HomeMy Public PortalAbout1990_06_13_R112Leest~urg in ~Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED June 13, 1990
90-112 ADOPTED June 13, 1990
ESTABLISHING AN ESCROW ACCOUNT FOR STATE GRANT PROCEEDS
FOR DODONA MANOR
WHEREAS, the town has been awarded a $490,000 grant by the Department of Historic Resources
to be used toward the purchase of Dodona Manor; and
WHEREAS, the purchase of Dodona Manor is not expected to occur prior to June 30, 1990; and
WHEREAS, in order to preserve these grant funds for the acquisition of Dodona Manor, the
Council desires to establish an escrow account into which these funds can be deposited; and
WHEREAS, these funds will remain in said escrow account and will be used only as settlement
proceeds toward the purchase of the property; and
WHEREAS, payments from this escrow account will be made only upon the approval of Paul York,
the project supervisor and the Department of Historic Resources:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The manager is directed to establish an escrow account with a local bank for the
deposit of state grant funds for Dodona Manor.
SECTION II. Paul York, Director of Finance, is designated as the town's project supervisor for the
Dodona Manor escrow account and his signature along with that of a representative of the Department
of Historic Resources will be required to disburse funds from the escrow account.
SECTION III. In the event the town should be unsuccessful in its acquisition of Dodona Manor,
all state grant funds deposited in the escrow account will be returned to the Department of Historic
Resources.
PASSED this 13th day of June , 1990.
Robert E. Sevila, Mayor
Town of Leesburg
ATTEST:
Clerk of ~ouncil
R:Escrow