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<br />August 9, 2005 <br /> <br />A regular work session of the Council of the City of Martinsville, Virginia, <br /> <br />was held on August 9, 2005, in Council Chamber, Municipal Building, <br /> <br />beginning at 1 :00 P. M., with Mayor Joe Cobbe presiding. Council Members <br /> <br />present included: Joseph R. Cobbe, Mayor; Kimble Reynolds, Jr., Vice Mayor; <br /> <br />and Council Members James W. Clark, J. Ronald Ferrill, and Terry L. Roop. <br /> <br />Mayor Cobbe opened the meeting. <br /> <br />Council next considered the need to adopt an Initial Ordinance and set a <br /> <br />public hearing for August 23, 2005 authorizing the issuance of up to <br /> <br />$2,800,000 principal amount of General Obligation Refunding Bonds for the <br /> <br />refinancing of the current bonds issued in 1999. Council Member Ferrill moved <br /> <br />to adopt the following Initial Ordinance; the motion was duly seconded and <br /> <br />carried by the following vote, all members voting: <br /> <br />Vote: 5-0. <br /> <br />Yeas: (5) Cobbe, Reynolds, Roop, Ferrill, Clark. <br /> <br />Nays: (0) None. <br /> <br />AN ORDINANCE RECITING THE EXPEDIENCY OF THE ISSUANCE OF <br />UP TO $2,800,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION <br />REFUNDING BONDS OF THE CITY OF MARTINSVILLE, VIRGINIA, AND <br />SETTING FORTH THE PURPOSE, IN GENERAL TERMS, FOR WHICH <br />THE BONDS ARE TO BE ISSUED, THE MAXIMUM AMOUNT OF THE <br />BONDS TO BE ISSUED AND THE MAXIMUM LENGTH OF TIME SUCH <br />BONDS WILL BE OUTSTANDING <br /> <br />Be it Ordained by the Council of the City of Martinsville, Virginia: <br /> <br />Section 1 - Findines and Determinations <br /> <br />."--~_..._._" - -.-.."------.--- <br />