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HomeMy Public PortalAbout1970_06_15SPEC • . ' WAIVER OF NOTICE OF SPECIAL MEETING JUNE 15 , 1970 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 9 :30 A.M. , Monday, June 15 , 1970, for the purpose of considering the items listed below: 1. An Ordinance authorizing the issuance of $1,500,000 of Bonds of the Town of Leesburg to finance the cost of en- larging, extending and improving 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 other business as may come before said Council. enneth B .•• Roliins , Mayor .10 G. Dewey 1101 'ober A. Orr / Frederick R. Howard / John W. 'umphrey (V , h Q d am.. Walter F. Murray John A. Wallace , Jr . t1, 195 MINUTES OF SPECIAL MEETING OF LEESBURG TOWN COUNCIL, JUNE 15 , 1970. A Special Meeting of the Leesburg Town Council was held in the Council Chambers , 10 W. Loudoun Street, Leesburg, Virginia , on June 15 , 1970 at 9 :30 A.M. Present were Mayor Kenneth B. Rollins , Councilmen G. Dewey Hill, Frederick R. Howard, Walter F. Murray, Robert A. Orr, John W. Pumphrey and John A. Wallace , Jr. ; also Town Manager James W. Ritter, Ji. The Waiver of Notice of this Special Meeting is attached hereto and. is signed by all members of Council. Discussion on the proposed Resolution to be adopted revealed the Council in agreement to set the Bond Issue to be paid over a period of 30 years and bonds to be sold at not more than 8 per cent interest. f On motion of Councilman Orr, seconded by Councilman Pumphrey, the following Resolution was unanimously adopted: ' AN ORDINANCE.AUTHORIZING THE ISSUANCE OF $1,500 ,000 OF BONDS OF THE TOWN OF LEESBURG TO FINANCE THE COST OF ENLARGING, EXTENDING AND IMPROVING THE TOWN'S WATER AND SEWER SYSTEM AND PROVIDING FOR THE SUBMISSION OF THE QUESTION OF ISSUING SAID BONDS TO THE QUALIFIED VOTERS OF :A SAID TOWN. WHEREAS, the Town of Leesburg has; for some years , maintained and operated a combined water supply and sewage disposal system =� suitable to provide a supply of water to the Town and its in- Ca habitants 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, extend 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 within the meaning of Section 127• of the Con- stitution 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 main- tained by the Town shall be enlarged, extended and:improved by the construction of improvements thereto, including the con- struction of water treatment facilities at the Potomac River at a point two miles east of the Town of Leesburg, pumping stations and an elevated storage tank and the installation of a raw water intake line and water transmission mains and distribution lines , including the acquisition of the lands or rights-in-land required therefor, and that it is expedient that said Town shall borrow money and issue its bonds as hereinafter provided to .finance the cost of such improvements . The aggregate principal amount of said bonds shall be One Million Five Hundred Thousand Dollars ($1,500,000) . - Section 2 . Said bonds shall be serial bonds and shall be pay- able in annual installments , in such amounts as may be deter- mined by the Council, over a period of 30 years commencing with the date of the bonds . Said bonds shall bear interest at a rate or rates which shall not exceed 87. per annum, or such lower maximum rate as may be provided by law in effect at the time of the issuance of said bonds and such interest shall be payable semi-annually. 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 3. 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 Virginia , 1950) and shall be issued under and in 19 ti MINUTES OF SPECIAL MEETING- OF JUNE 15 , 1970. - compliance with the provisibiis.'of"Clause (b) of;Sect an -127 of theiCobstitution=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 af- ter 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 administration (including . interest on bonds issued therefor) and the cost 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 con- ', bined water supply and sewage disposal system, all such bonds outstanding shall be includedindetermining the limitation of the Town 's power toincurindebtedness . Section 4 . Bonds shall not -be issued. pursuant to this ordi- nance until said bonds shall have been approved by the affir- mative vote ofthe majority of the qualified voters of the Town of Leesburg voting upon the question of their issuance. The Clerk of Council is hereby directed to present forthwith a certified copy of this ordinance 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 adoption. . . Mr. James F. Tyler addressed Council regarding the purchase of the Potters Field property, stating that he understood any sale of thi property would have to be approved by the Court. Mayor Rollins said this is true , since there are two other parties involved and the owner- ship of this property is in litigation at this time, however, there is a - certain part of this property that is definitely owned by the Town with- out question. Mr. Tylersaidhe has a client interested in building an office, building on this property and he would like to be able to give themsomething firm at the Board of Directors ' meeting -to be held to- night .. He also, said this would be a cash transaction. , Council dis- cussed the sale price of this property. • Councilman Orr left the meeting at this time . - 30-day - Mr. Tyler was given a/verbal option to purchase the portion of • Potters Field owned by the Town of Leesburg at $2 .50 per square foot . The meeting adjourned at 10 :00 A.M. • •• • Mayor /� n Clerk the C uncil