<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: