HomeMy Public PortalAbout1985_06_12_R093The Town of Leesburg in Virginia
PRESENTED June 12~ 1985
AMENDED June 12, 1985
RESOLUTION NO. 85-93 ADOPTED June 12~ 1985
A RESOLUTION: APPROVING THE TRANSFER OF FUNDS FROM THE GENERAL FUND TO THE
AIRPORT FUND
WHEREAS, the firm of Ballou & Justice, architects and consulting engineers,
have submitted to the town a final payment request in the amount of $111,746.Z2
to be made to Underwriters Adjusting Company for Moss Construction Company on
work completed at the airport terminal building and flight service station; and
WHEREAS, the funds to be used to pay this final billing are currently in-
vested in a certificate of deposit at the Jefferson Savings and Loan Associa-
tion which is scheduled to mature on July 22, 1985; and
WHEREAS, should the town withdraw these invested funds prior to maturity,
an interest penalty of $7,400 would be assessed by Jefferson Savings and Loan
Association:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. A transfer of funds from the General Fund to the Airport Fund
in the amount of $111,746.72 is authorized to cover the final payment to Under-
writers Adjusting Company for construction work completed by Moss Construction
Company at the airport terminal building and flight service station.
SECTION II. Upon maturity of the certificate of deposit at Jefferson Sav-
ings and LoanAssociation, the Airport Fund will reimburse to the General Fund
the sum of $111,746.72, plus simple interest at the annual rate of seven percent
from the date of transfer to the date of maturity of the certificate of deposit.
PASSED this 12th day of June
ATTEST: , ,~v ,,-"7
Clerk Of -~dn'ci~ '
/
Town of Leesburg