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HomeMy Public PortalAbout1968_12_13SPEC WAIVER OF NOTICE OF SPECIAL MEETING DECEMBER 13 , 1968 We, the undersigned, being members of the Town Council of the Town of Leesburg, in Virginia, do severally waive all statutory 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 12 :00 Noon, Friday, December 13 , 1968, for the purpose of considering the items listed below: 1 . Resolution authorizing the issuance of $600,000 Water and Sewer Bonds of the Town of Leesburg ; 2 . Resolution for the Notice of the Issuance of said Bonds ; and any such other business as may come before said Council. e , - /6E. 1-: '' enneth B . Rollins , Mayor Al/� � C. Maloy Fr back er F. Murray G. Dewey Hil (.r Robert A. rr j /l ( GSL(� �a i /%�_ Frederick R. Howard J. n W. b p re e�. ;2'74 MINUTES OF SPECIAL MEETING OF.LEESBURG TOWN COUNCIL, DECEMBER 13 , 1968 . A special meeting of the Leesburg Town Council was held in the Council Chambers , 12 W. Loudoun Street , Leesburg , Virginia on December 13 , 1968 at 12 :00 Noon. Present were Mayor Kenneth B . Rollins , Council- men C . Maloy Fishback, G. Dewey Hill , Frederick R. Howard, Walter F. Murray and John W. Pumphrey ; also Town Manager James W. Ritter, Jr. and Town Attorney George M. Martin. Absent from the meeting was Coun- cilman Robert A. Orr. The Waiver of Notice of this Special Meeting is attached hereto and is signed by all members of Council . Mayor Rollins explained the proposed Resolution to be considered and Mr . Ritter stated that taxes would be $1. 20, based on the present assessment . Total debt service in the General Fund will be $73 ,000 next year. Mr . Ritter also said he talked with the State Treasurer ' s Office this morning and the Treasurer said that now is no time to sell municipal bonds , that he believed the market might go down after the first of the year. On motion of Mayor Rollins , seconded by Councilman Fishback, the following resolution was unanimously adopted: RESOLUTION AUTHORIZING THE ISSUANCE OF $600 ,000 WATER AND SEWER BONDS OF THE TOWN OF LEESBURG WHEREAS, the Council of the Town of Leesburg has deemed it necessary to improve the mnbined water supply and sewage disposal system maintained by the Town, by the construction of improvements to the water supply system, including a water filtration plant , water intake towers and water line to the Potomac River, and it is deemed necessary to provide funds in the amount of $100 ,000 pursuant to the provisions of the Public Finance Act of 1958 of Virginia for such purpose ; and WHEREAS , the Council of the Town of Leesburg has deemed it necessary to improve the combined water supply and sewage disposal system by the construction of improvements to the plant for the treatment and disposal of sewage, including the installation of sanitary sewer. lines , trunk lines and disposal facilities , and it is deemed necessary to provide funds in the amount of $500 ,000 pursuant to the provisions of the Public Finance Act of 1958 of Virginia for such pur- pose ; NOW, THEREFORE , BE IT RESOLVED by the Council of the Town of Leesburg as follows : Section 1 . In order to finance the cost of improving the combined water supply and sewer disposal system maintained by the Town by the construction of improvements to the water supply system, including a water filtration plant , water in- take towers and water line to the Potomac River, . and the con- struction of improvements to the plant for the treatment of and disposal of sewage , including the installation of sanitary sewer lines , trunk lines and disposal facilities , the Town of Leesburg shall issue , pursuant to the Public Finance Act of 1958 of Virginia , its bonds of the aggregate principal amount of $600 ,000 . Section 2 . Said bonds shall constitute a single issue of bonds and the bonds of such issue shall be deemed to be issued in the following amounts respectively for the follow- ing respective purposes : 1 . Improvement of the combined water supply and sew- age disposal system maintained by the Town, in- including a water filtration plant , water intake towers and water line to the Potomac River . $100,000 2 . Improvement of the combined water supply and sewage disposal system by the construction of improvements to the plant for the treatment and disposal of sewage , including the installation of sanitary sewer lines , trunk lines and dis- posal facilities . $500,000 27 MINUTES OF DECEMBER . 13 , 1968 SPECIAL MEETING. , Section 3 . Each of said bonds shall be designated 7 "Water and Sewer Bond". Said bonds shall be dated December 15 , 1968 and shall consist of one hundred-twenty bonds of the denomination of $5 ,000 each, numbered from 1 to 120 , inclu- sive , in the order of their maturity, payable in annual install- ments on June 15 in each year as follows : $25 ,000 in each of the years 1972 to 19.79, inclusive , and $40,000 in each of the years 1980 to 1989, inclusive . Section 4. Said bonds shall bear interest at a rate or rates which shall not exceed 6% per annum and such interest - ,, shall be payable semi-annually on (June 15 and December 15 ./ - The bonds shall be coupon bonds without privilege of registration. Section 5 . Both principal of and interest on the bonds shall be payable at the principal office of First & Merchants National Bank in 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 . Section 6 . The corporate seal of the Town shall be affixed to or impressed upon each of said bonds and each of CQ CQ said bonds shall be signed by the Mayor of the Town and shall GQ be attested by the Clerk of Council, and each of the interest C7 coupons representing