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<br />TUESDAY <br /> <br />MARCH 23, 1982 <br /> <br />require two years; and, if approved, and subject to a bond referendum yet to be <br /> <br />scheduled and subject to Council's authorization, would pave the way for project <br /> <br />construction to begin in 1984 and be completed in late 1986, with on-line operations <br /> <br />to begin in January of 1987. Total estimated capital requirements for the project <br /> <br />now call for $58,516,000.00, assuming forty-year financing at an interest rate of <br /> <br />9%, with an estimated benefit-to-cost ratio of 1.04 at the end of the first ten years. <br /> <br />Mr. Walter W. Craigie, Jr., of Wheat First Securities, Inc., and representing the <br /> <br />investment firms serving as the City's financial advisors for this project, also <br /> <br />appeared before Council and reviewed recent trends in the muncipal bond market, <br /> <br />noting that there are on-going signs which point to a decline from the current cycle <br /> <br />of inflation and that, probably at the end of the next six months, a clearer picture <br /> <br />of the bond market will have evolved. <br /> <br />Council referred to the City's Transportation Safety Commission, for its consideration <br /> <br />and recommendation, a proposed agreement (entitled, "Articles of Agreement") pertaining <br /> <br />to the Dan River VASAP (i.e., Virginia Alcohol Safety Action Program) and its proposed <br /> <br />Executive Board, whose members would represent the various governmental jurisdictions <br /> <br />and district courts within the West Piedmont Planning District as well as the West <br /> <br />Piedmont Planning District Commission and the Dan River VASAP. In connection therewith, <br /> <br />Mr. Robert N. Rangeley, Director of the Dan River VASAP, appeared before Council and <br /> <br />described the scope of his organization's activities and services. <br /> <br />Council continued to a subsequent meeting the scheduled presentation of a report <br /> <br />entitled, "Martinsville Housing Study", as prepared by Wiley & Wilson, Consulting <br /> <br />Engineers/Planners. <br /> <br />Mr. Mark Long, Attorney at Law, of Blacksburg, Virginia, appeared before Council on <br /> <br />behalf of Mr. N. Thomas Poff and Hearthstone of Martinsville (of Christiansburg, <br />