HomeMy Public PortalAbout1979_08_28_R120 TOWN OF LEESBURG
IN
LOUDOUN COUNTY, VIRGINIA
RESOLUTION NO. 79-120 PRESENTED August 28, 1979
ADOPTED __~_.~ust 28, 1979
A RESOLUTION: CONCERNING A FINANCIAL PLAN FOR THE POTOMAC RIVER
WATER SUPPLY PROJECT
WHEREAS, the estimated remaining project costs for the Potomac
River water supply project are $7,425,000.00; and
WHEREAS, the $5,000,000.00 1979 water bond issue and utility
fund reserve balances are together insufficient to pay the full cost
of the Potomac River water supply project without additional bonded
debt; and
WHEREAS, the town's financial consultant has described a plan
for the issuance of $1,500,000.00 utility improvement bonds to mature
beginning after the year 1992:
THEREFORE, RESOLVED by the Council of the Town of LeesbUrg,
Virginia, as follows:
SECTION I. It is this Council's intention to pay the remaining
costs of the Potomac River water supply project from the $5,000,000.00
1979 water bonds, utility fund reserve balances of approximately
$925,000.00 and a new $1,500,000.00 general obligation utility improve-
ments bond issue.
SECTION II. The manager is authorized and directed to prepare
legislation necessary and appropriate for the issuance of $1,500,000.00
-2-
general obligation utility improvement bonds and to submit the same
for consideration by this Council.
PASSED this 28th day of August , 1979.
Attest:
Kenneth B. Rollins, Mayor
Town of Leesburg
Clerk of C~ncil