HomeMy Public PortalAbout1979_03_28_R043RESOLUTION NO.
TOWN OF LEESBURG
IN
LOUDOUN COUNTY, VIRGINIA
PRESENTED March 28, 1979
79-43 ADOPTED March 28, 1979
RESOLIfI'ION AtJ..~ORIz~,,~ TI{E ISSUANCE ~iND
07 $~,50,000 P{]BLiC PARKIi~G FACII, i~ 'BONDS~ .
k~ERE~,, the issumnce of general obligation bonds of
was authorized' by an ordinance adopted .by the C0~a~cii of the
Town of Leesbuz-g on Septemb.~r 27, 1978, to finance the develop-
ment of a surface parking facility for public use; and
none of such bonds have been issued and sold;
RE~,uL:..~,D BY 2]fd% COU,~'olL OF 'i~/E TOWN OF LEESBURG,
1. There are hereby authorized to be issued and sold
$!50,000 ge.ner~l obligatfon, public parking facility bonds of
the To~ of Laesburg, Vir-gini~.,
o
2. The bonds shall be coupon bonds without privilege
of registration, shall be designated "Public Parking Facility
Bonds, Series of 1979," shall be dated May 1, 1979, shall be
of the denomination of $5,000 each, shall be numbered from 1
to 30, inclusive, and shall mature in installments of $50,000
on May 1, 1984, May 1, 1989, and May 1, 1994. The bonds shall
bear interest at such rate or rates as determined at the time
of sale, payable semiannually on May 1 and November 1. Both
principal and interest shall be payable in lawful money of the
United States of America at the principal office of First &
Merchants National Bank, Richmond, Virginia, or Chase Manhattan
Bank, N.A., New York, New York, at the option of bearer.
3. Bonds maturing on or before May 1, 1989, are not
subject to redemption prior to maturity. Bonds maturing on or
after May 1, 1990, are subject to redemption prior to maturity
at the option of the Town on or after May 1, 1989, in whole at
any time or in part on any interest payment date, upon payment
of the principal amount of the bonds to be redeemed plus in-
terest accrued and unpaid to the redemption date and a redemp-
tion premium of one-quarter of one percent (1/4 of 1%) of such
principal amount for each six month period, or part thereof,
between the redemption date and the stated maturity date of
the bonds to be redeemed. If less than all of the bonds are
called for redemption, the bonds to be redeemed shall be
selected by the Director of Finance in such manner as he may
determine to be in the best interest of the Town. The Town
Council shall cause notice of the call for redemption identi-
fying the bonds to be redeemed to be published twice in both
a financial journal published in the City of New York, New York,
and in a newspaper of general circulation published in the
City of Richmond, Virginia, the first publications of which
shall appear not less than 30 nor more than 60 days prior to
the redemption date.
'.. ".:. "4, The. bonds sha~.i be. si[~T, ed by the facsimile signature 3.
of the Mayor .of the To~% of Leesburg,. shall be. countersigned by
its Clerk and a facsimile oi i~ ~e~[l ~hall be printed on th~
bonds. The coupons attached to the bonds shall be authenticated
by the facsimile signatures of the Mayor and the clerk.
' '5. The.bonds and coupons shall be in substantially the
following.fo~m:
(FORM OF BOND)
NO.
UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
600
TOWN OF LEESBURG ..
Publ'ic Pa'rking Fa'c'ility Bond, Series o'f 1979
' '' The Town of Leesburg, Virginia, for value received, hereby
acknowledges itself indebted and promises to pay to bearer uPon
presentation and surrender hereof the principal s,,m of' .
... F~VE THOUSAND DOLLARS ($5,000) . .... ~ .......:
On May 1, 191 .., and to pay interest thereon from ~he date hereof
until` payment at the rate of''' percent '('' 7.). per year, pay-
able semiannually on May I and November 1 upon presentation and
'surrender of the attached coupons as they become due. Both·
principal of and interest on this bond are payable in lawful
money of the United States of America at the principal office
of First & Merchants National Bank, Richmond, Virginia, or
.Chase Manhattan Bank, N.A., New York, New York, at the option
of bearer.
This bond is one of an issue of $150,000 public parking
facility bonds of like date a~%d tenor, except as to n,~mher,
rate of interest, privilege of redemption and maturity, authorized
b.y ordinance duly adopted by the Council of the Town of Lees-
burg on September 27, 1978, and is'issued pursuant to the Con-
stitution and statutes of the Co=~nonwealth of Virginia, including
the Town Charter (Chapter 433, Acts of Assembly of 1962, as
amended) and the Public Finance Act, as amended, to providm
funds to finance the development of a surface parking facility
for public use. - ..
Bonds mat~ing on or before May 1, 1989, are not subject.
to redemption prior to maturity. 'Bonds m~turing on or after
May 1, 1990~ are subject to redemption prior to maturity at
· the option of the Town on or after May 1, 1989, in whole at
any time or in part on any interest payment date,~ upon payment
of'the principal amount of the bonds to be redeemed pius in-
terest accrued and unpaid to the'~r'edemptioh da~e and a redemp-
tion premium of one-quarter of' one percen~ (1/4' Of' 1%) of such
principal amount for each six month period, or part thereof,
between'the redemption date and the stated maturity date of -~"
the bonds to be redeemed. If less than all of the bond~ are
'called for redemption, the bonds to be redeemed shall be
selected by the Director of Finance tn such~manner as"he may
determine to be' in the best interest of the Town. The TOwn
Council shall cause notice of the call for rede~idn indenti-
lying the bonds to be redeemed to be published twice in both
a financial joubnal published in the City of New York, New .York,
and in a newspaper of general circulation published in the
City of Richmond, Virginia, the first publications of which
shall appear not less than 30 nor more than 60 days prior to
the redemption date.
