HomeMy Public PortalAbout2006_02_14_r019The Town of
Leesburg,
Virginia
RESOLUTION NO. 2006-19
PRESENTED Februaryl4, 2006
ADOPTED February 14, 2006
RESOLUTION: AUTHORIZING AMENDMENT TO THE TOWN'S UTILITY
ENTERPRISE FUND BUDGET FOR FISCAL 2006
WHEREAS, the Town Council (the "Town Council") of the Town of Leesburg,
Virginia (the "Town") has determined that it is in the best interest of the Town to defease
of all or a portion of the Town's outstanding Utility Revenue Refunding Bonds, Series
1997 (the "Series 1997 Bonds"); and
WHEREAS, the Town Council proposes to amend the Utility Enterprise Fund
budget (the "Utility Enterprise Fund Budget") to allocate funds for the defeasance of a
portion of the Town's Series 1997 Bonds; and
WHEREAS, the Town Council has determined that it is advisable to appropriate
an amount not to exceed $25,000,000 of the Town's Utility Enterprise Fund (the "Utility
Enterprise Fund") to be used to defease all or a portion of the Town's Series 1997 Bonds;
and
WHEREAS, a public hearing has been held after due publication of notice of the
proposed amendment as required by Section 15.2-2507 of the Code of Virginia of 1950,
as amended.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
SECTION I. Amendment to Utility Enterprise Fund Budget. The Town's Utility
Enterprise Fund Budget is amended as follows:
-2-
RESOLUTION: AUTHORIZING AN AMENDMENT TO THE TOWN'S UTILITY
ENTERPRISE FUND BUDGET FOR FISCAL 2006
$25,000,000 or such lesser amount as may be determined by the Director of Finance shall
be removed from the line item entitled "unreserved fund balance," and appropriated to the
line item entitled "bonds payable."
SECTION II. Authorization of Appropriation. The Town appropriates an
amount not to exceed $25,000,000 of the Town's Utility Enterprise Fund, from amounts
allocated to "bonds payable" line item, to be used for the purpose of defeasing all or a
portion of the Series 1997 Bonds.
SECTION III. Effective Date. This Resolution shall take effect immediately.
PASSED this 14th day of February 2006.
ATTEST:
lerk of Council
R06: amend utility enterprise fund
Town of Leesburg