Minutes 01/28/1985 - Laserfiche WebLink

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Ij') hs '..J MONDAY JANUARY 28, 1985 savings if the bond principal were to be redeemed on a monthly basis and, too, as pointed out by Mr. Worth H. Carter, Jr., Chairman of the Board and President of Patrick Henry National Bank, (who concurred with Mr. Brown and Mr. Fitts on the assumption interest- earning rates available to the City do not fall below 8.5%), the City has the right of anticipation (i.e., the privilege of making principal payments earlier than scheduled). On the motion by Councilman Oakes, seconded by Vice-Mayor Severt, and on a roll-call vote, Council unanimously adopted said ordinance as presented and as follows: 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 contracting 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; WHEREAS, on January 22, 1985, the Council adopted an ordinance authoriz- ing the issuance of the Bonds in the aggregate principal amount of $1,350,000 and accepting the proposal of Patrick Henry National Bank to purchase the Bonds; and WHEREAS, the Council now desires to specify the form and details of the Bonds. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA: 1. The Council hereby ratifies and affirms its action taken on January 22, 1985, authorizing the issuance and sale of the Bonds in the aggregate principal amount of $1,350,000. The Bonds shall be substantially in the form attached as Exhibit A to this Ordinance. The Bonds shall be numbered R-1 through R-30, in- clusive, shall bear interest at the rate of 8.5% per annum and shall mature on March 1 in each of the years and amounts indicated below.