Loading...
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 '