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HomeMy Public PortalAbout1983_03_23_R040The Town of Leesburg in Virginia PRESENTED March 23, 1983 ADOPTED March 23, 1983 Resolution No. 83-'40' RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $4,000,000 PUBLIC IMPROVEMENT BONDS, SERIES 1983, OF THE TOWN OF LEESBURG, VIRGINIA, HERETOFORE AUTHORIZED,.AND PROVIDING FOR THE FORM, DETAILS AND PAYMENT THEREOF WHEREAS, the issuance of $3,320,000 general obligation public improvement bonds of the Town of Leesburg, Virginia (the Town), was authorized by an ordinance adopted by the Council on able funds, for constructing various scribed in such ordinance; and March 23, 1983, to provide funds, together with other avail- public improvements as de- WHEREAS, the issuance of $680,000 general obligation road bonds of the Town was authorized by an ordinance adOpted by the Council on May 26, 1982, to provide funds, together wi~ other available funds, to finance a program of road con~truc- tion and improvement; and WHEREAS, none of such bonds have been issued and sold; 2. and · WHEREAS, notes in the principal amount of $680,000 is- sued in anticipation of the issuance of such bonds will mature on July 21, 1983, and it appears to be in the best interest of the Town to issue bonds to refund such notes at or prior to their maturity; BE IT RESOLVED BY THE COUNCIL OF THE TOWN OF LEESBURG, VIRGINIA: 1. There are hereby authorized to be issued and sold $4,000,000 general obligation public improvement bonds of the Town, for the purposes set forth in the ordinances authorizing such bonds. 2. The bonds shall be designated "Public Improvement Bonds, Series 1983," shall be dated May 1, 1983, shall be cou- pon bonds in bearer form in the denomination of $5,000 each, without privilege of registration, and shall be numbered from 1 to 800, inclusive. The bonds shall bear interest from their date at such rate or rates as shall be determined at the time of sale, payable semiannually on February 1 and August 1, be- ginning on February 1, 1984, and shall mature on August 1 in installments of $150,000 in each of the years 1984 to 1990, in- clusive, $175,000 in each of the years 1991 and 1992, $200,000 in the year 1993, $225,000 in each of the years 1994 to 1997, inclusive, and $250,000 in each of the years 1998 to 2003, in- clusive. Principal of and premium, if any, and interest on the bonds 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., New York, New York, at the option of bearer. 3. Bonds maturing on or before August 1, 1993, are not subject to redemption prior to maturity. Bonds maturing on or after August 1, 1994, are subject to redemption prior to matur- ity at the option of the Town on or after August 1, 1993, 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 interest accrued and unpaid to the redemption date and a redemption premium of one-fourth of one percent (1/4 of IX) of such principal amount for each six month period, or part there- of, between the redemption date and the stated maturity dates of the bonds to be redeemed, provided that the redemption pre- mium shall not exceed 2 1/2~ of such principal amount. 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 Council shall cause notice of the call for re- demption identifying the bonds to be redeemed to published once 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, which publications shall appear not less than 30 nor more than 60 days prior to the re- demption date. 4. The bonds shall be signed by the manual or facsimi- le signature of the Mayor, shall be countersigned by the manual signature of the Clerk of the Council and the Town's seal shall be affixed thereto or a facsimile thereof shall be printed thereon. The coupons attached to the bonds shall be authenticated by the facsimile signature of the Mayor. 5. The bonds and the coupons shall be in substantially the following form: ( FORM OF BOND) No. $5,000 UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA TOWN OF LEESBURG Public Improvement Bond, Series 1983 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 sum of FIVE THOUSAND DOLLARS ($5,000) on August 1, __, and to pay interest thereon from the date hereof until payment at the rate of percent (__~) per year, payable on February 1 and August 1, beginning February 1, 1984, upon presentation and surrender of the attached coupons as they becOme due. Principal of and premium, if any, and in- terest on this bond are payable in lawful money of the United states of America at'the principal office of First & Merchants' National Bank, Richmond, Virgina, or The Chase Manhattan Bank, N.A., New York, New York, at the option of bearer. This bond is one of an issue of $4,000,000 public im- provement bonds of like date and tenor, except as to number, rate of interest, privilege of redemption and maturity, autho- rized by ordinances adopted by the Town Council on May 26, 1982, and March 23, 1983, and is issued pursuant to the Constitution and statutes of the Commonwealth of Virginia, including the Town Charter and the Public Finance Act, as amended, to finance various public improvements. 0 Bonds maturing on or before August 1, 1993, are not subject to redemption prior to maturity. Bonds maturing on or after August 1, 1994, are subject to redemption prior to matur- ity at the option of the Town on or after August 1, 1993, 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 interest accrued and unpaid to the redemption date and a redemption premium of one-fourth of one percent (1/4 of 1%) of such principal amount for each six month period, or part there- of, between the redemption date and the stated maturity dates of the bonds to be redeemed, provided that the redemption pre- mium shall not exceed 2 1/2~ of such principal amount. 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 Council shall cause notice of the call for re- demption identifying the bonds to be redeemed to be published once 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, which publications shall appear not less than 30 nor more than 60 days prior to the redemption date. The full faith and credit of the Town are hereby irrevocably pledged for the payment of principal of and inter- est on this bond. All acts, conditions and things required by the Constitution and statutes of the Commonwealth of Virginia to happen, exist or be performed precedent to and in the issuance of this bond have happened, exist and have been performed, and the issue of bonds of which this bond is one, together with all other indebtedness of the Town, is within every debt and other limit prescribed by the Constitution and statutes of' the Commonwealth of Virginia. IN WITNESS WHEREOF, the Town of Leesburg, Virginia, has caused this bond to be signed by the facsimile signature of its Mayor, to be countersigned by the manual signature of the Clerk of the Council, a facsimile of its seal to be printed hereon, the attached coupons to be authenticated by the facsimile sig- nature of its Mayor, and this bond to be dated May 1, 1983. COUNTERSIGNED: Clerk of the Council, Town of Leesburg, Virginia (SEAL) Virginia (FORM OF COUPON) No. $ February On August 1, __, unless the bond to which this coupon is attached, if callable, has been duly called for prior re- demption and provision 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 The Chase Manhattan Bank, N.A., New York, New York, at the option of bearer, being the interest then due on its Public Improvement Bond, Series 1983, dated May 1, 1983,/qand numbered . Major, T0~ L~sburg, Virginia 6. The full faith and credit of the Town are hereby irrevocably pledged for the payment of principal of and inter- est on the bonds. Unless other funds are lawfully available and appropriated for timely payment of the bonds, the Council shall levy and collect an annual ad valorem tax over and above all other taxes authorized or limited by law on all locally taxable property in the' Town sufficient to pay the principal of and interest on the bonds, as the same become due. 7. The Town Manager, in collaboration with Homer, Barksdale & Co., the Town's financial advisor, is hereby autho- rized and directed to take all proper steps to advertise the bonds for sale in accordance with the Notice of Sale attached hereto, provided that the Town Manager, in collaboration with Homer, Barksdale & Co., may make such omissions, insertions and changes in the Notice of Sale not inconsistent with this resolution as he may consider to be in the best interest of the Town. 8. A printer's proof of the Official Statement dated March 16, 1983, describing the bonds, copies of which have been provided each member of the Council, is hereby approved as the Official Statement of the Town. The Mayor, in collaboration with Horner, Barksdale & Co., may make such completions, omis- sions, insertions and changes in the printer's proof of the Official Statement not inconsistent with this resolution as he may consider to be necessary or desirable to complete it as an Official Statement in final form. The Town Manager shall arrange for the delivery to the successful purchaser of the bonds of a reasonable number of copies of the Official Statement to be delivered to the persons to whom such purchaser and members of his bidding group initially sell the bonds. 9. After bids have been received and the bonds have been awarded, the Mayor and the Clerk of the Council 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 bonds to the purchasers thereof upon payment therefor. 10. All other actions of officers of the Town in con- formity with the purposes and intent of this resolution and in furtherance of the issuance and sale of the bonds are hereby approved and confirmed. 11. Such officers of the Town as may be requested are hereby authorized and directed to execute an appropriate cer- tificate 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 the provisions of § 103(c) of th'e Internal Revenue Code of 1954, as amended, and regulations issued pursuant thereto, applicable to "arbitrage bonds." Such certificates shall be in such form as may be requested by bond counsel for the Town. 12. The Clerk of the Council, in collaboration with the Town Attorney, is hereby authorized and directed to see to the immediate filing of a certified copy of this resolution with the Circuit Court of Loudoun County and within ten days there~ after to cause to be published once in a newspaper of general circUlation in the Town a notice setting forth (1) in brief and general terms 'the purposes for which the~bonds are to be issued and (2) the amount of such bonds and the amount for each purpose. 13. The Director of Finance is hereby directed to apply $680,000 from the proceeds of the bonds to pay $680,000 road bond anticipation notes issued in anticipation of the issuance of the bonds and to place such amount in an escrow fund to be used only for such purpose until the payment of the notes on or before July 21, 1983. 14. Ail resolutions or parts of resolutions in conflict herewith are hereby repealed. 15~ PASSED this This resolution shall take effect immediately. 23rd day of March , 1983. ~ober% E. ~ila, Mayor Town of Leesburg ATTEST: 7 ' 10.