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<br />NOVEMBER 3, 1969
<br />
<br />MONDAY
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<br />landscaping, 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 Cit~', adopted by the Council on
<br />March 24, 1966, and approved by the qualified voters of the City at
<br />an 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
<br />follows:
<br />
<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 />shall be payable in annual installments on November 1 in each year as
<br />follows, viz.: $125,000 in each of the years 1970 to 1974, inclusive,
<br />$135,000 in each of the years 1975 to 1984, inclusive, and $125,000 in
<br />the year 1985.
<br />
<br />Section 2. Each of said bonds shall be designated "School Bond"
<br />and shall be in the denomination of $5,000. Said Bonds shall constitute
<br />an aggregate principal amount of $2,100,000, and shall be numbered from
<br />1 to 420, inclusive, in the order of their maturity.
<br />
<br />Section 3. All of said bonds shall be dated
<br />shall bear interest at the rate of 6% per annum.
<br />be payable semi-annually on May 1 and November 1.
<br />
<br />November 1, 1969 and
<br />Such interest shall
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<br />Section 4. Said bonds shall be coupon bonds, registrable as to
<br />principal only. Both principal of and interest on said bonds shall be
<br />payable at the principal office of the First National City Bank, New
<br />York, New York, or, at the option of the holder, at the First & Merchants
<br />National Bank in the City of Richmond, Virginia, or at The First National
<br />Bank of Martinsville and Henry County in the City of Martinsville,
<br />Virginia, or at the Piedmont Trust Bank in the City of Martinsville,
<br />Virginia, in any coin or currency of the United States of America which,
<br />at the time of payment, is legal tender for the payment of public and
<br />private debts. Each of said bonds shall be signed by the Mayor of said
<br />City, and shall be attested by the Clerk of Council, and shall be sealed
<br />with the corporate seal of said City. Each of said interest coupons
<br />shall be authenticated by the facsimile signature of such Mayor and
<br />Clerk of Council.
<br />
<br />Section 5. The full faith and credit of said City are hereby
<br />pledged to secure the payment of said bonds and the interest thereon.
<br />Ad valorem taxes on all property subject to taxation by said City shall
<br />be levied annually in an amount sufficient to pay said bonds and the
<br />interest thereon as the same become due and payable.
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