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<br />120 <br /> <br />TUESDAY <br /> <br />AUGUST 28, 1984 <br /> <br />(recently retained by the City as bond counsel), was present and outlined procedural <br /> <br />steps required for the issuance by the City of bonds to finance the cost of certain <br /> <br />water-sewer system improvements, particularly the initial steps necessary for bond <br /> <br />referenda. <br /> <br />Upon motion, duly seconded and unanimously carried, Council adopted the following <br /> <br />ordinance requesting the Circuit Court of the City of Martinsville to order an <br /> <br />election on November 6, 1984, on the question of contracting debt and issuing <br /> <br />"general obligation" bonds by the City, in an amount not to exceed $1,500,000.00, <br /> <br />for the purpose stated therein (principally, with other funds on hand, to pay to <br /> <br />the Henry County Public Service Authority the City's share of the cost of the <br /> <br />"Leatherwood Creek" raw water line): <br /> <br />WHEREAS, the City Council of the City of Martinsville, Virginia (the !\City <br />Council") has determined, that it is necessary to undertake various <br />water system improvements (the "Projects") to serve the City of <br />Martinsville, Virginia (the "City"); <br /> <br />WHEREAS, the City Council has determined that the City should issue its <br />general obligation bonds to pay the costs of the Projects; <br /> <br />WHEREAS, the City will pledge the revenues from the Projects to the pay- <br />ment of principal and interest on such bonds and such bonds are issued <br />pursuant to Article VII, Sec. 10(a)(2) of the Constitution of Virginia <br />for a specified undertaking from which the City may derive a revenue <br />and shall not be included within the otherwise authorized indebtedness <br />of the City in determining the debt limitation of the City, except as <br />may be required by the provisions of Sec. 10(a)(2); and <br /> <br />WHEREAS, Chapter 11 of the Charter of the City requires the City Council <br />to request the Circuit Court of the City of Martinsville, Virginia, to <br />order a bond referendum to take the sense of the qualified voters of the <br />City on the question of contracting debt and issuing general obligation <br />bonds of the City to pay the cost of the Projects; now, therefore, <br /> <br />BE IT ORDANINED BY THE CITY COUNCIL OF THE CITY OF MARTINSVILLE, <br />VIRGINIA: <br /> <br />1. The City Council hereby determines that it is necessary <br />and expedient to contract a debt and issue general <br />