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<br />THURSDAY <br /> <br />OCTOBER 2, 1969 <br /> <br />,,""-"" <br /> <br />Pursant to Section 5(a) of Chapter 2 of the Charter of the City of Martinsville, <br /> <br />Virginia, with required written notice thereof being duly given, a special <br /> <br />meeting of the Council of the City of Martinsville, Virginia was held Thursday, <br /> <br />October 2, 1969, beginning at 9:00 A.M., for the purpose of considering and/or <br /> <br />acting upon a proposal--as hereinafter included in these minutes--as submitted <br /> <br />under date of October 1, 1969 by the firm of Anderson & Strudwick, of Richmond, <br /> <br />- <br /> <br />Virginia, to purchase $2,100,000.00 City of Martinsville General Improvement <br /> <br />Bonds. Members of Council present were: <br /> <br />Mayor F. T. Renick, M.D., presiding; <br />Vice-Mayor Francis T. West; and <br />William D. Hobson. <br /> <br />Members absent were: <br /> <br />Harry L. Boaz; and <br />W. Donald Hartford. <br /> <br />After the invocation, followed by the stating of the purpose of this special <br /> <br />meeting, said purchase proposal was presented. Council then discussed (by <br /> <br />telephone) the proposal with Mr. Lawrence B. Wales, Jr., Regional Vice President <br /> <br />of Wheat & Company, Inc., being the City's financial consultant, with Council <br /> <br />being advised by the consultant to accept said purchase offer. Council also dis- <br /> <br />cussed the offer with the following local bankers, who offered no recommendation <br /> <br />but relayed to Council the opinions of specialists in the municipal bond market: <br /> <br />Mr. S. S. Flythe, President, The First National Bank of <br />Martinsville & Henry County: <br /> <br />Mr. Henry Reed, <br /> <br />Senior Vice President of The First National <br />Bank of Martinsville & Henry County; and <br /> <br />Mr. Worth Carter, Vice President & Comptroller of the Piedmont <br />Trust Bank, Martinsville, Virginia <br /> <br />Generally, it was concluded that, under current market conditions, the offer <br /> <br />received from Anderson & Strudwick was attractive. In addition, it was noted <br /> <br />that the statutory limitation on temporary financing would require the sale of <br />