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C 68 <br /> MINUTES OF SPECIAL MEETING OF LEESBURG TOWN COUNCIL, APRIL 19, 1978. <br /> A special meeting of the Leesburg Town Council was held in the <br /> Council Chambers, 10 West Loudoun Street, Leesburg, Virginia on <br /> April 19; 1978. The meeting was called -to order by the Mayor at <br /> 8 : 12 P.M. Present were: Mayor Mary Anne Newman, Councilmembers <br /> Charles E. Bange, .Glen P. Cole, Stanley D. Herrell, Jr. , James A. <br /> Rock, C. Terry Titus and John W. Tolbert, Jr. ; also, Town Manager <br /> 'John Niccolls and Assistant -to the Manager Jeffrey H. Minor. In the <br /> absence of the Clerk, Mary Mack was appointed Clerk Pro-Tem. <br /> Mayor Newman stated that this meeting was called principally for <br /> the consideration of the issuance of water bonds and retaining bond <br /> counsel . <br /> 78-0-10 - Ordinance - Authorizing the issuance of $5, 000;000 Water <br /> bonds of the Town of Leesburg, Virginia. <br /> On motion of Mr. Rock, seconded by Mr. Tolbert, the following <br /> ordinance was proposed: <br /> ORDAINED by the Council of the Town of Leesburg, Virginia: <br /> SECTION I. It is hereby determined to benecessary and ex- <br /> pedient ,for the Town of. Leesburg to improve and enlarge its <br /> water system to promote the development and public welfare <br /> of the Town of Leesburg and to borrow money for such pur- <br /> pose and issue the Town' s general obligation bonds therefor. <br /> SECTION II. Pursuant to the authority of the Town Charter <br /> and the Public Finance Act, as amended, there are hereby <br /> authorized to be issued bonds of the Town of Leesburg in <br /> the maximum amount of Five Million Dollars ($5, 000, 000) <br /> -• to:provide-:funds; together with other funds that may be <br /> available, to improve and enlarge the Town' s water system, <br /> including construction of. a water intake structure, fil- <br /> tration and treatment plant, storage facility, pumping sta- <br /> tion and transmission mains. <br /> SECTION III. The bonds shall bear such date or dates , ma- <br /> ture at such time or times not exceeding 40 years from their <br /> dates, bear interest at such rate or rates not to exceed the <br /> maximum rate authorized by law at the time the bonds are <br /> sold, be in such denomination and form, be executed in such <br /> manner and be sold at such time or times and in such manner, <br /> including a separate sale or a sale in combination with bonds <br /> that may be hereafter authorized for other purposes, as the <br /> Council shall hereafter provide by appropriate resolution or <br /> resolutions. <br /> SECTION IV. The bonds shall be general obligations of the <br /> Town of Leesburg for the payment of principal of and inter- <br /> est on which its full faith and credit shall be irrevocably <br /> pledged. <br /> On motion of Mr. Rock, seconded by Mr. Herrell, the following amend- <br /> ments were proposed and adopted by a vote of 6 to 1 abstention: <br /> I/ At the end of Section II add: " ; in such manner and accord- <br /> ing to such plan or program as shall be approved, or from <br /> time to time revised, by the Council . " <br /> In Section III delete the phrase: "including ,a separate <br /> sale or a sale in combination with bonds that may be here- <br /> after authorized for other purposes, " <br /> At the end of Section IV add: ", provided that the system <br /> revenues from within and without the Town shall be maintained <br /> at levels sufficient to operate and maintain the water system <br /> and retire such outstanding debt as may exist. " <br /> Aye: Councilmembers Bange, Cole, Herrell , Rock, Tolbert=and <br /> Mayor Newman. <br /> Nay: None. <br /> Abstention: Councilmember Titus. <br /> On motion of Mr. Rock, seconded by Mr. Bange, the following amendment <br /> was proposed and adopted by a roll call vote of 6 to 1 abstention: <br />