HomeMy Public PortalAbout1983_04_20SPEC MINUTES OF SPECIAL MEETING OF LEESBURG TOWN COUNCIL, APRIL 20, 1983 .
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A special meeting of the Leesburg Town Council was held in the
Council Chambers, 10 West Loudoun Street, Leesburg, Virginia, on
April 20, 1983 at 12 Noon .pursuant to Notice thereof having been
sent to all members of Council prior thereto. Present were : Mayor
Robert E. Sevila, Councilmembers Charles A. Bos, Edgar L. Coffey,
Jr. , Reginald K. Gheen, Marylou Hill, John W. Tolbert, Jr. and
Howard M. Willis, Jr. ; also Town Manager John Niccolls, Deputy
Manager Jeffrey H. Minor, Director of Finance Donald O. Taylor,
Assistant Manager for Planning and Development Marc Weiss and Di-
rector of Planning and Zoning Robert C. Forbes.
The meeting was called to order by the Mayor, who explained
that the purpose of this meeting is to receive bids for $4 , 000, 000
in public improvement bonds.
Ms. Pat Cooper, of Horner, Barksdale & Co. of Lynchburg, Vir-
ginia,
announced that the bids have been opened in Richmond, with
Mr. Ed Pettigrew of Horner, Barksdale and a representative from the
bond counsel being present. The bids have been checked and are as
follows :
Name of Bidder Amount
Merrill Lynch, White Weld $1, 400 , 000 bonds maturing in 1984 to
Capital Markets Group & 1992 , inclusive, at 9% ; $200, 000 bonds
Associates maturing in 1993 at 8 . 50% ; $225, 000
bonds maturing in 1994 at 8 . 20%;
$225 , 000 bonds maturing in 1995 at
8 . 35%; $225, 000 bonds maturing in
1996 at 8 . 50%; $225, 000 bonds matur-
ing in 1997 at 8 . 60% ; $250, 000 bonds
maturing in 1998 at 8 . 70% ; $250, 000
bonds maturing in 1999 at 8 . 80%;
$250 , 000 bonds maturing in 2000 at
8 . 90% ; $250, 000 bonds maturing in
2001 at 9%; $500, 000 bonds maturing
in 2002 and 2003 at 8% .
Premium - $3 . 25
Dean Witter Reynolds, $900 , 000 bonds maturing in 1984 to
Inc . 1989 , inclusive, at 9 . 90%; $150, 000
bonds maturing in 1990 at 9%;
$175, 000 bonds maturing in 1991 at
7 . 9% ; $175 , 000 bonds maturing in
1992 at 8 . 1% ; $200, 000 bonds maturing
in 1993 at 8 . 3%; $225, 000 bonds
maturing in 1994 at 8 . 5%; $225, 000
bonds maturing in 1995 at 8 . 6%;
$225 , 000 bonds maturing in 1996 at
8 . 7%; $225, 000 bonds maturing in
1997 at 8 . 8%; $500, 000 bonds matur-
ing in 1998 and 1999 at 8 . 9%;
$1 , 000, 000 bonds maturing in 2000
to 2003 , inclusive, at 9% .
Premium - $678 . 50
The Northern Trust Company $450, 000 bonds maturing in 1984
and United Virginia Bank to 1986 , inclusive, at 9 . 25%;
and Associates $150 , 000 bonds maturing in 1987 at
9%; $150, 000 bonds maturing in 1988
at 9 . 10%; $650, 000 bonds maturing
in 1989 to 1992 , inclusive, at 9 . 25%
$200, 000 bonds maturing in 1993 at
8 . 50% ; $225, 000 bonds maturing in
1994 at 8%; $225 , 000 bonds maturing
in 1995 at 8 . 20%; $225 , 000 bonds
maturing in 1996 at 8 . 40% ; $225, 000
bonds maturing in 1997 at 8 . 60%;
$1 , 000 , 000 bonds maturing in 1998
to 2001 , inclusive, at 8 . 75%;
$500 , 000 bonds maturing in 2002
and 2003 at 7 . 25% .
Premium - $456 . 50
MINUTES OF APRIL 20 , 1983 MEETING .
