Minutes 02/14/1984 - Laserfiche WebLink

Home Browse Search

J?a '" 0 _ TUESDAY FEBRUARY 14, 1984 Council amend Section 22-87 of the Martinsville City Code to provide that the hourly rate for owning, operating, controlling or driving a for-hire car within the City be increased (from the current $5.00 per hour, etc.) to an amount not to exceed $30.00 per hour. In his presentation (for his client), Mr. Gendron noted that the present rates (which were established some years ago) will not allow his client to operate successfully a limousine service for which he has been issued (by the City) two Certificates of Public Convenience and Necessity and for which, until recently, there has been little, if any, demand. Mean- while, Mayor Cole posed the question as to why the Council establishes rates for taxi-cabs and other for-hire vehicles in the City. Upon being informed that the City's Industrial Development Authority has agreed to issue its bonds (in an amount estimated at $775,000) to assist Hampco Apparel, Inc., in its financing of the acquisition, construction, and equipping of a proposed storage-ware- housing facility in the City, Council unanimously adopted the following resolution approving the issuance of such bonds for said purpose: WHEREAS, the Industrial Development Authority of the City of Martinsville, Virginia (the "Authority"), has considered the application of Hampco Apparel, Inc. (the "Company"), requesting the issuance of the Authority's industrial development revenue bonds in an amount estimated at $775,000 (the "Bonds") to assist in the financing of the Company's acquisition, construction and equip- ping of a storage and warehousing facility (the "Facility") in the City of Martinsvil1e, Virginia, and has held a public hearing thereon on February 2, 1984; and WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended, provides that the governmental unit having jurisdiction over the issuer of industrial development bonds and over the area in which any facility financed with the proceeds of industrial development bonds is located must first approve of the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Martinsville, Virginia (the "City"), the Facility is located in the City, and the City Council of the City of Martinsville, Virginia (the "Council") constitutes the highest elected governmental officials of the City; and WHEREAS, the Authority recommends that the Council approve the issuance of the Bonds; and