HomeMy Public PortalAbout1978_09_27_O032ORDINANCE NO.
AN ORDINANCE:
TOWN OF LEESBURG
IN
LOUDOUN COUNTY, VIRGINIA
PRESENTEDSeptember 27, 1978
78-0-32
ADOPTED September 27~ 1978
AUTHORIZING THE ISSUANCE OF $150,000 PUBLIC
PARKING FACILITY BONDS OF THE TOWN OF LEES-
BURG, VIRGINIA
ORDAINED by the Council of the Town of Leesburg, Virginia,
as follows:
SECTION I. It is hereby determined to be necessary and
expedient for the Town of Leesburg to increase the amount of
off-street public parking in downtown Leesburg to promote the
continued development and public welfare of the Town of Lees-
burg through the improved circulation of traffic and additional
parking for tourists, employees, merchants, and shoppers, and
to borrow money for such purpose and to 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 auth-
orized to be issued bonds of the Town of Leesburg in the maximum
amount of One Hundred Fifty Thousand Dollars ($150,000.00) to
provide funds to purchase the real estate presently owned by
Foodmaker, Inc., situate in the Town of Leesburg, Virginia, as
shown on Loudoun County tax map 48A, Block 29, Lot 3, and to
develop said real estate into a surface parking facility for
public use.
SECTION III. The bonds shall bear such date or dates,
mature at such time or times not exceeding 40 years from their
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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 denomination and form, be executed in such manner
and be sold at such time or times and in such manner, including
a separate sale or a sale in combination with Five Million Dollar
($5,000,000.00) Water Bonds of the Town of Leesburg heretofore
authorized, as the Council shall hereafter provide by appropri-
ate resolution or resolutions; provided, however, that such bonds
shall be sold at such time or times as may be required by law
for the payment of the bond anticipation notes hereinafter
authorized.
SECTION IV. The Council is hereby authorized to borrow
up to One Hundred Fifty Thousand Dollars ($150,000.00) through
the issuance of notes in anticipation of the issuance and sale
of such bonds and for the purpose for which such bonds have
been authorized.
SECTION V. After the Council has determined how the notes
will be sold and has awarded such notes, the appropriate officers
of the Town are hereby authorized and directed to execute appro-
priate negotiable notes in the aggregate amount of the notes
awarded, such notes to be in such denominations and to bear
interest, payable at maturity, at such rate or rates as speci-
fied by such purchasers.
SECTION VI. The bonds and the notes 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
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irrevocably pledged.
SECTION VII.
PASSED this
This ordinance shall take effect immediately.
27th day of September , 1978.
ATTEST:
ClerkJf Council
~'?/ '- Rollins/~~~, Mayor
Town of Leesburg