFORE, BE IT ORDAINED by the Town Council of the Town of. Leesburg as follows: Section 1. The Town Council of the Town of Leesburg has ascer- tained and hereby determines that the public interest requires that the combined water supply and sewage disposal system maintained by the Town shall be improved by the modernization of the existing sewer- age treatment plant, the extension of a line running two miles east to the site of a proposed holding pond containing approximately fif- teen acres, the addition of a holding pond, and the installation of an interceptor sewer along Dry Mill Road in said Town, and that it is expedient that said Town shall borrow money and issue its bonds as here- inafter provided to finance the cost of such improvements. The aggre- gate principal amount of said bonds shall be Nine Hundred Thousand Dol- lars ($900,000. ) . Section 2. Said bonds shall be serial bonds and shall be payable as follows: $45,000 on June 15 in each of the years 1967 to 1986 in- clusive. Said bonds shall bear interest at a rate or rates which shall not exceed 4% per annum, and such interest shall be payable semi-annually on June 15 and December 15. In the discretion of the Town Council , any one or more of said bonds may be made redeemable prior to its maturity upon the terms and conditions set forth in such bond. Section 5. Said bonds shall be general obligations of the Town of Leesburg and shall be issued upon the credit and in the name of said Town and shall be issued pursuant to and in compliance with the Public Finance Act of 1958 (Chapter 5 of Title 15.1 of the Code of Vir- ginia, 1950) and• shall be issued under and in compliance with the pro- visions of Clause (b) of Section 127 of the Constitution of Virginia and, subject to the conditions prescribed by said clause, shall not be included within the otherwise authorized indebtedness of said Town. From and after a period of five years from the date of the election at which the qualified voters of said Town approve said Bonds , whenever and for so long as such combined water supply and sewage disposal system fails to produce sufficient revenue to pay the cost of operation and ad- ministration (including interest on bonds issued therefor) and the cost 151 MINUTES OF SPECIAL MEETING OF OCTOBER 2., 1965. of insurance against loss by injury to persons or property, and an annual amount to be covered into a sinking fund sufficient to pay, at or before maturity, all bonds issued on account of such combined water supply and sewage disposal system, all such bonds outstanding . shall be included in determining the limitation of .the Town 's power to incur indebtedness. Section 4. Bonds .shall not be issued pursuant to this ordi- nance until said bonds shall have been approved by the affirmative vote of the majority of the qualified voters of the Town of Lees- burg voting upon the question of their issuance. The Clerk of Council Iis hereby directed to present forthwith a certified copy of this ordinance 0 to the Circuit Court of the County of Loudoun , or to the Judge thereof in vacation, and the said Court or Judge is hereby requested to enter an order directing the proper election officers to take such steps and to prepare such means as may be necessary to submit to the qualified voters of said Town the question of whether said bonds shall be issued , and to make such order as may be proper to give due publicity to such election. Section 5. This ordinance shall take effect immediately upon its X) adoption. Ut C On motion, duly seconded, the meeting adjourned at 11 :15 A.M. C.: C'1::-/—''CA-' 4 ir.--e-L>U Mayor C-r'. of the Council Pro-Tem II • • r i t