HomeMy Public PortalAbout1991_09_10_R189The Town of
Leesburg,
.rg ma
RESOLUTION NO.
A RESOLUTION:
91-189
PROPOSED BOND
EXPANSION AND
REGULATIONS
PRESENTED September 10, 1991
ADOPTED September 10, 1991
ISSUE FOR WASTEWATER TREATMENT PLANT
INTERNAL REVENUE SERVICE REIMBURSEMENT
Robert E. Sevila, Mayor
Town of Leesburg
Clerk of Council
PASSED this 10th day of September, 1991.
WHEREAS, the Town Council of the Town of Leesburg, Virginia (the town) has determined that
it is necessary and desirable to undertake the expansion and improvement of the town's wastewater
treatment plant ("project") with a total cost of approximately $22,300,000 of which approximately
$20,000,000 will be financed with tax-exempt or taxable bonds.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. Statement of Intent. The town presently intends, at one time or from time to time,
to finance the project with tax-exempt or taxable bonds or other obligations (the "bonds") and to
reimburse capital expenditures paid by the town, including expenditures previously paid by the town to
the extent permitted by law, in connection with the project before the issuance of the bonds.
SECTION II. Source of Interim Financing and Payment of Bonds. The town expects to pay the
capital expenditures related to the project and incurred before the issuance of the bonds with an
interfund loan or loans from the town's general fund or from temporary appropriations or loans from
its capital projects fund. The town expects to pay debt service on the bonds from its utility fund
consisting of utility fund revenues.
SECTION III. Effective Date; Public Inspection. This resolution is adopted for the purposes of
complying with proposed Treasury Regulation #1.103-17 or any successor regulation and shall be in full
force and effect upon its adoption. The Clerk of Council is instructed to file a copy of this resolution in
the records of the town within 10 days after its adoption and thereafter keep it continuously available
for inspection by the general public during the town's normal business hours.