HomeMy Public PortalAbout1983_03_23_O014The Town of Leesburg in Virginia
PRESENTED March 23, 1983
AMENDED March 23, 1983
ADOPTED March 23, 1983
Ordinance No. 83-0-14
AN ORDINANCE AUTHORIZING THE ISSUANCE
OF PUBLIC IMPROVEMENT BONDS OF THE TO%~
OF LEESBURG, VIRGINIA, IN THE MAXIMUM
AMOUNT OF $3,320,000
BE IT ORDAINED BY THE COUNCIL OF THE TOWN OF LEESBURG,
VIRGINIA:
1. It is hereby determined to be necessary and exp,edient
'for the Town of Leesburg; Virginia (the Town), to borrow
to finance construction of and improvements to p~lic facilities
which will promote the development and public welfare of the
Town and to issue the Town's general obligation bonds therefor.
2. Pursuant to' t~e authority of the Town Charter and
t~ Public Finance Act, as amended, there are hereby author-
/
ized to be issued public improvement bonds of the Town in the
maximum amount of Three Million Three Hundred Twenty Thousand
Dollars ($3,320,000) to provide funds, together with other
available funds, for the following purposes:
Design and construction of a regional
flight service station to provide
general aviation services
Airport Improvements including
Design and construction of an
airport terminal
$ 825,000
205,000
Design and construction of
improvements to the sewerage system
2,290,000
TOTAL $3,320,.000
Any amounts not needed for one purpose may be used for any
other of such purposes-upon council approval.
3. The bonds shall 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, including the sale
of the same as one or more separate issues or in combination with
the sale of general obligation bonds heretofore or hereafter
authorized for similar or other purposes, as the Council shall
hereafter provide by appropriate resolution or resolutions.
4. The bonds shall be general obligations of the Town
for the payment of principal of and interest on which its full
faith and credit shall be irrevocably pledged.
5. This ordinance shall take effect immediately.
PASSED this 23rd
ATTEST:
Clerk of !ouncil
day of March , 1983.
~6owbne ~ ~e ~e s~um ~ ~, M~yor