HomeMy Public PortalAbout1990_08_08_R214Leesl~urg in ~irgini~
RESOLUTION NO.
A RESOLUTION:
PRESENTED August 8, 1990
90-214 ADOPTED August 8, 1990
RATIFYINGTHEAWARDOFTHETOWNOFLEESBURG, VIRGINIA,$4,500,000
GENERAL OBLIGATION PUBLIC IMPROVEMENTBONDS, SERIES 1990
WHEREAS, the Town Council ("Council") of the Town of Leesburg, Virginia, ("Town") adopted a
Resolution on July 11, 1990, ("Resolution"), authorizing the issuance and sale of the town's $4,500,000
General Obligation Public Improvement Bonds, Series 1990 ("Bonds"). A Prellmin,~y Offi~i,1 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 town m~rmger has awarded
the Bonds to the bidder whose proposal results in the lowest true interest cost to the town in accordance
with the Resolution.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. Ratification of Award. The Council ratifies the award of the Bonds to Craigie,
Incorporated and associates at the price and interest rates set forth therein and ratifies the terms of the
Bonds as established pursuant to the attached Certificate as to Interest Rates.
SECTION II. Filing of Resolution. The appropriate officers and agents of the town are authorized
and directed to £de a certified copy of this Resolution with the Circuit Court of the County of Loudoun,
~n'gini~, pursuant to Section 15.1-199 of the 1950 Code of Virginia, 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 confwmed.
SECTION Ill. Effective Date. This Resolution shall take effect immediately.
The undersigned Clerk of the Town Council of the Town of Leesburg, ~r~r~ni~. certifies that the
foregoing constitutes a true, complete and correct copy of the Resolution adopted at a meeting of the
Town Council of the Town of Leesburg, Virginia, duly call and held on August 8, 1990.
- · ~/ Town of Leesburg
Clerk of Co~cil
R:Ratifying-Bond
CERTIFICATE AS TO INTEREST RATES
The undersigned town manager, in accordance with the Resolution adopted by the Town Council
of the Town of Leesburg, Virginia, on July 11, 1990, determines that it is the best interest of the Town
of Leesburg, Virginia (~l~own") to accept the bid of Craigie, Incorporated and associates to purchase the
town's $4,500,000 General Obligation Public Improvement Bonds, Series 1990 ("Bonds") and such bid is
accepted. The Bonds shall mature on August i in the years and amount and bear interest at rates set
forth below:
Year of Principal Interest Year of Principal Interest
Maturity Amount Rate Maturity Amount Rate
1991 $ 50,000 6.50% 2001 $250,000 6.50%
1992 50,000 6.50 2002 250,000 6.60
1993 50,000 6.50 2003 250,000 6.65
1994 100,000 6.50 2004 350,000 6.70
1995 100,000 6.50 2005 350,000 6.75
1996 100,000 6.25 2006 350,000 6.80
1997 100,000 6.30 2007 350,000 6.85
1998 100,000 6.35 2008 500,000 6.90
1999 100,000 6.40 2009 500,000 6.95
2000 100,000 6.45 2010 500,000 7.00
Date& August 7, 1990
Jeo~o-I-I. Minor, Town Manager
f Leesburg
Cert-Rates
TOWN OF LEESBURG, VIRGINIA RESOLUTION
TOWN COUNCIL Date: August 8, 1990
At a regular meeting of the Town Council of the Town of
Leesburg, Virginia, held on the 8th day of August, 1990 the
following persons were present or absent as shown:
PRESENT:
Robert E. Sevila, Mayor
Georgia W. Bange
James E. Clem
Christine M. Forester
Donald A. Kimball
Claxton E. Lovin
William F. Webb
ABSENT:
None
On motion of
Mr. Lovin , seconded by Ms. Forester ,
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 VOTE
Robert E. Sevila, Mayor,
Georgia W. Bange
James E. Clem
Christine M. Forester
Donald A. Kimball
Claxton E. Lovin
William F. Webb
Aye
Aye
Aye
Aye
~y~
Aye