HomeMy Public PortalAbout1979_09_12_O016 TOWN OF LEESBURG
IN
LOUDOUN COUNTY, VIRGINIA
ORDINANCE NO. 79-0-16 PRESENTED Septembmr ]2~ 1979
ADOPTED September 12~ 1979
AN ORDINANCE: AUTHORIZING THE ISSUANCE OF $1,500,000 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 expedient
for the Town of Leesburg to continue its program of improving and en-
larging 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 water bonds of the Town of Leesburg in an amount not to exceed
One Million Five Hundred Thousand Dollars ($1,500,000) 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.
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 denomination and
form, be executed in such manner and be sold at such time or times and
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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 shall be irrevocably pledged.
SECTION V. An emergency exists and this ordinance shall be in
effect uponits passage.
PASSED this 12th day of S~ptember , 1979.
Attest:
Clerk of
Kenneth B. Rollins, Mayor
Town of Leesburg