HomeMy Public PortalAbout1988_09_27_R176RESOLUTION NO.
88-176
PRESENTED September 27, 1988
ADOPTED September 27, 1988
A RESOLUTION: AUTHORIZING A LOAN FROM THE UTILITY FUND TO THE AIRPORT
FUND FOR PROPERTY ACQUISITION FOR THE NORTH RUNWAY EXTENSION
WHEREAS, the Town of Leesburg has completed a 1000 foot extension of
the airport runway to the north; and
WHEREAS, Town Council Ordinance #88-0-19 approved the Alan Kay
rezoning which required the town to purchase 2.383 acres for $181,656.00 at
the airport's north end September 30, 1988 to avoid interest charges; and
W]{EREAS, the FAA and State of Virginia have agreed to fund the
purchase and are processing the application; and
WHEREAS, the Airport Fund balance is not sufficient to complete the
transfer; and
WHEREAS, anticipated grant funds will not be received by September 30,
1988.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. A loan to the Airport Fund from the Utility Fund in the
amount of $71,000 is authorized to cover the cost of the land acquisition
transaction until lease proceeds and grant payments are received.
SECTION II. Interest of six percent will be paid the Utility Fund
-2-
RESOLUTION: AUTHORIZING LOAN FROM UTILITY FUND TO AIRPORT FUND FOR PROPERTY
ACQUISITION FOR THE NORTH RUNWAY EXTENSION
from the Airport Fund during the term of this loan.
PASSED this day 27th of Septembe~r , 1988.
Robert E. seVila~ Mayor
Town of Leesburg
ATTEST:
cabreso