Minutes 08/28/1984 - Laserfiche WebLink

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4' .< TUESDAY AUGUST 28, 1984 obligation bonds of the City in an amount not to exceed $1,500,000 (the "Bonds") for the purpose of paying the costs of the Projects. 2. The Bonds shall mature no later than thirty (30) years from their date. 3. The City Council hereby requests the Circuit Court of the City of Martinsville, Virginia, or any judge thereof, to order an election on November 6, 1984, on the question of contracting the debt described above and issuing the Bonds, provided that such date is at least sixty (60) days after the date on which the Court enters its order. The question on the ballot shall be in substantially the following form as may be approved by the electoral board of the City: QUESTION: Shall the City of Martinsville, Virginia, contract a debt and issue its general obligation bonds in an amount not to exceed One Million Five Hundred Thousand Dollars ($1,500,000) pursuant to the Public Finance Act, Chapter 5, Title 15.1 of the Code of Virginia of 1950, as amended, for the purpose of paying the costs of various water system improvements for the City of Martinsville? ( ) Yes ( ) No 4. The Clerk of the City Council, or other appropriate officer or agent of the City,is instructed to immediate- ly file a certified copy of this Ordinance with the Clerk of the Circuit Court of the City of Martinsville, Virginia. 5. Pursuant to the City Charter, the Clerk of the City Council, or other appropriate officer or agent of the City, is instructed to publish notice of this proposed bond issue within ten days after the adoption of this Ordinance in a newspaper of general circulation in the City. Such notice shall set forth in general terms the purpose for which the Bonds are to be issued, the actual or maximum amount of the Bonds, and the maximum time the Bonds will be outstanding. 6. This Ordinance shall take effect in1n,tociD.lely.