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Home My Public Portal About1978_04_19_O010 TOWN OF LEESBURG IN LOUDOUN COUNTY, VIRGINIA PRESENTED April 19~ 1978 AMENDED April 19~ 1978 ORDINANCE NO. 78-0-10 ADOPTED April 19~ 1978 AN ORDINANCE: AUTHORIZING THE ISSUANCE OF $5,000,000 WATER BONDS OF THE TOWN OF LEESBURG, VIRGINIA ORDAINED by the Council of the Town of Leesburg, Virginia: SECTION I. It is hereby determined to be necessary and ex- pedient for the Town of Leesburg to improve and enlarge its water system to promote the development and public welfare of the Town of Leesburg and to borrow money for such purpose and issue the Town's general obligation bonds therefor. SECTION II. Pursuant to the authority of the Town Charter and the Public Finance Act, as amended, there are hereby authorized to be issued bonds of the Town of Leesburg in the maximum amount of Five Million Dollars ($5,000,000) to provide funds, together with other funds that may be available, to improve and enlarge the Town's water system, including construction of a water intake structure, filtration and treatment plant, storage facility, pumping station and transmission mains; in such manner and according to such plan or program as shall be approved, or from time to time revised, by the Council. SECTION III. The bonds shall bear such date or dates, mature at such time or times not exceeding 40 years from their dates, bear interest at such rate or rates not to exceed the maximum rate authorized by law at the time the bonds are sold, be in such de- nomination and form, be executed in such manner and be sold at such time or times and in such manner, as the Council shall hereafter pro- vide by appropriate resolution or resolutions. SECTION IV. The bonds shall be general obligations of the Town of Leesburg for the payment of principal of and interest on which its full faith and credit shall be irrevocably pledged, pro- vided that the system revenues from within and without the Town shall be maintained at levels sufficient to operate and maintain the water system and retire such outstanding debt as may exist. SECTION V. An emergency is declared and this ordinance shall be in effect upon its passage. PASSED this 19th day of April, 1978. Mary An~e Newman, Mayor Town of'Leesburg ATTEST: