HomeMy Public PortalAbout1982_07_14_R085 TOWN OF LEESBURG
IN
LOUDOUN COUNTY, VIRGINIA
PRESENTED July 14~ 1982
RESOLUTION NO. 82-85 ADOPTED July 14~ 1982
A RESOLUTION: AWARDING $680,000 GENERAL OBLIGATION ROAD BOND ANTICIPATION
NOTES, SERIES OF 1982, TO HORNER, BARKSDALE & CO.
WHEREAS, the issuance of $680,000 general obligation road bonds was
authorized by an ordinance adopted by the Council on May 26, 1982, to fi-
nance a program of road construction and improvements, and none of such
bonds have been issued and sold; and
WHEREAS, the Council of the Town of Leesburg, Virginia (the Town),
adopted a resolution on June 23, 1982, authorizing the issuance and sale
of $680,000 General Obligation Road Bond Anticipation Notes, Series of 1982
(the Notes); and
WHEREAS, a representative of Horner, Barksdale & Co., has presented
an offer to purchase the notes in the form of the Purchase Agreement at-
tached hereto;
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. After mature consideration of the methods of sale of bond
anticipation notes and current conditions of the municipal bond market, it
is hereby determined that the sale of the Notes through negotiation with
Horner, Barksdale & Co., rather than by public sale is in the best interest
of the Town.
SECTION II. The Notes, the form and details of which have heretofore
been prescribed by the foregoing resolution, are hereby awarded to Horner,
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Barksdale & Co. in accordance with the terms of the Purchase Agreement and
shall bear such rate of interest and be in such denominations as stated in
the Purchase Agreement. The Manager is hereby authorized and directed to
execute the acceptance of such offer appearing thereon.
SECTION III. This resolution shall be effective on its passage.
PASSED this 14th day of July
ATTEST:
Town of Leesburg
HORNER, BARKSDALE
LYNCHBURG, VIRGINIA 24504
duly 14, 1982
CO.
PURCHASE AGREEMENT
$680,000
TOWN OF LEESBURG, VIRGINIA
BOND ANTICIPATION NOTES
SERIES OF 1982
Town Council
Town of Leesburg
P. O. Box 88
Leesburg, VA 22075
Dear Sirs:
We wish to submit the following offer of purchase for $680,000 Town of
Leesburg, Virginia, Road Bond Anticipation Notes, Series of 1982, dated July
21, 1982, and maturing, without right of prior redemption, on July 21, 1983,
and bearing interest at the rate of nine and one-half percent (9 1/2%) per
annum.
For all, but not less than all, of the Bond Anticipation Notes, we will
pay Six Hundred Seventy-Three Thousand, Two Hundred Dollars ($673,200).
The purchase is conditioned on the delivery in Richmond, Virginia of the
properly executed documents included in the "Transcript of Proceedings" as pre-
pared by Bond Counsel. The purchase price represents the total payment to the
Town by Horner, Barksdale & Co., and all costs relating to the issuance and the
delivery of the Notes will be paid by the Town (i.e. Bond Counsel, preparation
of the Official Statement, paying agents, auditor's expenses, travel expenses
of Town officials, etc.) except those incurred directly by Homer, Barksdale &
Co.
The Bond Anticipation Notes will be in the denominations of five (5)
pieces at $100,000, three (3) pieces at $50,000 and one (1) piece at $30,000.
We will pay accrued interest, if any, from their date to the date of delivery
and will accept delivery in Richmond, Virginia on or about July 21, 1982,
The approving opinion of Hunton & Williams, Richmond, Virginia, will be
furnished to 'the undersigned and will accompany the Notes upon settlement date,
stating that the Bond Anticipation Notes are general obligations of the Town of
Leesburg, and are secured by the full faith and credit of the Town.
The closing papers of Hunton & Williams shall include a certificate dated
as of the date of the delivery of the Bond Anticipation Notes, stating that
HORNER, BARHSDALE & CO.
PURCHASE AGREEMENT
Town Council
Leesburg, Virginia
2 July 14, 1982
there is no litigation pending or, to the knowledge of the signer of such
certificate, threatened, affecting the validity of the Notes or the means
provided for their payment.
Please indicate your acceptance of this purchase contract by signing in
the spaces below.
Respectful ly submitted,
ZBARKSDALE & CO.
Edwin B. Hornet, Jr.
Pres i dent
ACCEPTED
BY
TITLE
DATE
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