HomeMy Public PortalAbout1982_06_23_R079RESOLUTION NO.
A RESOLUTION:
TOWN OF LEESBURG
IN
LOUDOUNCOUNTY, VIRGINIA
PRESENTED June 23~ 1982
82-79 ADOPTED June 23~ 1982
AUTHORIZING THE ISSUANCE AND SALE OF $680,000 ROAD BOND ANTICI-
PATION NOTES AND APPROVING OFFICIAL STATEMENT OF THE TOWN
WHEREAS, the issuance of road bonds of the Town of Leesburg, Virginia
(the Town), in the maximum amount of $680,000 was authorized by an ordinance
adopted by the Council on May 26, 1982 to provide funds for a program of road
construction and improvement, and none of such bonds have been issued and sold;
and
WHEREAS, the Council considers it desirable to borrow money in anticipa-
tion of the issuance and sale of such bonds and for the purpose for which the
bonds have been authorized;
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. There are hereby authorized to be issued and sold $680,000
road bond anticipation notes in anticipation of the issuance and sale of the
moad bonds previously authorized and for the purpose for which such bonds have
been authorized.
SECTION II. The notes shall be designated "General Obligation Road Bond
Anticipation Note% Series of 1982," shall be in bearer form without privilege
of registration, shall be dated July 21, 1982, shall mature without option of
prior redemption on July 21, 1983, and shall bear interest payable at maturity
at such rate and shall be in such denominations as shall be determined at the
time of sale. The notes shall be signed by the manual or facsimile signature
of the Mayor and attested by the manual signature of the Clerk of the Council,
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and the Town's seal shall be affixed thereto or a facsimile thereof shall be
printed thereon. Principal and interest on the notes shall be payable in
lawful money of the United States of America at the principal office of First
& Merchants National Bank, Richmond, Virginia, or The Chase Manhattan Bank,
N.A., at the option of bearer.
~SECTION III. The Mayor and the Clerk of the Council are hereby author-
ized to take all proper steps to have the notes prepared and executed in ac-
cordance with their terms and to deliver the notes to the purchasers thereof
upon payment therefor.
SECTION IV. The draft of the Official Statement dated June 11, 1982, de-
scribing the notes, copies of which have been provided each member of the Coun-
cil, is hereby approved as the Official Statement of the Town. The Mayor, in
collaboration with Horner, Barksdale & Co., may make such completions, omissions,
insertions and changes in the draft of the Official Statement not inconsistent
with this resolution as may be necessary or desirable to put it in final form.
The Town Manager shall arrange for the delivery to the purchaser of the notes
of a reasonable number of copies of the Official Statement to be delivered to
the persons to whom the purchaser initially sells the notes.
SECTION V. The notes authorized hereby shall be retired from the proceeds
of the Town's road bonds described above, and the proceeds of such bonds shall
be used for no other purpose until the notes have been retired or provision made
for their retirement. In addition, the full faith and credit of the Town are
hereby irrevocably pledged to the payment of principal of and interest on the
notes. 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 author-
ized or limited by law sufficient to pay the principal of and interest on the
notes.
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SECTION VI. Such officers of the Town as may be requested are hereby
authorized to execute an appropriate certificate setting forth the expected
use and investment of the proceeds of the notes issued pursuant hereto in
order to show that such expected use and investment will not violate the pro-
visions of § 103(c) of the Internal Revenue Code of 1954, as amended, and
regulations issued pursuant thereto, applicable to "arbitrage bonds." Such
certificate shall be in such form as may be requested by bond counsel for the
Tow~ ·
SECTION VII.
PASSED this
23rd day of
This resolution shall take effect immediately.
June , 1982.
Town of Leesburg
ATTEST:
Clerk of Cou~6il -