The-full faith and credit of the Town of Leesburg are
hereby irrevocably pledged for the payment
and interest on this bond.
of principal of
All acts conditions
, anu th.~n~.~, r~.quzred by the Constitu-
'tton and statutes of the Cc)m:~2t~mwa3itk of Virginia to happen,
o
exist or be performed precedent to and in the i~'suance of this
bond have happened, exist and have been'performed, and the issue
of bonds of which this bond is one, ~ogether with all other in-
debtedness of the Town of Leesburg, is within every debt and '
other limit ·prescribed by the Constitution and statutes of the
C~mmonwealth of Virginia. ,
' ~' IN WITNESS WHEREOF, the Town o.f Leesburg, Virginia, has
caused this bond to be signed by the facsimile signature~ of its
Mayor, to be countersigned by its clerk, a facsimile of its seal
to be printed hereon, the attached coupons to be authenticated
~y the facsim~le signatures of its ~.~yor and Clerk, and this "'
bond to be da~ed May 1, 1979.
. COUNTERSIGNED-:.
Clerk, Town of' Leesburg,
Virginia
No.
Maybr, Town of Leesburg,
Virginia .'.
.... ,'. ;. -~;---=:%
(FORM OF. couPoN)
On November 1, 19--, unless the bond to which this coupon
is attached has been duly called for prior redemption and pro-
vision made for payment thereof, the Town of LeeSburg, Virginia,
will pay to bearer the sum of
Dollars
($
) in lawful money of the United States of America at
the principal office of First & Merchants National Bank, Richmond,
Virginia, or Chase Manhattan Bank, N.A., New York, New York, at
the option of bearer, being the semiannual interest then due
on its Public Parking Facility Bond, Series of 1979, dated
May 1, 1979, and numbered
Clerk, Town of Leesburg,
Virginia
Mayor, Town of Leesburg,
Virginia
6. The full faith and credit of the Town of Leesburg
are hereby irrevocably pledged for the payment of principal
of and interest on the bonds. There shall be levied and
collected annually on all locally taxable property in the Town
an ad valorem tax over and above all other taxes authorized
or limited by law sufficient to pay such principal and interest
as the same respectively become due and payable.
7. The bonds shall be combined with $5,000,000 Water
Bonds, Series of 1979, authorized by an ordinance adopted by
the Town Council on May 24, 1978, and offered for sale as if
the two issues constituted a single issue of $5,150,000 bonds.
The Town Manager, in collaboration with Municipal Advisors
Incorporated, the Town's financial advisor, is hereby authorized
and directed to take all proper steps to advertise the bonds
for sale substantially in accordance with the Notice of Sale
attached hereto as Exhibit A. The Town Manager may make such
changes in the Notice of Sale not inconsistent with the provi-
sions of this resolution as he may consider in the best interest
of the Town.
8. The printer's proof of a Prospectus describing the
bonds, copies of which have been provided each member of the
Town Council, is hereby approved as the Prospectus of the Town.
The Town Manager may make such changes in the proof of the
Prospectus not inconsistent with this resolution as he may
consider in the best interest of the Town. The Prospectus shall
then be printed and copies provided to prospective bidders for
the bonds. Following receipt of bids and the award of the
bonds, the Town Manager shall ~rrsnge for the delivery to the
purchasers of the bonds of up to 300 .copies of the Prospectus
to be delivered to the persons to whom such purchasers and
members of their bidding group initially sell the bonds.
9. After bids have been received and the bonds ~wara~,
t. he Town Manager, the Mayor and the Clerk are hereby authorized
and 'directed to take all proper steps to have the bonds prepared
and executed in accordance with their terms' and to deliver the.
bpnds to the purchasers thereof upon payment therefor.
10. Such officers of the Town of Leesburg as may be
requested' are hereby authorized to execute an appropriate.
certificate setting forth the expected use and investment of
the proceeds of the bonds issued PUrsuant 'hereto in order to
show that such expected use and investment will not 'violate
~e provisions of §103(c) of the Internal Revenue' COde' of '"
~954. as amended, and regulations issued pursuant thereto'. ''
aPPl'~cable to "arbitrage bonds". Such ce~tifidate shall'be :'
in ~uch form as may be requested by bond counsel for the ToWn. "
11. The Clerk is hereby authorized and directed to see
to the immediate filing of a certified coPy of this resolution'
with the Circuit Court o:f Loudoun County and within ten days
thereafter to cause to be published once in a newspaper of
general circulation in the To-~n of. LeesbUrg a notice setting
forth (1) in brief and general terms the purpose for which
the bonds are to be issued and (2) the ~aaount of such bonds.
12. The Town Council agrees not to sell any general'
obligation bonds of the Town during ~:he next 90 days follow-
ing' the sale of the bonds without the consent of the managing
Underwriter of the bonds.
I3. The Director of Finance is hereby directed to apply
from the proceeds of the bonds such amount~ as may be necessary to
pay any notes issued in anticipatio~ o~ the issuance and sale
Of the bonds.. .:
14.. Ail resolutions or parts of resolutions in conflict
herewith are'hereby repealed.
15.
.This resolution shall take effect immediately.
PASSED this 28th day of March , 1979.
Kenneth B. Rollins, Mayor
Town of Leesburg
ATTEST:
rk of Coun~l '