HomeMy Public PortalAbout1982_05_26_O021 TOWN OF LEESBURG
IN
LOUDOUN COUNTY, VIRGINIA
PRESENTED May 26~ 1982__
ORDINANCE NO. 82-0-21 ADOPTED May 26~ 1982__
AN ORDINANCE: AUTHORIZING THE ISSUANCE OF ROAD BONDS OF THE TOWN OF LEESBURG,
VIRGINIA, IN THE MAXIMUM AMOUNT OF $680,000
ORDAINED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. It is hereby determined to be necessary and expedient for
the Town of Leesburg, Virginia, to undertake a program of road construction
and improvement, including the acquisition of rights-of-way and the construc-
tion of curbs, gutters, sidewalks and storm drainage facilities, which will
promote the development and public welfare of the Town, and to finance the
cost thereof by borrowing $680,000 and issuing the Town's general obligation
bonds therefor.
SECTION II. Pursuant to the Town Charter and the Public Finance Act,
as amended, there are hereby authorized to be issued road bonds of the Town
of Leesburg in the maximum amount of Six Hundred Eighty Thousand Dollars
($680,000) to provide funds, together with other available funds, to fi-
nance such road construction and improvement.
SECTION III. The bonds will bear such date or dates, mature at such
time or times not exceeding forty years from their dates, bear interest at
such rate or rates not exceeding the maximum rate permitted by law at the
time the bonds are sold, be in such denomination and form, be executed in
such manner and sold at such time or times and in such manner as t'he Council
shall hereafter provide by appropriate resolution or resolutions.
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SECTION IV. The bonds shall be general obligations of the Town of
Leesburg for the payment of principal and interest on which its full faith
and credit are hereby irrevocably pledged.
SECTION V. This ordinance shall take effect immediately.
PASSED this 26th
ATTEST:
Clerk of Cou~i'l
day of
May , 1982·
· y H~ll Jr., myor
Town of.b~esburg o/