Minutes 01/28/1985 - Laserfiche WebLink

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f) ".1 4.,. HONDAY JANUARY 28, 1985 Pursuant to action of City Council at its regular meeting held January 22, 1985, a special - meeting of the Council of the City of Martinsville, Virginia, with Mayor William C. Cole, Jr., presiding, was held Monday, January 28, 1985, in the Council Chamber, City Hall, be- ginning at 3:00 P.M., for the purposes of considering and acting upon an ordinance (prepared by McGuire, Woods & Battle, the City's bond attorneys) authorizing the issuance and sale of the City's $1,350,000 General Obligation Bonds for water system improvements and setting forth the form and detail of the bonds, plus the considering in Executive Session of nomi- nees for appointment to fill a vacancy on the Planning Commission, the considering of nomi- - nees for appointment or reappointment to the Board of Piedmont Seniors of Virginia, Inc., the considering of legal matters within the Council's jurisdiction, and the considering of personnel matters, followed by such actions as Council would choose to take in reconvened open session. All members of Council were present, as follows: William C. Cole, Jr., Mayor; Eliza H. Severt, Vice-Mayor; Alfred T. Groden; L. D. Oakes; and Clyde L. Williams. After the invocation, Mayor Cole stated the purposes of this meeting, as hereinbefore set forth, followed by the presentation of the aforementioned bond ordinance which, by the adop- tion of same, would affirm and ratify Council's acceptance at its January 22nd meeting of a proposal submitted by Patrick Henry National Bank to purchase said bonds at an annual interest rate of 8.5% and to be redeemed in annual amounts for a period of ten years. Acting City Manager George W. Brown reviewed with Council certain features of the proposed - bond ordinance, after which several members of Council, noting that the maturity schedule therein would require principal payments on an annual basis rather than on a monthly basis (as was discussed at Council's January 22nd meeting), inquired as to whether it might be to the City's advantage to revise the maturity schedule to provide for monthly principal pay- ments. Both Mr. Brown and Finance Director Richard D. Fitts, in response and by explanation, pointed out that by the retention and investing of monies (the first year's payment of prin- cipal and interest already on hand and invested) in anticipation of each annual payment, it is believed that the interest earned by the City thereby would, at least, offset the interest-