223
The First National Bank of $1 , 050, 000 bonds maturing in 1984
Chicago, Harris Trust and to 1990 , inclusive, at 9 . 50%;
Savings Bank, Wheat First $175, 000 bonds maturing in 1991 at
Securities , Inc. , North 9 . 30%; $175, 000 bonds maturing in
Carolina National Bank, 1992 at 8 . 20% ; $200 , 000 bonds matur-
Wasburg Paribas and A. G. ing in 1993 at 8 . 30%; $225, 000
Becker, and Associates bonds maturing in 1994 at 8 . 40%;
$225, 000 bonds maturing in 1995
at 8 . 50% ; $225, 000 bonds maturing
in 1996 at 8 . 60%; $225, 000 bonds
maturing in 1997 at 8 . 70%; $250, 000
bonds maturing in 1998 at 8 . 80%;
$250, 000 bonds maturing in 1999 at
8 . 90%; $750, 000 bonds maturing in
2000 to 2002 , inclusive, at 9%;
$250 , 000 bonds maturing in 2003
at •7 . 50%.
Premium - $108 . 75
Craigie Incorporated and $1, 600 , 000 bonds maturing in 1984
Associates to 1993, inclusive, at 9. 375%;
$225, 000 bonds maturing in 1994 at
OD 8 . 10% ; $225, 000 bonds maturing in
NT 1995 at 8 . 30%; $225, 000 bonds
O maturing in 1996 at 8 . 45%; $225, 000
OD
bonds maturing in 1997 at 8 . 60%;
$500, 000 bonds maturing in 1998 and
m 1999 at 8 . 75%; $500 , 000 bonds matur-
Q ing in 2000 and 2001 at 9%; $500, 000
bonds maturing in 2002 and 2003 at
1.375% .
Premium - 0
As financial advisor, they were pleased with the number of bids re-
ceived and with the winning bid - they believe the bid from Northern
Trust and United Virginia Bank is an excellent market bid and recom-
mend the town ' s acceptance of it.
83-54A - RESOLUTION - AWARDING SALE OF $4 , 000, 000 PUBLIC IMPROVEMENT
BONDS (SERIES 1983) TO THE NORTHERN TRUST COM-
PANY .
On motion of Mr. Willis , seconded by Mr. Tolbert, the following
resolution was proposed :
RESOLVED by the Council of the Town of Leesburg in Virginia
as follows :
The Bonds are hereby awarded to a group of underwriters managed
by The Northern Trust Company in accordance with the terms of
their bid and shall bear interest as set out in such bid.
Mr. Bos said this was a lower rate than anticipated and Mr. Taylor
was happy with this rate. The resolution was adopted by a roll call
vote of 6 to 1 :
Aye : Councilmembers Bos , Coffey, Gheen, Tolbert, Willis and
Mayor Sevila.
Nay: Councilmember Hill .
PROCLAMATION - HELP YOUNG AMERICA WEEK.
On motion of Mr . Gheen, seconded by Mr. Tolbert, the follow-
ing proclamation was proposed and unanimously adopted :
WHEREAS, Leesburg Elementary 4-H proclaims the week of April
18 as Help Young America Week; and
WHEREAS, the Leesburg Elementary 4-H will plant trees at the
Loudoun Landfill as part of the Help Young America Week by
beutification of community projects :
nn MINUTES OF APRIL 20, 1983 MEETING.
G THEREFORE, I , Robert E. Sevila, Mayor of the Town of Leesburg
declare the week of April 18 through April 22 as Help Young
America Week and call upon the citizens to pay appropriate
tribute to the Youth of America.
Aye : Councilmembers Bos, Coffey, Gheen, Hill, Tolbert, Willis
and Mayor Sevila.
Nay : None.
Mayor Sevila said he will be participating tomorrow in a tree-plant-
ing ceremony at the County Landfill , which is a project of the 4-H.
Mr. Niccolls said the financial projects in the airport study
are at 8; percent.
Mayor Sevila said we retained our A and BBB+ ratings for our
bond issue - we can be proud of this . Mr . Niccolls said there are
towns that have A and A ratings . We would like to have seen our BBB+
go up to an A- but, considering the amount of debt and the failure of
the economy in the last few years , they are satisfied to keep the
BBB+.
On motion of Mr. Willis, seconded by Mrs. Hill, the meeting was
adjourned at 12 : 40 p.m.
Mayor
Clerk of /he Council