Minutes 01/22/1985 - Laserfiche WebLink

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. ." TUESDAY JANUARY 22, 1985 its General Obligation Bonds, in the amount of $1,350,000.00 for water system improve- ments, to Patrick Henry National Bank in acceptance of this bank's proposal for ten-year bonds at a fixed annual interest rate of 8~%: WHEREAS, the City Council (the "Council") of the City of Martinsville, Virginia (the "City") adopted an Ordinance on August 28,1984, requesting the Circuit Court of the City to order an election on the question of con- tracting a debt and issuing general obligation bonds of the City in an amount of up to $1,500,000 for the purpose of paying the costs of various water system improvements (the "Bonds"); and WHEREAS, on September 4, 1984, the Circuit Court of the City ordered that an election be held on November 6, 1984 (the "Election"); and - WHEREAS, at the Election, a majority of the City's voters approved the issuance of the Bonds; and WHEREAS, in an Order entered December 6, 1984, the Circuit Court of the City authorized the Council to proceed to carry out the wishes of the voters as expressed at the Election; and WHEREAS, the Council deems it in the City's best interest to authorize the issuance and sale of the Bonds. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA: 1. The Council of the City hereby determines that it is advisable to contract a debt and issue and sell the City's general obligation Bonds in an aggregate principal amount of up to $1,350,000. The issuance and sale of the Bonds are hereby authorized. The pro- ceeds of the Bonds shall be used to pay the cost of various water system improvements. 2. The proposal of Patrick Henry National Bank, dated January 15, 1984, providing for a fixed rate of interest of 8~% for a term of ten years, a copy of which is attached, is hereby accepted. - 3. McGuire, Woods & Battle, Richmond, Virginia, Bond Counsel, is hereby directed to prepare a definitive ordinance for consideration by the Council setting forth the form and details of the Bonds based on the proposal of Patrick Henry National Bank. 4. The Clerk of the Council is hereby authorized and directed to immedi- ately cause a certified copy of this Ordinance to be filed with the Circuit Court of the City pursuant to Sections 15.1-199 and 15.1-212 of the Code of Virginia of 1950, as amended and to publish a notice of the authorization of the issuance of the Bonds pursuant to Section 15.1-216 of such Code. ,- 5. This Ordinance shall take effect immediately.