HomeMy Public PortalAbout1998_05_26_R126The Town of
Leesburg,
Virginia
PRESENTED May 26, 1998
RESOLUTION NO. 98-126 ADOPTED May 26, 1998
A RESOLUTION: ESTABLISHING A NON-STOCK CORPORATION TO
ADMINISTER FINANCIAL CONTRIBUTIONS
WHEREAS, since March, 1997, $1,475,000 has been contributed to the Town of
Leesburg for various purposes; and
WHEREAS, $37,000 has been disbursed by Town Council and $75,000 has been reserved
for police department related uses; and
WHEREAS, interest earned from the $1,000,000 contribution made on May 8, 1997, and
the $250,000 contribution made on July 10, 1997, was designated by Town Council on January
27, 1998, to partially offset debt service payments funding the acquisition of the high school site;
and
WHEREAS, the Finance Committee on May 19, 1998, voted to recommend the creation of
a non-stock corporation to administer these contributions.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
A non-stock corporation is hereby created to administer contributed funds m accordance
with the wishes of the donor and Town Council. The Finance Committee
recommend guidelines to create the bylaws and Articles of Incorporation.
PASSED this 264 day of May, 1998.
A _~_~_ff~ST:
Clerk of Council
R:non-stock
is requested to
/=~'/~' James E. Clem, Mayor
Town of Leesburg