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RESOLUTION NO.
A RESOLLrFION:
PRESENTED March 23, 1.988
88-64 ADOPTED March 23, 1.988
AUTHORIZING A LOAN FROM THE GENERAL FUND TO THE AIRPORT
FUND FOR THE LOCAL SNARE OF PROPERTY ACQUISITION FOR THE
SOUTH RUNWAY EXTENSION
WHEREAS, the Town of Leesburg has entered into grant agreements with
the Federal Aviation Administration (FAA) and the Commonwealth of Virginia
Department of Aviation for land acquisition for the south extension and
expansion of the runway; and
WHEREAS, Town Council Resolution No. 88-9 authorized $825,000 to
purchase approximately 23 acres; and
WHEREAS, the town is negotiating to purchase another 2.5 acre parcel;
and
WHEREAS, the FAA will advance a portion of land acquisition expenses;
and
WHEREAS, the FAA and the state will reimburse ninety-five percent of
land acquisition costs after the purchase is complete; and
WHEREAS, $238,000 of town funding is needed immediately to complete
the transactions; and
WHEREAS, anticipated proceeds from the Jet Center lease with Janelle
Aviation will be used to repay the general fund:
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 $238,000 is authorized to cover the cost of the local share of
the south runway land acquisition project until lease proceeds and grant
payments are received.
A RESOLUTION: AUTHORIZING LOAN FROM GENERAL FUND TO AIRPORT FUND
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 23rd day of March , 1988.
ATTEST:
Clerk of ~uncil
Robert E. Sevila, Mayor'
Town of Leesburg
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