Minutes 04/14/1987 - Laserfiche WebLink

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TUESDAY, APRIL 14, 1987 BE IT ORDAINED by the Council of the City of Martinsville, Virginia, in regular meeting asssembled this fourteenth day of April, 1987, that the Zoning Map of the City of Martinsville, Virginia, be--and is hereby-- amended to the extent that Lots A through F at 410 Memorial Bouldvard are hereby rezoned from C-3 Commercial and R-6 Residential to M-3 Industrial. BE IT FURTHER ORDAINED by said Council that, an emergency existing, this ordinance shall be in force on and after April 15, 1987. Upon motions, duly seconded and unanimously carried, Council adopted (1) the following ordinance which authorizes the issuance and sale of the City's General Obligation (Water) Refunding Bonds, Series 1987, as slightly revised from a similar ordinance placed on first reading by Council at its recent March 24th meeting, and (2) the following resolution authorizing and directing the establishing of a Sinking Fund for the proceeds from the sale of said refunding bonds: ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 1987 OF THE CITY OF MARTINSVILLE, VIRGINIA IN THE AMOUNT OF $1,160,264 AND SETTING FORTH THE FORM AND DETAILS THEREOF WHEREAS, the Council (the "Council") of the City of Martinsville, Virginia (the "City") has determined that it is in the best interest of the City to refund in full its outstanding General Obligation Bonds, Series of 1985, dated March 1, 1985 (the "1985 Bonds") and to issue refunding bonds of the City for such purpose; and WHEREAS, the City is authorized by Section 15.1-192 of the Code of Virginia of 1950, as amended (t6e "Code"), to issue bonds for the purpose of refunding any or all bonds of the City; NOW, THEREFORE, BE IT ORDAINED, BY THE COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA: 1. The City hereby determines that it is advisable to contract a debt and to issue and sell the City's general obligation refunding bonds (the "1987 Bonds") in an amount not to exceed $1,160,264. The proceeds from the issuance and sale of the 1987 Bonds, together with funds to pay accrued interest to be provided by the City, shall be used to prepay in full on April 30, 1987 the 1985 Bonds. The issuance of the 1987 Bonds is hereby authorized. 2. The 1987 Bonds shall be issued in fully registered form, shall be dated April 15, 1987, shall be in the denominations of $5,000 each or whole multiples thereof (except one 1987 Bond maturing on March 1, 1992 shall be in the denomination of $5,264), shall be numbered from R-1 upwards consec- utively and shall bear interest semi-annually payable on March 1 and September 1 of each year, beginning on September 1, 1987. The 1987 Bonds shall mature on March 1 in the years and amounts and shall bear interest at the annual rates as follows: