HomeMy Public PortalAbout2014_07_08_R076 Amending 2014-R073 Authorizing Issuance of General Oblig Bonds The Town of
Leesburg,
Virginia PRESENTED: July 8, 2014
RESOLUTION NO. 2014-076 ADOPTED: July 8, 2014
A RESOLUTION: AMENDING RESOLUTION 2014-073 AUTHORIZING THE
ISSUANCE OF GENERAL OBLIGATION AND REFUNDING
BONDS, SERIES 2014
WHEREAS, the Town Council of the Town of Leesburg, Virginia (the "Town") adopted
Resolution 2014-073 on June 24, 2014 (the "Original Resolution") authorizing the issuance of
the Town's general obligation bonds to finance the costs, in whole or in part, of various capital
improvement projects and the refunding of all or a portion of the outstanding principal amount of
certain general obligation bonds of the Town; and
WHEREAS, the Town Council proposes to provide certain additional terms with respect
to the portion of the bonds authorized pursuant to the Original Resolution to be used to refund
certain of the Town's outstanding general obligation bonds (the "Refunding Bonds"); and
WHEREAS, the Refunding Bonds are to be issued on the terms set forth in the Original
Resolution, as amended by this Resolution.
NOW, THEREFORE, BE IT RESOLVED by the Council of the Town of Leesburg in
Virginia as follows:
1. Refunding of Prior Bonds. The Town Council hereby determines that it is
advisable to issue the Refunding Bonds to refund, redeem or defease, as appropriate, all or a
portion of the outstanding principal amount of the Town's General Obligation Public
Improvement Bonds, Series 2005 and the Town's General Obligation Public Utility Bonds,
Series 2006 on the terms and conditions set forth herein and in the Original Resolution.
2. Details and Sale of Refunding Bonds. The Town Manager or his designee is
authorized to determine and approve the final details of the Refunding Bonds, including without
limitation, the principal amount of the Refunding Bonds, the series designation of the Refunding
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A RESOLUTION: AMENDING RESOLUTION 2014-073 AUTHORIZING THE
ISSUANCE OF GENERAL OBLIGATION AND REFUNDING
BONDS, SERIES 2014
Bonds, the maturity dates of the Refunding Bonds, the redemption provisions of the Refunding
Bonds, the sale price of the Refunding Bonds, and the interest rates and interest rate provisions
on the Refunding Bonds, provided that (i)the maximum principal amount of Refunding Bonds
shall not exceed $18,500,000, (ii)the final maturity of the Refunding Bonds shall not be later
than approximately 31 years from their date; and (iii)the true interest cost of the Refunding
Bonds shall not exceed five percent (5.0%) per annum (taking into account any original issue
discount or premium). The provisions regarding the Savings Parameter in the Original
Resolution are superseded by the parameters set forth in this Resolution.
3. Original Resolution in Effect as Amended. The Original Resolution shall remain
in full force and effect except as amended by this Resolution.
4. Filing of Resolution. The Town Attorney is authorized and directed to file or to
cause to be filed a certified copy of this Resolution with the Circuit Court of the County of
Loudoun, Virginia, pursuant to Section 15.2-2607 of the Code of Virginia of 1950, as amended.
PASSED this 8th day of July, 2014.
Kris C. U tattd, ayor�
Town of Leesburg
AT T.
Clerk of Co
P:\Resolutions\2014\0708 Bond Sale-Amended resolution.doc