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HomeMy Public PortalAbout1972_12_07 WAIVER OF NOTICE OF • SPECIAL MEETING December 7 , 1972 • 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 11 :00 A.M. , Thursday, De- cember 7 , 1972 , for the purpose of considering bids on a $1 ,500,000 General Obligation Bond Issue , said bids to be opened in the Office of the State Treasurer in Richmond, Virginia at 11:00 A .M. , and any such other business as may come before said Council. / e-(7,,„:„/// '' Pia U -nneth B . Rollins , Mayor G. Dewey ' ' i' / Joh W. Pumpt+frey (3. . W_ er F. Murray C. Terr v " itus Robert A. Orr John A. Wallace , Jr. • 233 MINUTES OF SPECIAL- MEETING OF LEESBURG TOWN COUNCIL, DECEMBER 7 , 1972 . A Special Meeting of the Leesburg Town Council was held in the-- Council Chambers, 10 West Loudoun . Street, Leesburg , Virginia , on De- cember 7, 1972 at 11:00 A.M. , pursuant to Waiver of Notice of said meeting, attached hereto. Present were : Mayor Kenneth B. Rollins, Councilmen G. Dewey Hill, John W. Pumphrey, C. Terry Titus and John A. Wallace, Jr. Absent from the meeting were Councilmen Walter F. Murray and Robert A. Orr. A telephone call from the Town Attorney, George M. Martin, who was `' in the Office of the Commissioner on Local Debt in Richmond, Virginia, revealed the bids received for the sale of $1,500,000 in Water and Sewer' ; I System Bonds . On motion of Councilman G. Dewey Hill, seconded by Councilman John A. Wallace, Jr. , the following resolution was unanimously adopted: -RESOLUTION AWARDING $1,500,000 WATER AND SEWER SYSTEM BONDS OF THE TOWN OF LEESBURG • WHEREAS, the Town Council received sealed proposals for the cP • purchase of $1,500,000 Water and .Sewer System Bonds of the 0 Town of Leesburg, dated December 15 , 1972 , until 11 :00 o 'clock A.M. , Eastern Standard Time , on December 7 , 1972 at the office C . of the State Commission on Local Debt of the Commonwealth of C Virginia, Room 101 Finance Building, Capitol Square, Richmond, pursuant to the notice of sale of said bonds published in ac- cordance with the resolution adopted by the Town Council on November 13 , 1972 , and WHEREAS, the following list shows the name of each bidder who submitted a proposal and the price offered-by said bidder and the net interest cost to the Town resulting from the proposal submitted : NAME OF BIDDER - PRICE OFFERED NET INTEREST COST Craigie, Mason-Hagan, Inc . ; Wachovia Bank & Trust Com- pany , N.A. ; Scott & String- fellow $1,502 .307 .00 4.6802 First National Exchange Bank 1,500,000.00 4.68159 Anderson & Strudwick & Associ- ates 1,500,013 .00 ' 4 .6884 duPont Glore Forgan, Inc. ; ' Bank• of North Carolina , N.A. 1,500,000.00 4 .6912 The Northern Trust Company ; United Virginia Bank; Davenport & Co. 1,507 ,798 .25 4. 71516 Alex. Brown & Sons ; Merrill Lynch, Pierce, Fenner & Smith Incorporated ; Wheat , First Se- curities, Inc . 1,500,615 .00 4. 74674 Bank of Virginia Central 1,500,000.00 4. 74945 Hayden-Stone , Inc. , New York, -N. Y. 1,500,000.00 4.749451; Shearson, Hammill & Co. , Inc . 1,503,990.00 4 . 7615 Fidelity National Bank, Lynch- burg, Virginia 1,500,077 .50 4. 7666 Virginia National Bank ; Horner, Barksdale & Co. , Inc . 1,504, 953 . 25 4.76847 First & Merchants National Bank 1,524,000.00 4.845879 234 MINUTES OF SPECIAL MEETING, DECEMBER 7 , 1972 . and WHEREAS, the Town Council, acting . by its : representatives, has accepted the proposal: to purchase said bonds hereinafter re- . ferred. to : NOW, THEREFORE, . BE IT RESOLVED by the Town Council of the Town of Leesburg, Virginia , as follows : (1) The Town Council hereby approves and ratifies- the ac- tion taken to accept the proposal to purchase said bonds for the price of $1,502 ,307 .00 and accrued interest submitted by Craigie, Mason-Hagan, Inc. ; Wachovia Bank & Trust Company, N.A. ; Scott& Stringfellow. • (2) The $1,300,000 bonds payable in the years 1975 to 1994, in- clusive, shall bear interest at the rate of 4. 90% per annum. The $200,000 bonds payable in the years 1995 to 2002 , inclusive, shall bear interest at the rate of 4.00% per annum. The bonds shall be of the denomination of $5,000 each, and, shall consist of three hundred bonds numbered from 1 to.300, inclusive, in the order of their maturity. (3) The Mayor and the Clerk of Council of the Town of Leesburg are hereby authorized and directed to deliver said bonds to said purchaser upon payment of the purchase price thereof. (4) The Town Council on behalf of the Town of Leesburg hereby covenants to the purchaser of the bonds that it will make no use of the proceeds of the bonds at any time during the term thereof which, if such use had been reasonably expected at the date the bonds are issued, would have caused such bonds to be arbitrage bonds within the meaning of Section 103 of the United States Internal Revenue Code of 1954, as amended, and any of- ficial regulations promulgated therefor. The officers of the Town of Leesburg are hereby directed to comply with such covenant (5) The Town Council on behalf of the Town of Leesburg hereby further covenants to the purchaser of the bonds, that, until all of the bonds have been. fully paid and discharged in accordance with their terms, (a) the Town shall operate its water supply system and sewage disposal system as a single combined system and will charge rates or fees for water furnished by such sys- tem and for the disposal of sewage by such system ; and (b) such rates or fees shall' be, fixed and maintained at a level which will produce sufficient revenues to pay for the cost of operation and administration of said combined, system (including interest on bonds issued therefor) .and the cost' of insurance against loss by injury to persons and property, and an annual amount to be covered into a sinking fund sufficient to pay, at or before maturity, all bonds issued to finance said combined system; and (c) the reve- nues which the. Town .derives from said combined system in each fiscal year shall, to the extent necessary, be first applied to the payment of such cost of operation and administration during the fiscal year and to the payment of such annual amount payable in such fiscal year; and (d) the Town shall segregate and keep segregated, from all other funds all revenues derived by the Town from its operation and ownership of said combined system. There being no further business , the meeting adjourned at 11:25 A.M. • Mayor A Clerk ofJ/the Council