HomeMy Public PortalAbout1978_05_24_O014ORDINANCE NO.
AN ORDINANCE:
TOWN OF LEESBURG
IN
LOUDOUN COUNTY, VIRGINIA
78-0-14
PRESENTED May 24~ 1978
AMENDED May 24~ 1978
ADOPTED May 24~ 1978
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,
as follows:
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 author-
ized to be issued bonds of the Town of Leesburg in the maximum
amount of Five Million Dollars ($5,000,000) to provide funds, to-
gether with other funds that may be available, to improve and en-
large the Town's water system, including construction of a water
intake structure, filtration and treatment plant, storage facility,
pumping station and transmission mains.
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 author-
ized by law at the time the bonds are sold, be in such denomination
-2-
and form, be executed in such manner and be sold at such time or
times and in such manner as the Council shall hereafter provide
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 and the net revenues from the water
system shall be irrevocably pledged.
SECTION V. Ordinance No. 78-0-10 is hereby repealed.
SECTION VI. An emergency is declared and this ordinance shall
be in effect upon its passage.
PASSED this 24th day of May , 1978.
ATTEST:
Clerk of~C~uncil
Mary 4nne Newman, Mayor
Town df Leesburg