the interest payable on such bonds shall U be authenticated by the facsimile signature of such Mayor and Clerk of Council . Section 7 . Each of said bonds and each of the interest coupons thereto attached shall be in substantially the follow- ing form : (Form of Bond) . No . No. I UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA COUNTY OF LOUDOUN TOWN OF LEESBURG WATER AND SEWER BOND $5 ,000 $5 ,000 The TOWN OF LEESBURG (hereinafter referred to as "Town") , a municipal corporation of the Commonwealth of Virginia , situated in the County of Loudoun, hereby acknowledges itself indebted and, for value received, promises to pay to the bearer of the bearer of this bond, the sum of FIVE THOUSAND DOLLARS ($5 ,000) on June 15 , 19 , and to pay interest thereon from the date of this bond until it shall mature at the rate of per centum ( %) per annum, . payable semi-annually 9 on June 15 and December 15 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 principal office of First & Merchants National ' Bank in 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 . i This bond is one of an issue of bonds of like date and tenor, except as to date of maturity and rate of interest , authorized by a resolution duly adopted by the Council of the Town on December 13 , 1968, and is issued pursuant to and in accordance with the Public Finance Act of 1958 of Vir- ginia (Chapter 5 of Title 15 . 1 of the Code of Virginia , 1950) , to pay the cost of improving the combined water supply and sewage disposal system maintained by the Town. 276 MINUTES OF DECEMBER - 13 , 1968 SPECIAL MEETING. The full faith and credit of the Town are hereby pledged to the payment of the principal of and interest on this bond in accordance with its terms . 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 indebtedness of the Town, is within every debt and other limit prescribed by the Constitution or statutes of the Commonwealth of Virginia . 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 signature of its Mayor and Clerk of Council and this 7 bond to be dated December 15 , 1968 . Mayor ATTEST: Clerk of Council (Form of Coupon) No . No. June On the 15th day of December, 19 , the TOWN OF LEESBURG , a municipal corporation of the Commonwealth of Virginia , situ- ated in the County of Loudoun, will pay to the bearer of this coupon DOLLARS ($ ) at the principal office of the First & Merchants National Bank in 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 December 15 , 1968 , No. ] • Mayor Clerk of Council Section 8 . The full faith and credit of the Town of Lees- burg are hereby 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 taxation by the Town for the payment of such principal and interest as the same shall become due and payable . Section 9. The Mayor and Clerk of Council are hereby au- thorized and directed to execute said bonds in accordance with their terms . 277 MINUTES OF DECEMBER 13 , 1968 SPECIAL MEETING . On motion of Mayor Rollins , seconded by Councilman Pumphrey, the following resolution was unanimously adopted : WHEREAS, the Council has by a resolution duly adopted on De- cember 13 , 1968 , provided for the issuance of $600 ,000 Water and Sewer 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 of Virginia , that the notice hereinafter set forth shall be published : NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Leesburg as follows : (1) The Clerk of Council is hereby directed to pub- lish the following notice : NOTICE OF THE ISSUANCE OF BONDS OF THE TOWN OF LEESBURG PLEASE TAKE NOTICE that the Council of the Town of Lees- ,y burg has , by a resolution duly adopted on December 13 , 1968 , pursuant to the Public Finance Act of 1958 of Virginia , author- Cq ized the issuance of bonds of the Town of Leesburg of the aggre- C'3 gate principal amount of $600 ,000 dated December 15 , 1968 and -- that that a certified copy of such resolution has been filed with the Circuit Court of Loudoun County , and that the Town of Lees- burg will issue said bonds in the following amounts respectively for the following respective purposes : 1. Improvement of the combined water supply and and sewage disposal system maintained by the Town, including a water filtration plant , water intake towers and water line to the Potomac River . $100,000 2 . Improvement of the combined water supply and sewage disposal system by the construc- tion of improvements to the plant for the treatment and disposal of sewage , includ- ing the installation of sanitary sewer lines , trunk lines and disposal facilities . 500 ,000 This notice is being published pursuant to Section 15 : 1-199 of said Public Finance Act of 1958 of Virginia . By order of the Council of the Town of Leesburg . Dated: December 13 , 1968 . Clerk of Council (2) The publication of said notice shall be made in the Loudoun Times-Mirror, which is a newspaper having a gene- ral circulation in the Town of Leesburg . Mr. Ritter said we would have $376,000 coming in by January 31st and, when we get the contractozs' estimates , we will know how much will be needed. He said it may be that we can wait until February for this money, and what we get from Federal funds will be a help - approximately $150 ,000 . 4 Town Attorney Martin said nothing has been heard from Mr. Stilson Hall on Potters Field, but he understands the Bank is still interested in buying the land. Councilman Fishback said he thinks Catoctin Circle should be extended through this property now. Mr . Martin was instructed to talk to Mr. Gheen about this land. • There being no further business , the meeting adjourned at 12 : 15 P.M. • _// / 5 /� Mayor Clerk of the/Council