HomeMy Public PortalAbout1980_05_14_R057TOWN OF LEESBURG
IN
LOUDOUN COUNTY, VIRGINIA
RESOLUTION NO. 80-57 PRESENTED May 14, 1980
ADOPTE~ May 14, 1980
A RESOLUTION: APPROVING THE SALE OF STOCK IN CENTURY AVIATION, INC., TO
DIESEL SUPPLIES INTERNATIONAL, INC., PAUL M. LE~AC, RAIL-
WAYS SERVICES INTERNATIONAL, INC. AND WILLIAM L. DICKEY
WHEREAS, the present stockholders of Century Aviation, Inc.
desire to sell 9,000 shares of common stock to Diesel Supplies Inter-
national, Inc., a Delaware corporation, Paul M. Legac, an individual of
McLean, Va., Railway Services International, Inc., a Delaware corporation,
William L. Dickey, an individual of McLean, Va~ in order to recapitalize ~
and reorganize the firm; and
WHEREAS, Article XIV, Section 1 of the Lease and Operating Agree-
ment between the Town of Leesburg and Century Aviation, Inc., requires
Council approval of any sale or transfer of stock in aggregate of more
than ten percent tb new parties; and
WHEREAS, the Leesburg Airport Commission has endorsed the pro-
posed sale of stock to the aforementioned individuals and corporations.
THEREFORE, RESOLVED by the Council of the Town of Leesburg,
Virginia, as follows:
SECTION I~ Subject to the conditions outlined in Section II of
this resolution, the sale of 9,000 shares of common stock in Century
Aviation, Inc. to Diesel Supplies International, Inc., Paul M. Legac,
Railway Services International, Inc., and William L~ Dickey in line with
a April 18, 1980 proposal and related documents and instruments, sub-
mitted by William L. Dickey, is approved.
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SECTION II. Approval of the aforementioned stock sale shall be
contingent on the happening of all of the following within the time
limits specified:
(a) FBO fees for Century Aviation's 1980-81 FBO license shall
be paid by July 1 as required by town ordinance and regulation.
(b) Century Aviation, Inc. shall pay overdue bills in the
amount of $110 for snow removal and bulb replacement at the airport.
(c) Century Aviation, Inc. shall pay to the town within 15 days
of receipt of its invoice, an amount equal to the town's premium for
Century Aviation leasehold liability insurance at the airport in force
from January 1, 1980 through the date of cancellation.
(d) Century Aviation, Inc. shall pay to the Loudoun County
Treasurers Office $1,536.96 which represents overdue real and personal
property taxes, to be paid by July 1, 1980.
(e) The Town shall receive a photostatic copy of the executed
Recapitalization and Reorganization Agreement concerning this investment
in Century Aviation, Inc.
SECTION III. If any of the above conditions are not met with-
in the deadlines provided or any extensions agreed to by the Town Conncil,
the approval of the stock sale granted herein shall become null and void.
PASSED this 14th
Attest:
Clerk of C~ncil
day of May , 1980.
G. Dewey H~t_i., 'Jr., ~yor Pro-Tern
Town of Lees~5%rg