HomeMy Public PortalAbout2020_03_24_R049 Adoption Fiscal Year 2020-2025 Capital Improvements ProgramThe Town of
Leesburg,
Virginia
RESOLUTION NO. 2020-049
PRESENTED: March 24, 2020
ADOPTED: March 24, 2020
ARESOLUTION: ADOPTING THE FISCAL YEAR 2020-2025 CAPITAL
IMPROVEMENTS PROGRAM IN THE AMOUNT OF $232,043,950
WHEREAS, Section 15.2-2239 of the 1950 Code of Virginia, as amended, authorizes the
preparation and annual review of a Capital Improvements Program; and
WHEREAS, the Town Manager submitted a preliminary Capital Improvements Program
to the Planning Commission on January 16, 2020; and
WHEREAS, the Planning Commission held a public hearing on the preliminary Capital
Improvements Program on February 6, 2020, reviewed the preliminary Capital Improvements
Program for compliance with the Town Plan and approved a motion with recommendations
concerning the Capital Improvements Program for adoption by the Town Council on February 6,
2020;and
WHEREAS, Town Council held a dedicated budget work session on March 9, 2020 on the
proposed Capital Improvements Program; and
WHEREAS, as set forth in the budget, the Town intends to finance certain Capital Projects
through the incurrence of tax-exempt bonds or other obligations (collectively, the "Bonds"). The
Town is authorized to pay the costs of such Capital Projects from available funds of the Town and
reimburse the Town for such costs from the proceeds of one or more series of Bonds. The principal
amount of the Bonds is not expected to exceed the amounts set forth in the budget plus any amount
necessary for closing costs. This ordinance shall represent a declaration of "official intent" under
Treas. Regs.§ 1.150-2. On the date each expenditure is paid from available funds of the Town, it
will be a capital expenditure (or would be with a proper election) under general federal income tax
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A RESOLUTION: ADOPTING THE FISCAL YEAR 2020-2025 CAPITAL
IMPROVEMENTS PROGRAM IN THE AMOUNT OF $232,043,950
principles or will otherwise comply with the requirements of Treas. Regs. § l.150-2(d)(3). The
Town reasonably expects to reimburse itself for the expenditures made to finance such Capital
Projects before the issuance of the Bonds from the proceeds of the Bonds, and this approach is
consistent with the budgetary and financial circumstances of the Town. The expenditures to be
reimbursed will be paid from one or more of the following funds: Capital Projects Fund, Utilities
Fund, and Northern Virginia Transportation Authority (NVTA) Fund, all of which are more
specifically described in the Town's budget document which is incorporated herein_ by reference.
THEREFORE, RESOLVED, by the Council of the Town of Leesburg in Virginia the
proposed Capital Improvements Program for Fiscal Years 2020-2025 totaling $232,043,950 is
approved.
PASSED this 24th day of March, 2020.
ATTEST:
~~;,;
Clerk of Council
Kelly~k,~
Town of Leesburg
LF\LeesburgRMS\Town_Clerk\Resolutions\2020\0324 Adoption Fiscal Year 2020-2025 Capital Improvements Program