Laserfiche WebLink
<br />354 <br /> <br />MONDAY <br /> <br />MAY 21, 1984 <br /> <br />the public hearing have been filed with the Council; now, therefore, <br /> <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA, <br />as follows: <br /> <br />1. The Council hereby approves the issuance of the Bonds by <br />the Authority for the benefit of the Company, as stipu- <br />lated by said Section 103(k), to permit the Authority to <br />assist in the financing of the Project; <br /> <br />2. The approval of the issuance of the Bonds, as stipulated <br />by said Section 103(k), does not constitute an endorse- <br />ment to a prospective purchaser of the Bonds of the <br />credit-worthiness of the Project or of Routson, and, as <br />required by Section 15.1-1380 of the Code of Virginia of <br />1950, the Bonds shall provide that neither the City nor <br />the Authority shall be obligated to pay the Bonds or the <br />interest thereon or other costs incident thereto except <br />from the revenues and moneys pledged therefor and neither <br />the faith or credit nor the taxing power of the Common- <br />wealth, the City or the Authority shall be pledged <br />thereto; and <br /> <br />3. This Resolution shall take effect immediately upon its <br />adoption. <br /> <br />Pursuant to statutory requirements and to prior directive of City Council, Council con- <br /> <br />ducted a duly-advertised public hearing on a proposed 1984-85 budget for the City, as <br /> <br />.. <br /> <br />tentatively revised, which budget included estimated revenues and expenditures in all <br /> <br />City funds as well as the proposed usage in 1984-85 of Federal Revenue Sharing monies <br /> <br />and, in addition, proposed the retaining of the same property tax rates as were in <br /> <br />effect for 1983-84. Speaking to the budget, as revised, was Mr. Charles A. Wilson, of <br /> <br />1033 Owens Road, who registered his objections to the usage of both Revenue Sharing <br /> <br />funds and Electric Fund surplus funds (as proposed) to help finance the City's "daily <br /> <br />operations". In so doing, Mr. Wilson asserted that (1) the assessed valuation of his <br /> <br />residential property has increased 53% during the last four years; (2) the proposed <br /> <br />budget is merely a "want list" from various City departments and their proposed allo- <br /> <br />cations are "out-of-line"; (3) the Council should declare the tentative budget (as <br /> <br />revised) out-of-balance and direct the City Manager to reduce the proposed spending <br />