HomeMy Public PortalAbout2006_02_14_r021The Town of
Leesburg,
Virginia
RESOLUTION NO. 2006-21.
A RESOLUTION:
PRESENTED: February 14, 2006
ADOPTED: February 14, 2006
AUTHORIZING THE DEFEASANCE AND REDEMPTION OF ALL OR
A PORTION OF THE OUTSTANDING UTILITY SYSTEM REVENUE'
REFUNDING BONDS, SERIES 1997, AND SETTING FORTH THE
THE DETAILS THEREOF AND THE PROVISIONS THEREFOR
WHEREAS, the Town Council of the Town of Leesburg, Virginia (the "Town) has
determined that it is in the Town's best interests to defease and redeem all or a portion of the
Town's outstanding Utility Revenue Refunding Bonds, Series 1997, which were issued pursuant
to a Master Indenture of Trust dated as of July 1, 1992, as supplemented and amended (the
"Master Indenture"), between the Town and SunTrust Bank, as successor trustee (the "Trustee").
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. Authorization of Defeasance and Redemption. The defeasance of all or
a portion of the July 1, 2006, through July 1, 2012, inclusive, July 1, 2017, and July 1, 2022,
maturities of the Town's outstanding Utility System Revenue Refunding Bonds, Series 1997 (the
"Series 1997 Bonds"), is authorized and approved. The Series 1997 Bonds may be defeased all
at one time or in portions from time to time. The Series 1997 Bonds shall be defeased to and are
authorized to be called for redemption on any available call date in accordance with the terms of
the Master Indenture. The Town Manager or Director of Finance is authorized to select the
particular Series 1997 Bonds to be defeased and redeemed and the redemption dates for the
selected Series 1997 Bonds as either of them may deem to be in the best interests of the Town.
RESOLUTION:
-2-
AUTHORIZING THE DEFEASANCE AND REDEMPTION OF ALL OR A
PORTION OF THE OUTSTANDING UTILITY SYSTEM REVENUE
REFUNDING BONDS, SERIES 1997, AND SETTING FORTH THE
THE DETAILS THEREOF AND THE PROVISIONS THEREFOR
SECTION II. Approval of Escrow Agreement. Each time the Town Manager or
Director of Finance may deem it necessary or desirable to effect the defeasance and redemption
of any selected Series 1997 Bonds, the Town Manager or Director of Finance is authorized to
execute and deliver on behalf of the Town an Escrow Agreement (the "Escrow Agreement"),
between the Town and such escrow agent to be selected by the Town Manager or Director of
Finance, and such Escrow Agreement may be approved by the Town Manager or Director of
Finance, whose approval will be evidenced conclusively by the execution and delivery of the
document. The Town Manager and the Director of Finance or such officers and agents as either
may designate, are authorized to execute and deliver on behalf of the Town such other
instruments, documents or certificates, and to do and perform such other things and acts, as they
deem necessary or appropriate to carry out the transactions authorized by this Resolution, and all
of the foregoing, previously done or performed by any such officer of the Town are in all
respects approved, ratified and confirmed.
SECTION III. Further Actions. The Town Manager and the Director of Finance, or
such officers and agents of the Town as either may designate, are authorized and directed to take
such further action as they deem necessary regarding the defeasance of the Series 1997 Bonds
and all actions taken by such officers and agents in connection with the defeasance of the Series
1997 Bonds are hereby ratified and confirmed.
SECTION IV. Effective Date. This Resolution shall take effect immediately.