Agenda 06/13/2005 - Laserfiche WebLink

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Be it Ordained by the Council of the City of Martinsville, Virginia: ,~erfinn 1 o Irindin~ nnd FJeterminntinn~ The City Council ("City Council") of the City of Maninsville, Virginia (the "City") proposes to issue notes for the purpose of assisting in the acquisition, construction and equipping of renovations and improvements to classrooms and other spaces at Patrick Henry Elementary School located in the City (the "School Project") and hereby finds and determines that: (i) the City is in need of funds to be used by the City for school construction needs brought to the attention of the City Council by the Martinsville School Board and the Martinsville City Manager, specifically for the School Project, for costs of issuance of the Notes (defined below) and for payment of interest on the Notes; (ii) the obtaining of such funds will be for municipal purposes of the City, for the welfare of citizens of the City for purposes which will serve the City and its citizens pursuant to the authority of the City to provide funds for and otherwise support the City's public schools; (iii)the most effective, efficient and expedient manner in which to provide such funds to the City is through the issuance of a general obligation literary fund loan anticipation notes or bond anticipation notes in an original principal amount not to exceed $2,500,000 to be issued by the City as further described herein (the "Notes") to be used for the acquisition, construction and equipping of the Project and for certain costs of issuance of the Notes; (iv) the issuance of the Notes is within the power of the City to contract debts, borrow money and make and issue evidence of indebtedness; and, (iv) the issuance of the Notes is in the best interests of the City and its citizens. It is expected that the principal amount of the Notes will be paid or prepaid from proceeds of a loan or loans from the Virginia Literary Fund, the Virginia Public School Authority or other available funds of the City and the School Board. The City Council of the City further proposes to issue bonds for the purpose of the acquisition, construction and equipping of renovations, additions and improvements to the City of Maninsville Landfill, including corrective action plan construction mandated by . environmental regulations and closure of the Landfill mandated by environmental regulations · (together, the "Landfill Project") and hereby finds and determines that: (i) the City is in need of funds to be used by the City for the Landfill Project, for costs of issuance of the Bonds (defined below) and for payment of interest on the Bonds; (ii) the obtaining of such funds will be for municipal purposes of the City, for the welfare of citizens of the City for purposes which will serve the City and its citizens pursuant to the authority of the City to provide funds for and otherwise acquire, construct, equip and improve solid waste management facilities; (iii) the most effective, efficient and expedient manner in which to provide such funds to the City is through the issuance of general obligation Bonds in an original principal amount not to exceed $2,500,000 to be issued by the City as further described herein (the "Bonds") to be used for the costs of the Landfill Project, for certain costs of issuance of the Bonds and for payment of interest on the Bonds; (iv) the issuance of the Bonds is within the power of the City to contract debts, borrow money and make and issue evidence of indebtedness; and, (iv) the issuance of the Bonds is in the best interests of the City and its citizens.