HomeMy Public PortalAbout1988_01_27_R015 ccs rg in Zirginia
REsourrioN NO.
PRESENTED January 27, 1988
ADOPTED January 27, 1988
A RESOLUTION: AUTHORIZING A LOAN FROM THE GENERAL FUND TO THE AIRPORT FUND
FOR THE LOCAL SHARE OF THE NORTH RUNWAY EXTENSION PROJECT
WHEREAS, the Town of Leesburg entered into grant agreements with the
Federal Aviation Administration and the Commonwealth of Virginia Department
of Aviation for the extension of the north runway and expansion of the
apron at the airport; and
WHEREAS, the Town must pay the local share of these projects which
amounts to five percent of the $2.4 million total cost; and
WHEREAS~ the project is complete; and
WHEREAS, proceeds from the Jet Center lease with Janelle Aviation were
anticipated to be used for the local share; and
WHEREAS, these proceeds are to be received within the next two to
three months; and
WHEREAS, the local share must be paid immediately:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia:
SECTION I. A loan to the airport fund from the general fund in the
amount of $97,000 is authorized to cover the cost of the local share of the
north runway extension project until lease proceeds are received.
SECTION II. Interest of six percent will be paid to the general fund
from the airport fund during the term of this loan.
PASSED this 27th day of January
ATTEST:
Clerk of ~uncil
, 1988.
Robert E. Sevila, Mayor
Town of Leesburg