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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~. -2- 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. -4- 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 -5- 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. -6- 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)