HomeMy Public PortalAbout1966_08_31SPEC WAIVER OF NOTICE
OF
SPECIAL MEETING
AUGUST 31 , 1966
We, the undersigned, being members of the Town Council,
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 6 :00 P.M. , Wednesday, August 31, 1966, for
the purpose of adopting a Resolution authorizing the renewal
of $475,000 Public Improvement Bond Anticipation Note; also
a Resolution instructing Riggs National Bank to redeem the
$240,000 in U.S. Treasury Bills held for the Town of Lees-
burg, remitting $65,000 to the Town and reinvesting 1175,000
in U.S. Treasury Bills; and a Resolution authorizing the Pay-
ment of principal and interest due on the $157,000 Airport
Bonds , and any such other business as may come before said
Council. 'Q
G�l�ti, a/
/ (enneth B. Rollin:., Mayor
en, � (2447.1(
C. A. Eng. sh Cole Wal ' ^ F. Murrav
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C. I•ialoy Fynback .,obert A. Orr
Ai
i•kurice P. Lo.zenbach, Jr o.h W. _ 4.phrey
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MINUTES OF SPECIAL MEETING OF LEESBURG TOWN COUNCIL, AUGUST 31 , 1966.
A Special Meeting of the Leesburg Town Council was held in the Council
Chambers, Leesburg., Virginia on August 31 , 1966 at 6 :00 P.M. , pursuant to Waiver
of Notice attached hereto. •
The meeting was called to order by the Mayor, with the Mayor also acting
as Clerk Pro-Tem in the absence of the Clerk of the Council. Those ~resent were :
Mayor Kenneth B. Rollins, Councilmen C. haloy Fishback, Maurice R. Lowenbach, Jr. ,
Walter F. Murray and John W. Pumphrey; also Town Attorney George M. Martin. Ab •
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sent from the meeting were Councilmen C. A. English Cole and Robert A. Orr. 4
Upon motion of Councilman Pumphrey, seconded by Councilman Fishback, the
following resolution was unanimously adopted :
WHEREAS, the Council has adopted a resolution entitled "Resolution
authorizing the issuance of $475,000 Public Improvement Bonds of the
Town of Leesburg" authorizing the issuance of 5475,000 Public IMprove-
ment Bonds of the Town of Leesburg, and a $475,000 Public Improvement
Bond Anticipation Note, dated September 13, 1965, issued in anticipa-
tion of the sale of the bonds authorized by said resolution, will be-
come due and payable on September 13, 1966, and the Council desires
to provide for the renewal of said note; NOW THEREFORE,
JO
BE IT RESOLVED by the Council of the Town of Leesburg as follows:
nn
U (1 ) The outstanding x475,000 Public Improvement Bond Anticipation
Note payable September 13, 1966, which has been issued in anticipa-
tion of the sale of the bonds authorized by the resolution entitled
"Resolution authorizing the issuance of 5475,000 Public Improvement
Bonds of the Town of Leesburg", adopted by the Council on August 4,
1965, shall be renewed by the issuance of a $475,000 Public Improve-
ment Bond Anticipation Note, in anticipation of the receipt of the
proceeds of the sale of the bonds authorized to be issued by said
resolution. The interest payable on said outstanding Public Im-
provement Bond Anticipation Note shall be paid on September 13,
1966 from moneys in the Town Treasury lawfully applicable to such
purpose.
(2) Said note shall be dated September. 13, 1966, payable Septem-
ber 13, 1967, and shall bear interest from its date at the rate of
3 5/8% per annum. Such interest shall be payable at the maturity
of the note. Said note shall be issued in such form as may be de-
termined by the Mayor and Recorder of the Town who are hereby au-
thorized and directed to cause said note to be prepared and to exe-
cute said note.
(3) Said note, when it has been duly prepared and executed, shall
be delivered to the Riggs National Bank, which has agreed to purchase
said note for the price of par and accrued interest, upon payment to
the Town Treasurer of the purchase price to be paid for said note.
Upon motion of Mayor Rollins, seconded by Councilman Fishback, the follow-
ing resolution was unanimously adopted :
BE IT RESOLVED, that the Treasurer for the Town of Leesburg shall
instruct the Riggs National Bank to redeem the $240,000.00 treasury
bills held for the Town of Leesburg and remit 565,000.00 thereof to
the Town of Leesburg and reinvest the remaining 6175,000.00 in U.S.
Treasury bills for a period of six months.
Upon motion of Mayor Rollins, seconded by Councilman Pumphrey, the follow-
ing resolution was unanimously adopted :
BE IT RESOLVED by the Town Council of the Town of Leesburg, that the
last paragraph of the resolution adopted on August 24, 1966 pertaining
to the payment of interest on the $157,000 Airport Bonds be amended
to read as follows : •
200
MINUTES- OF SPECIAL MEETING OF AUGUST 31, 1966.
BE IT RESOLVED by the Town Council of the Town of Leesburg, that
;310,000.00 be paid on the principal , and that 33,006.67 interest
payments be paid as of September 1, 1966 to the First and Merchants
National Bank, such funds to be paid from the Airport Fund.
There being• no further business, the meeting adjourned at 6 :15 P.M.
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• Rita.Mayor '
Clerk .01 the Council Pro-Tem
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