HomeMy Public PortalAbout1988_05_25_R094TOWN OF LEESBURG
TOWN COUNCIL
Date:
RESOLUTION
May 25, 1988
At a special meeting of the Town Council of the Town of
Leesburg, Virginia, held on the 25th day of May, 1988 the
following persons were present or absent as shown:
PRESENT:
Mr. Brian T. Kelley
Mr. Hunter Leach
Mr. John Tolbert, Jr.
Mayor Robert E. Sevila
ABSENT:
Mr. James E. Clem
l~r. Arl Curry
Mr. Charles Williams
On motion of }.Ir. Kelley , seconded by Mr. Tolbert
the following Resolution was adopted by a majority of the members
of the Town Council by a roll call vote, the ayes and nays being
recorded as follows:
MEMBER
Mr. Brian T. Kelley
Mr. Hunter Leach
Mr. John Tolbert, Jr.
Mayor Robert E. Sevila
VOTE
Ave
AVe
AVe
Aye
RESOLUTION NO.
A RESOLUTION:
PRESENTED May 25, 1988
88-94 ADOPTED May 25, 1988
AWARDING THE TOWN OF LEESBURG $5,000,000 GENERAL OBLIGATION
PUBLIC IMPROVEMENT BONDS, SERIES 1988
The Town Council ("Council") of the Town of Leesbur~i,
Virginia ("Town") adopted a Resolution on May 11, 1988
("Resolution"), authorizing the issuance and sale of the
$5,000,000 General Obligation Public Improvement Bonds, Series
1988 ("Bonds"). A Preliminary Official Statement and Notice of
Sale with respect to the Bonds have been prepared and distributed
pursuant to the Resolution, bids have been received for the
purchase of the Bonds and the Council proposes to award the Bonds
to the bidder whose proposal results in the lowest true interest
cost to the Town.
NOW, THEREFORE, BE IT RESOLVED, BY THE TOWN COUNCIL OF THE
TOWN OF LEESBURG :
1. Acceptance of Bid. The Council determines that it is in
the best interest of the Town to accept the bid of
Craigie Incorporated to purchase the Bonds at the price and
interest rates set forth therein and such bid is hereby accepted.
2. Interest Rates. The Bonds of each maturity shall bear
interest at the rates set forth below:
Year of Principal Interest Year of Principal Interest
Maturity Amount Rate Maturity Amount Rate
1989 $250,000 , % 1999 $250,000 * %
1990 250,000 " 2000 250,000 "
1991 250,000 " 2001 250,000
,!
1992 250,000 " 2002 250,000
,!
1993 250,000 " 2003 250,000
1994 250,000 " 2004 250,000 "
1995 250,000 " 2005 250,000 "
1996 250,000 " 2006 250,000 "
1997 250,000. " 2007 250,000 "
1998 250',000 " 2008 250,000
~ per attached bid
3. Filing of Resolution. The appropriate officers and
agents of the Town are authorized and directed to file a
certified copy of this Resolution with the Circuit Court of the
Town of Leesburg, Virginia pursuant to Section 15.1-199 of the
Code of Virginia of 1950, as amended, and to take such further
action as they deem necessary regarding the issuance and sale of
the Bonds and all such actions previously taken by such officers
and agents are ratified and confirmed.
4. Effective Date. This Resolution shall take effect
immediately.
The undersigned Clerk of the Town Council of the Town of
Leesburg, Virginia, certifies that the foregoing constitutes a
true, complete and correct copy of the Resolution adopted at a
special meeting of the Town Council of the Town of Leesburg,
Virginia, held on May 25, 1988.
Dated: May 25, 1988
Deputy Clerk, Town Council,
Town of Leesburg, Virginia
[SEAL]
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