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<br />122 <br /> <br />TUESDAY <br /> <br />AUGUST 28, 1984 <br /> <br />With the introduction of a proposed ordinance which would request the Circuit Court <br /> <br />of the City of Martinsville to order an election on November 6, 1984, on the question <br /> <br />of the City's contracting debt and issuing its "general obligation" bonds in the <br /> <br />amount not to exceed $3,325,000.00 to finance the cost of expanding the City's sewage <br /> <br />treatment plant and (of) making certain other sewer system improvements, questions <br /> <br />were posed by members of Council (1) as to the urgency for conducting a sewer bond <br /> <br />referendum on November 6, 1984, rather than at some later date at a special <br /> <br />election; (2) as to the cost of holding a special election; (3) as to when monies <br /> <br />will be needed for the proposed sewer system project; (4) as to the effect upon the <br /> <br />proposed referendum and/or the bond issuance if Council is not now in unanimous support <br /> <br />of proceeding with adoption of the ordinance, as presented, or even at some later date; <br /> <br />(5) as to how general or specific will the election ballot read; (6) as to the City's <br /> <br />options, in the event the proposed sewer system project costs either less or more than <br /> <br />the amount stipulated in the referendum ordinance; (7) as to the effect, both immediate <br /> <br />and long-range, usage of some or all of the Electric Fund's escrowed funds to finance <br /> <br />some or a major portion of the cost of the sewer project might have on future electric <br /> <br />system capital requirements (i.e., the costs) and/or future City property tax rates; <br /> <br />and (8) as to the City's alternatives, pending the result of on-going negotiations with <br /> <br />the Henry County Public Service Authority and the findings from on-going studies per- <br /> <br />taining to meeting both the City's and the PSA's sewage treatment needs, a report on <br /> <br />which is to be submitted no later than October 15, 1984. After some discussion of these <br /> <br />questions and after some comments thereon by City Manager Edmonds, Councilman Oakes, <br /> <br />seconded by Vice-Mayor Severt, introduced his motion that the sewer bond referendum <br /> <br />ordinance, as before the Council, be adopted, with Councilman Oakes subsequently <br /> <br />indicating that he will not be opposed to using some portion of the Electric Fund's <br /> <br />escrowed monies to finance the cost of a portion of the sewer system project. Councilman <br /> <br />Williams indicated that he would support adoption of the ordinance if usage of the <br />