|
<br />THURSDAY
<br />
<br />OCTOBER 2, 1969
<br />
<br />the City's authorized bonds, in part or in whole, by February, 1970; further-
<br />
<br />more, it was also noted that the Tax Reform Bill before the United States
<br />
<br />Contress might yet have continuing adverse effect upon interest rates,
<br />
<br />which will be greatly affected by increasing demands for money to finance
<br />
<br />capital improvements now being postponed because of market conditions.
<br />
<br />Whereupon motion, Vice-Mayor West introduced the resolution entitled
<br />
<br />"Resolution Providing for the Issuance of $2,100,000.00 of Bonds of the
<br />
<br />City of Martinsville", and moved that it be adopted. Councilman William
<br />
<br />D. Hobson seconded the motion, and the resolution was adopted by the
<br />
<br />following (unanimous) vote (of those members present):
<br />
<br />Ayes: Mayor F. T. Renick, M.D.;
<br />Vice-Mayor Francis T. West; and
<br />William D. Hobson.
<br />
<br />RESOLUTION PROVIDING FOR THE ISSUANCE OF $2,100,000 OF BONDS OF
<br />THE CITY OF MARTINSVILLE.
<br />
<br />WHEREAS, the Council desires to provide for the issuance of $2,100,000
<br />of the bonds of the City of Martinsville, authorized by the ordinance
<br />entitled "An ordinance authorizing the issuance of Three Million
<br />Dollars ($3,000,000) of bonds of the City of Martinsville to finance
<br />the cost of constructing and equipping a new senior high school on
<br />North Side Drive and providing the necessary access, grading, drainage,
<br />landscaping, utilities and architectural services; and the cost of
<br />constructing and equipping a vocational shop and facilities at the
<br />Albert Harris High School and providing the necessary access, grading,
<br />drainage, landscaping, utilities and architectural services; and the
<br />cost of constructing and equipping an addition to the shop on Brown
<br />Street and providing the necessary access, grading, drainage, land-
<br />scaping, utilities and architectural services; and the cost of
<br />providing a limited amount of remodeling at the present Martinsville
<br />High School buildings, located on Cleveland Avenue and Brown Street,
<br />in order to convert these facilities for use as a junior high school;
<br />and providing for the submission of the question of issuing said bonds
<br />to the qualified voters of said City", adopted by the Council on
<br />March 24, 1966, and approved by the qualified voters of the City at an
<br />election duly called and held on April 19, 1966, NOW, THEREFORE,
<br />
<br />BE IT RESOLVED by the Council of the City of Martinsville as follows:
<br />Section 1. The City of Martinsville shall issue its negotiable
<br />bonds of the aggregate principal amount of $2,100,000, pursuant to the
<br />ordinance adopted on March 24, 1966, in order to finance the cost of
<br />the construction, reconstruction, and improvement, by the erection of
<br />additions, of school buildings and facilities in the City. Said bonds
<br />
|