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HomeMy Public PortalAbout1999_01_26_r021 At a regular meeting of the Town Council of the Town of Leesburg, Virginia, held on the 26th day of January, 1999, the following Town Council members were recorded as present: PRESENT: Councilmember Frank Buttery Councilmember Leonard McDonald Councilmember Joseph R. Trocino Councilmember Kristen C. Umstattd Councilmember Robert Zoldos Vice-Mayor B. J. Webb Mayor James E. Clem On motion by Vice-Mayor B. ~ J. Webb ., seconded by Councilmember Robert Zoldos , the attached Resolution was approved by a majority of the members of the Town Council by a roll call vote, the votes being recorded as follows: MEMBER VOTE Frank Buttery Abstain Leonard McDonald Nay Joseph R. Trocino Aye Kristen C. Umstattd Nay Robert Zoldos Aye Vice-Mayor B.J. Webb Aye Mayor James E. Clem Aye 4-2-1 The Town of Leesburg, Virginia PRESENTED January 26, 1999 RESOLUTION NO. 99-21 ADOPTED January 26, 1999 A RESOLUTION: OF THE TOWN COUNCIL OF THE TOWN OF LEESBURG, VIRGINIA WITH RESPECT TO THE ISSUANCE OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS WHEREAS, the Town Council of the Town of Leesburg, Virginia (the "Town) has authorized the issuance of its general obligation public improvement bonds (the "Bonds") in the maximum amount of $10,000,000 to finance the cost, in whole or in part, of various capital improvements including storm drainage improvements, parks and recreation facilities improvements, library improvements and the acquisition of land for a new high school (the "Projects") pursuant to a resolution adopted December 8, 1998 (the "Bond Projects"); and WHEREAS, a public hearing was held by the Town Council on the issuance of the Bonds on January 12, 1999. THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows: SECTION I. Authorization of Bonds and Use of Proceeds. The Town Council hereby determines that it is advisable to contract a debt and to issue and sell the Bonds pursuant to the Bond Resolution. The proceeds from the issuance and sale of the Bonds shall be used to pay the costs of the Projects. SECTION II. Details and Sale of Bonds. The Bonds shall be issued upon the terms established pursuant to the Bond Resolution and this Resolution and upon such other terms as may be determined in the manner set forth in this Resolution. RESOLUTION: -2- ISSUANCE OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS SECTION 11I. The Town Manager and the Finance Director, or either of them, are authorized and directed to provide for the sale of the Bonds, either pursuant to a negotiated sale or a request for proposals or competitive bid, in such manner as such officer or officers may determine to be in the best interest of the Town, including a private placement with a single financial institution or a distribution to multiple investors. SECTION IV. The Town Manager and the Finance Director, or either of them, are authorized and directed to accept a proposal for the purchase of the Bonds and to execute and deliver a bond purchase agreement, if required, providing for the sale and delivery of the Bonds. Such officers, or either of them are authorized and directed to approve the final details of the Bonds, including, without limitation, the aggregate principal amount of the Bonds, the optional and mandatory redemption provisions and sale price of the Bonds and the interest rate, provided that (i) the true interest cost of the Bonds shall not exceed 6.5%; (ii) the final maturity of the Bonds shall not be later than approximately 21 years from their date; (iii) the sale price of the Bonds, excluding any original issue discount, shall not be less than 98% of par; and (iv) the aggregate principal amount of the Bonds shall not exceed $10,000,000. The approval of such officers shall be evidenced exclusively by the execution and delivery of the Bonds. SECTION V. Disclosure Documents. The Mayor and the Town Manager, or either of them, and such officers and agents of the Town as either of them may designate are hereby authorized and directed to prepare, execute, if required, and deliver an appropriate preliminary official statement, official statement, continuing disclosure agreement or such other offering or disclosure documents as may be necessary to expedite the sale of each issue of the Bonds. The preliminary official statement, official statement, continuing disclosure agreement or other documents shall be published in such publications and distributed in such manner and at such times as the Town Manager shall determine. The Town Manager is authorized and directed to deem such preliminary official statement "final" for purposes of Securities and Exchange Commission Rule 15c2-12. SECTION VI. Further Actions. The Town Manager and the Finance Director and such officers and agents of the Town as either of them may designate are authorized and directed to take such further action as they deem necessary regarding the issuance and sale of the Bonds and all actions taken by such officers and agents in connection with the issuance and sale of the Bonds are ratified and confirmed. RESOLUTION: -3- ISSUANCE OF GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS SECTION VIZ Effective Date. This Resolution shall upon its passage. PASSED this 26th. day of January, 1999. take effect immediately ATTEST: Clerk of Council R:bd12699 J~rnes E. Clem, Mayor Town of Leesburg