HomeMy Public PortalAbout1991_12_10_R277 The Town of
Leesburg,
v irginia
TOWN COUNCIL
RESOLUTION NO. 91-277
DATE: December 10, 1991
At a regular meeting of the Town Council of the Town of Leesburg, Virginia,
held on the 10th day of December, 1991 the following persons were present or absent
as shown:
PRESENT:
COUNCILMEMBERS:
ABSENT:
James E. Clem
Christine M. Forester
Claxton E. Lovin
William F. Webb
Mayor Robert E. Sevila
COUNCILMEMBERS:
Georgia W. Bange
Donald A. Kimball
On motion of Mrs. 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
Clem Aye
Forester Aye
Lovin Aye
Webb Aye
Mayor Sevila Aye
The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED December 10, 1991
91-277 ADOPTED December 10, 1991
WITH RESPECTTOTHEISSUANCEANDSALEOFTHETOWNOFLEESBURG,
VIRGINIA, GENERALOBLIGATIONREFLFNDING BONDS, SERIES1991
WHEREAS, the Town Council ("Council") of the Town of Leesburg, Virginia ("Town") adopted a
Resolution on November 12, 1991, authorizing the issuance and sale of general obligation refunding bonds
of the Town in an amount not to exceed $3,000,000 ('~Bonds") for the purpose of refunding a portion of
the Town's outstanding bonds and the Town Manager has entered into a Bond Purchase Agreement with
Craigie, Incorporated in accordance with such resolution.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
1. Ratification of Bond Purchase Agreement. The execution and delivery of the Bond Purchase
Agreement and the issuance and sale of the Bonds upon the terms set forth therein is hereby ratified and
confirmed.
2. Execution of Official Statement. The Mayor of the Town is authorized and directed to
execute and deliver the Official Statement with respect to the issuance and sale of the Bonds in
substantially the form of the Preliminary Official Statement with such changes as such officer may
consider necessary or desirable in connection therewith and such Official Statement is hereby approved.
3. Designation of Bonds. The Town Council designates the Bonds as "qualified tax-exempt
obligations" eligible for the exception from the disallowance of the deduction of interest by frnaneJal
institutions allocable to the cost of carrying tax-exempt obligations in accordance with the provisions of
Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. The Town Council does not
reasonably anticipate issuing more than $10,000,000 in qualified tax-exempt obligations during calendar
year 1991 and the Town Council will not designate more than $10,000,000 of qualified tax-exempt
obligations pursuant to such Section 265(b)(3).
4. Effective Date. This Resolution shall be effective immediately.
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RESOLUTION - GENERAL OBLIGATION REFUNDING BONDS
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 a Resolution adopted by the Town Council at
day of .9991.
a reg~lsr meeting held on December 10, 1991.
December
PASSED this 10th
Robert E. Sevila, Mayor
Town of Leesburg
ATTEST:
Clerk of Council
R:Ref-Bond
CERTIFICATE AS TO LITIGATION AND OFFICIAL STATEMENT
The undersigned officers of the Town of Leesburg, Virginia
(the "Town"), in connection with the issuance and sale of the
Town's $2,705,000 General Obligation Refunding Bonds, Series
1991, dated December 1, 1991 (the "Bonds"), certify as follows:
1. No litigation of any kind is now pending or, to our
knowledge, threatened to (a) restrain or enjoin the issuance,
sale or delivery of the Bonds or the levy and collection of taxes
to pay the principal of and interest on the Bonds; (b) contest or
challenge the due adoption of resolutions by a majority of the
duly serving members of the Council at meetings duly called and
held on November 12, 1991 and December 10, 1991, as provided by
law, or otherwise affect, contest or challenge the validity of
the Bonds or in any manner question the proceedings and authority
under which the Bonds are issued; or (c) contest in any way the
refunding of a portion of the Town's $4,000,000 General
Obligation Public Improvement Bonds, Series 1983, dated May 1,
1983. The undersigned hereby certify that the titles of the
officers signing the Bonds have not been contested and that no
authority, ordinance, resolution or proceedings for the issuance
of the Bonds have been repealed, revoked or rescinded.
2. Each of the undersigned has examined the Preliminary
Official.Statement, dated November 22, 1991, and the official
!
Statement, dated December 4, 1991, both relating to the Bonds.
The descriptions and statements in the Preliminary Official
Statement and the official Statement (except in the sections
entitled "Price or Yield" on the cover and in the section
entitled "Pending Litigation") as of the date thereof and on the
date of this Certificate were and are true and correct in all
material respects, did not and do not contain an untrue statement
of a material fact or omit to state a material fact required to
be stated therein or necessary to make such descriptions and
statements, in light of the circumstances under which they were
made, not misleading. No material adverse change has occurred in
the financial condition of the Town between the date of the
Official Statement and the date of delivery of the Bonds, other
than as contemplated in the Official Statement. The undersigned
officials did not independently verify the information indicated
in the Official Statement as having been obtained from sources
other than the Town and its officers, but they have no reason to
believe that such information is not accurate.
Dated:
December 19, 1991
Mayor, ' To-wE %f~Jeesb~g,
Virginia
Town Manager, Town of Leesburg,
Leesburg, Virginia
Town of
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GENERAL CERTIFICATE OF THE
TOWN OF LEESBURG, VIRGINIA
The undersigned officers of the Town of Leesburg, Virginia
(the "Town") hereby certify that:
1. The Council of the Town (the "Council") on November 12,
1991, and at all times thereafter to and including the date of
this Certificate, consisted of the following seven persons, each
of whom is duly qualified and is serving as a member of the
Council for a term of office as hereafter stated:
Nam~
Current
Term of Office
CommeD~e~ ExDires
Robert E. Sevila
'James E. Clem
Georgia W. Bange
Christine M. Forester
Donald A. Kimball
Claxton E. Lovin
William F. Webb
July 1, 1990
July 1, 1990
July 1, 1990
July 1, 1988
July 1, 1988
July 1, 1988
July 1, 1990
June 30, 1992
June 30, 1994
June 30, 1994
June 30, 1992
June 30, 1992
June 30, 1992
June 30, 1994
2. Robert E. Sevila is the duly elected, qualified and
serving Mayor of the Town.
3. Steven C. Brown is the duly appointed, qualified and
serving Town Manager.
4. George M. Martin is the duly appointed, qualified and
serving Town Attorney.
5. Paul E. York is the duly appointed, qualified and
serving Director of Finance of the Town.
6. Barbara A. Markland is the duly appointed, qualified
and serving Clerk of the Council.
7. The $2,705,000 General Obligation Refunding Bonds,
Series 1991 of the Town, dated December 1, 1991 (the "Bonds")
have been duly executed by the facsimile signatures of the Mayor
and the clerk of the Council in the manner required by the Bonds
and the seal of the Town has been duly imprinted thereon.
8. The Bonds are issued pursuant to resolutions duly
adopted by the Council on November 12, 1991 and December 10, 1991
(collectively, the "Resolutions"). No Bonds have heretofore been
issued or are outstanding pursuant to the authority of the
Resolutions. The Resolutions have not been repealed, revoked,
rescinded or amended.
9. The representations and warranties of the Town
contained in the Bond Purchase Agreement, dated as of December 4,
1991, between the Town and Craigie Incorporated, as underwriter
are true and correct on the date of this Certificate.
Dated: December 19, 1991
[SEAL]
Town Manager, Town of
Leesburg, Virginia
Dire~6r of FiWnance, Town of
Leesburg, Virginia
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