HomeMy Public PortalAbout1977_09_14_R163RESOLUTION NO.
A RESOLUTION:
TOWN OF LEESBURG
IN
LOUDOUN COUNTY, VIRGINIA
PRESENTED.September 14~ 1977
77.?163 ~ ADOPTED September 14~ ~.977
AUTHORIZING INVESTMENT OF CASH PERFORMANCE AND
MAINTENANCE BONDS AND PAYMENT OF INTEREST EARNED
RESOLVED by the Council of the Town of Leesburg, Virginia,
as follows:
SECTION I. The Director of Finance is authorized and directed
to invest cash performance and maintenance bonds of $1,000 or more
in federally insured and properly secured bank or savings and loan
association interest bearing deposits.
SECTION II. Banks and savings and loan associations in Lees-
burg shall be given an opportunity to bid for such deposits which
are to be awarded by the Director of Finance to the bank or savings
and loan association offering the highest yield.
SECTION III. Interest earned on the deposits shall be paid
upon release of the bond to the person posting the bond.
SECTION IV. Cash performance and maintenance bonds of less
than $1,000 shall be deposited and retained without interest in
the escrow account established for the purpose by the Director of
Finance until released.
PASSED this 14th day of September , 1977.
ATTEST:
Clerk of ~:~unc±l
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Mary Ar~ne Newman, Mayor
Town of Leesburg