HomeMy Public PortalAbout1973_05_29SPEC (1
WAIVER OF NOTICE
OF
SPECIAL MEETING
MAY 29, 1973
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, to be held in the Council
Chambers, 10 W. Loudoun Street, Leesburg, Virginia at 3:00 P. M. ,
Tuesday, May 29, 1973, for the purpose of appropriating funds for
the payment of interest due on bond issues and to decide whether to
reinvest certain monies.
G. Dewey Hill yor
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Walte F. Mu Herbert L. Ridder
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Robert A. Orr C. Terry Tite
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/Jghn W . phrey j n A. Wallace, Jr. lY/
72
MINUTES OF SPECIAL MEETING OF LEESBURG TOWN COUNCIL, MAY 29, 1973..
A special meeting of the Leesburg Town Council was held in the
Council Chambers at 10 West Loudoun Street, Leesburg , Virginia on
May 29, 1973 at 3 :00 P.M. , pursuant to Waiver of Notice attached
hereto . Those present were : Mayor G. Dewey Hill, Councilmen Walter
F. Murray, John W. Pumphrey, Herbert L. Ridder, C. Terry Titus and
John A. Wallace, Jr. ; also Acting Town Manager Robert C. Forbes and
Town Treasurer W. Emory Plaster, Jr . Absent from the meeting was
Councilman Robert A. Orr.
The meeting was called to order by Mayor Hill at 3 :05 P.M. , who
explained the purpose of the meeting by saying it concerned finances ,
and that there were. a couple of appropriations needed on which they
had. to make a decision.
On motion of Councilman Murray , seconded by Councilman Wallace
. . and, after explanation of the appropriations needed, the following
resolution was unanimously adopted:
BE IT RESOLVED by the Town Council of the Town of Leesburg ,
that the following appropriations be made:
$30,000 .00 - First & Merchants National Bank - Coupons due
on $1 .5 million bond issue - Utility Fund-$1.5
million bond issue interest.
13 .50 - First & Merchants National Bank - Bank service
charge on $1 .5 million bond issue — Utility
Fund Service Charge .
On motion of Councilman Murray, seconded by Councilman Pumphrey,
and, after explanation of the appropriations needed, the following
resolution was unanimously adopted:
BE IT RESOLVED by the Town Council of the Town of Leesburg,
that the following additional appropriations be made :
$ 3 ,825 .00 - General Fund-Debt Service - $650,000 Bond Issue
interest.
39. 30 - General Fund-Debt Service - $650,000 Bond Issue
service charge .
On motion of Councilman Murray, seconded by Councilman Ridder
and, after a discussion of whether the Council should authorize the
reinvestment of the Certificates of Deposit which mature on June
11th and June 30th, 1973 , the following resolution was unanimously
adopted :
BE IT RESOLVED by the Town Council of the Town of Leesburg,
that those Certificates of Deposit that are maturing during
the month of June , 1973 be advertised for bids , and sled
bids be opened by the Finance Committee at their earliest
convenience and invested with the highest bidder on their
maturity date .
Councilman Ridder wanted to know if there was any way that some of
the funds could be combined and made into a larger fund to be rein-
vested, and Councilman Wallace explained that he did not think so
since the funds were out of different accounts . Mr. Ridder explained
that his thought was that a larger amount could be invested at a
better rate of interest . Councilman Murray added that he had thought
of short-term Treasury notes , which he understood paid around 71/470.
Mr. Wallace said he would look into the matter.
On motion of Councilman Titus , seconded by Councilman Ridder, the
meeting was adjourned at 3 :25 P.M.
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Cl k of the Council Pro-Tem