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DAVID B WORTHY
<br />
<br />City
<br />
<br />of Martinsville
<br />
<br />VIRGINIA
<br />
<br />RESOLUTION
<br />
<br /> WHEREAS, the School Board of the City of Martinsville, Virginia is going to be
<br />required to expend the sum of $180,000.00 to repair the roof at Albert Harris School, the sum of
<br />$75,000.00 to repair the auditorium ceiling at Albert Hams School, the sum of $45,000.00 to
<br />install two boilers at Patrick Henry School, and the sum of $324,'802.00 to purchase seven school
<br />buses, and,
<br />
<br /> WHEREAS, it will be necessary for said School Board to borrow the money necessary
<br />for the aforesaid purposes, and,
<br />
<br /> WHEREAS, SunTrust Bank has offered to make a loan to the School Board of the City
<br />of Martinsville, Virginia in the principal amount of $624,802.00 to finance the aforesaid
<br />expenditures, and,
<br />
<br /> WHEREAS, {}22.1-110 of the Code of Virginia authorizes the School Board of the City
<br />of Martinsville, subject to the approval of the Council of the City of Martinsville, to borrow the
<br />aforesaid amount of money from the said SunTrust Bank, said loan to be evidenced by that
<br />certain negotiable promissory note in the principal amount of $624,802.00 beating interest at the
<br />rate of 3.86% per annum payable in 60 consecutive monthly installments of principal and interest
<br />in the amount of $11,467.25 each, and,
<br />
<br /> WHEREAS, at a regular meeting held on September 10, 2001 said School Board adopted
<br />a resolution authorizing its chairman to execute on behalf of said School Board that certain
<br />promissory note dated September 12, 2001 made by the School Board of the City of
<br />Martinsville, Virginia and payable to SunTrust Bank in the principal amount of $624,802.00 and
<br />beating interest at the rte of 3.86% per annum and payable in 60 consecutive monthly
<br />installments of principal and interest each in the amount of $11,467.25 beginning October 12,
<br />2001 and a final payment equal to the unpaid balance of phncipal plus interest and any other
<br />amounts owed due on September 12, 2006, a copy of said note being attached hereto and made a
<br />part of this resolution,
<br />
<br /> NOW THEREFORE, BE IT RESOLVED by the Council of the City of Martinsville,
<br />Virginia, in regular session held on September 11, 2001, that the aforesaid resolution of the
<br />School Board of the City of Martinsville, Virginia authorizing its chairman to execute the
<br />aforesaid note, as aforesaid, be, and it hereby is, approved, ratified, and confirmed, and
<br />
<br /> BE IT FURTHER RESOLVED, that a copy of this resolution be forwarded to the School
<br />Board of the City of Martinsville at the beginning of the work day on September 12, 2001.
<br />
<br />Attest:
<br />
<br />Johnathan B. Phillips, Clerk of Council Date Adopted
<br />
<br />
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