HomeMy Public PortalAbout1982_10_27_O037 At a regular meeting of the Town Council of the Town of
Leesburg, Virginia, held On the 27th day of October, 1982, at
which the following members were present and absent:
PRESENT:
Robert E. Sevila, Mayor
Charles A. Bo's Marylou Hill
Edgar L. Coffey, Jr. John W. Tolbert, Jr.
Reginald K. Gheen Howard M. Willis, Jr.
ABSENT: None.
the following ordinance was adopted by the affirmative roll call
vote of a majority of all members of the Town Council, the ayes
and nays being recorded in the minutes of the meeting as shown
below:
~EM BE R VOTE
Robert E. Seviia,' Mayor
Charles A. Bos
'Edgar L. Cof.fey, Jr.
Reginald K. Gheen
Marylou Hill
John W. Tolbert, Jr.
Howard M~ Willis, Jr.
Aye
Aye
Aye
Aye
Aye
Aye
Aye
Ordinance No. 82-0-37
AN ORDINANCE AUTHORIZING THE ISSUANCE OF AN
$88,135 PUBLIC IMPROVEMENT BOND OF THE TOWN
OF LEESBURG, VIRGINIA, AND PROVIDING FOR THE
FORM, DETAILS AND PAYS~NT THEREOF
WHEREAS, as a part of a public improvement Program that
includes road construction and the development of a public park
in the Town of Leesburg (the Town), the Town Council has contracted
to buy a tract of approximately 8.8 acres of land (the .]]and) from
Arl Curry and Katherine R. Curry (the Sellers);
BE IT ORDAINED BY THE COUNCIL OF THE TOWN OF LEESBURG,
VIRGINIA:
1. There is hereby authorized to be issued an $88,135
general obligation public improvement bond of the Town to be
partial
delivered to the Sellers in/payment for the purchase price of the
Lan~.
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2. The bond shall be dated on the date of its issuance
and shall be issued as a fully registered bond without coupons
in the denomination of $88,135. Principal of the bond shall
be payable annually on its anniversary date in installments of
$5,000 in each of the years 1983 to 1987, inclusive, $10,000 in
each of the years 1988 to 1992, inclusive, and $13,135 in 1993,
without option of prepayment. Interest on the unpaid principal
is payable annually on the anniversary date of the note at the
rate of 9% per year. Both principal and interest shall be payable
in lawful money of the United States of America by check or draft
mailed to the registered owners at their address as on file with
the Director of Finance, except' that the final installment of
principal and interest shall be payable upon surrender of the bond
at the office of the Director of Finance.
3. The bond shall be signed by the manual signature
of the Mayor, shall be countersigned by the manual signature of
the Clerk of the Council, and the Town's seal shall be affixed
thereto.
4. The bond shall be in substantially the following form:
TRANSFER RESTRICTED: Transfer of this bond is
restricted in accordance with the ordinance
authorizing the issuance of this bond adopted
by the Town Council of the Town of Leesburg,
Virginia, on October 27, 1982.
$88,135
UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
TOWN OF LEESBURG
The Town of Leesburg, Virginia, for value received, hereby
acknowledges itself indebted and promises to pay to Arl Curry and
Katherine R. Curry the principal sum of
EIGHTY-EIGHT THOUSAND ONE HUNDRED THIRTY-FIVE DOLLARS ($88,135)
with interest on the unpaid principal from the date hereof until
payment at the rate of nine percent (9%) per year. Principal is
payable annually on November in installments of $5,000 in
each of the years 1983 to 1987, inclusive, $10,000 in each of
the years t988 to 1992, inclusive, and $13,135 in the year 1993,
without option of prepayment. Interest on the unpaid principal
is payable annually on November . Both principal and interest
shall be payable in lawful money of the United States of America
by check or draft mailed to the registered owners at their address
as on file with the Director of Finance, except that the final
installment ~f principal and interest shall be payable ~on
surrender of this bond at the office of the Director of Finance.
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This bond is authorized by an ordinance adopted by the
Town Council on October 27, 1982, and is issued pursuant to the
Constitution and statutes of the Commonwealth of Virginia,
including the Town Charter and the Public Finance Act, as amended,
p. artial
inTpayment of. the purchase price of a certain parcel of land
from Arl Curry and Katherine R. Curry.
The full faith and credit of the Town are hereby irrevoca-
bly pledged for the payment of principal of and interest on this
bond.
All acts, conditions and things required by the Constitu-
ti'on and statutes of the Commonwealth of Virginia to happen, exist
or be performed precedent to and in the issuance of this bond have
happened, exist and have been Perf6rmed, and this boned, together
with all other indebtedness of the Town, is within every debt and
other limit prescribed by the Constitution and statutes of the
Commonwealth of Virginia.
IN WITNESS WHEREOF, the Town of Leesburg, Virginia, has
caused this bond to be signed by its Mayor, to be countersigned
by the Clerk of its Council, its seal to be affixed hereto, and
this bond to be dated November ., 1982.
COUNTERS I GNE D: ~
Clerk of the Council, Town of
Leesburg, Virginia
(SEAL)
Mayor, Town of Leesburg,
Virginia
5. The full faith and credit of the Town are hereby
irrevocably pledged for the payment of principal of and interest
on the bond. Unless other funds are lawfully available and
appropriated for timely payment of the bond, the Town shall levy
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and collect an annual ad valorem tax over and above all other
taxes authorized or limited by law on all locally taxable property
in the Town. sufficient to pay the principal of and interest on
the bond, as the same respectively become due and payable.
6. At the request of the Sellers the bond may be
exchanged for two bonds in'denominations totaling $88,135
registered in the names of the Sellers, or either of the~L, in
substantially the same form as the single bond authorized above.
The bond or bonds shall be registered in the names of persons
other than the sellers only when there has been furnished to
the Director of Finance evidence satisfactory to him that the
~ transferee has been provided information relating to the Town
of the kind which would 'be required under rules of the Securities
and Exchange Con,mission if the same were applicable to such
bond in order to exempt the bond from the registration requirement
of the Securities Act of 1933, as amended.
7. All other actions of officers of the Town in con-
formity with the purposes and intent of this ordinance and in
furtherance of the issuance of the bond are hereby approved and
confirmed.
8. Such officers of the Town as may be requested are
hereby auth°ri~ed and directed to execute an appropriate
certificate setting forth the expected use and investment of
the proceeds of the bond issued pursuant hereto in order to
show that such expected use and investment will not violate the
provisions of § 103(c) of the Internal Revenue Code of 195%,
as amended, and regulations issued, pnrsuant thereto, applicable to
"arbitrage bonds." 'Such certificate shall be in'such form as may
be requested by bond counsel for the Town.
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9. The Clerk of the Council, in collaboration with
the Town Attorney, is hereby authorized and directed to see to
the immediate filing of a certified copy of this ordinance with
the Circuit Court of Loudoun County and within ten days ~nereafter
to cause to be published once in a newspaper of general circula-
tion in the Town a notice setting forth (1) in brief and general
terms the purpose for which the bond is to be issued and (2)
the amount of such bond.
10. All ordinances or parts of ordinances in conflict
herewith are hereby.repealed. ~
11. This ordinance shall take effect immediately.
Approved October ~7, 1982
Mayo~ .
The undersigned Clerk of the Town of Leesburg, Wirginia,
hereby certifies that the foregoing constitutes a true and correct
~ extract from the minutes of a regular meeting of the Town of
Leesburg held on the 27th day of October, 1982, and of the whole
thereof so far as applicable to the matters referred to in such
extract.
WITNESS my signature and the seal of the Town of Leesburg,
~Virginia, this 27th day of October, 1982.
Cl'~s~,ev~~, .ow of
(SEAL)