Agenda 06/13/2005 - Laserfiche WebLink

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~eetinn 2. T)e~cri.ntinn nf the Nnte~ nnd the The City Council finds that it is expedient for thc City to borrow money and issue thc Notes for the School Project in a maximum amount not to exceed TWO MII'J.ION FIVE HUNDRED THOUSAND DOI'J.ARS ($2,500,000) and to borrow money and issue thc Bonds for the Landfill Project in a maximum amount not to exceed TWO MllJ JON FIVE HUNDRED THOUSAND DOH.ARS ($2,500,000). The maximum length of time that the Notes will be outstanding is three and one-half years from the date of issuance of the Notes and the maximum length of time that the Bonds will be outstanding is fifteen years from the date of issuance of thc Bonds. The form and details of the Notes and the Bonds which are proposed to be issued will be more specifically set forth in a City Ordinance to be entitled "AN ORDINANCE AUTHORIZING THE ISSUANCE OF UP TO $2,500,000 MAXIMUM PRINCIPAL AMOUNT OF GENERAL OBLIGATION NOTES OF THE CITY OF MARTINSVI~.I.F, VIRGINIA FOR PURPOSES OF ASSISTING IN THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF SCHOOL CONSTRUCTION PROJECTS AND UP TO $2,500,000 MAXIMUM PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS OF THE CITY OF MARTINSVII./.I~.: VIRGINIA FOR THE PURPOSES OF ASSISTING IN THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF LANDFII.I. CONSTRUCTION PROJECTS AND PROVIDING FOR THE FORM, DETAILS AND PAYMENT THEREOF," which will be introduced before the Council and considered for passage following a public hearing on the issuance of the Notes and the Bonds, as required by law. ~oeti~n 3 - F'~;rthor Aetinn; A;~thnri;od The City Manager, Clerk of the Council, City Treasurer, City Attorney, Sands Anderson Marks & Miller, a Professional Corporation as bond counsel, Davenport & Company LLC as financial advisor to thc City and all other officers, employees and agents of the City are hereby authorized and directed to take any and all such further action as shall be deemed necessary or desirable to facilitate consideration of the issuance of the Notes and thc Bonds, including but not limited to issuance of a request for proposals for purchase of thc Notes and the Bonds by a bank or banks, the publication and broadcasting, as required by the City Charter, of notice of a public hearing to be held prior to final authorization by the City Council of the issuance of the Notes and thc Bonds. The public hearing shall be held on July 12, 2005 at 1:00 p.m. at the City Council Chambers, Second Floor, City of Martinsville Municipal Building, 55 West Church Street, Martinsville, Virginia 24112. All actions of the City Manager, Clerk of the Council, City Treasurer, City Attorney, bond counsel, the City's financial advisor and all other officers, employees and agents of the City in furtherance of the issuance of the Notes and the Bonds and the financing of the School Project and the Landfill Project are hereby approved and ratified.