Minutes 01/13/1966 - Laserfiche WebLink

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~ THURSDAY JANUARY 13, 1966 equip such facilities; and to acquire or lease lands, rights-of-way or easements as may be necessary to all the preceding purposes. SECTION II. In order to finance the cost of building, constructing, and equipping a new municipal building and jail, the City of Martinsville shall issue its negotiable bonds of the aggregate principal amount of NINE HUNDRED THOUSAND ($900,000.00) DJLLARS, pursuant to and in accordance with Chapter 193 of the ACTS OF VIRGINIA, 1950, and as amended, and the Public Finance Acts of 1958 (Chapter 5 of Title 15.1 of the CODE OF VIRGINIA of 1950). SECTION III. The City Council has ascertained and hereby determines that the probable life of each of the improvements hereinbefore described, and the average thereof, is a period of thirty (30) years. SECTION IV. Said bonds shall be general obligations of the City of Martinsville and the faith and credit of the City shall be pledged to their payment. Said bonds shall bear interest at a rate which shall not exceed six per centum (6%) per annum. Said bonds shall mature within a period of not more than thirty (30) years, beginning with the date of said bonds, in such annual installments as the Council of said City may determine in accordance with law. All details of the bond issue hereby authorized, not hereby determined, shall be hereafter determined by the Council of the City of Martinsville, Virginia. \ SECTION V. None of the bonds hereby authorized shall be issued until all of said bonds shall have been approved by the affirmative vote of two- thirds of the qualified voters of said City voting on the question of issuing said bonds, at an election called for that purpose, which said two-thirds shall include a majority of the qualified registered voters owning real estate in said City and voting in such election on such question. \ '0 'l) .r-' c.i '" orl ....' :..., ~. (l) r< ....... -I:> ~ ~-G SECTION VII. This ordinance shall take effect at the time and in the manner provided by law. ) SECTION VI. The question, whether the bonds hereby authorized shall be issued, shall be submitted to the qualified voters of the City of M~rtinsville at a special election to be held Tuesday, February 8, 1966. The Circuit Court of the City of Martinsville, or a Judge thereof, is hereby requested to enter an order directing the proper election officers of said City to take such steps and prepare such means as may be necessary to submit to the qualified voters of said City at such special election the following question: "Shall the City of MartLnsville issue its negotiable bonds in the aggregate principal amount of $900,000.00 to finance the cost of building, constructing, and equipping a Municipal Building and Jail, such bonds to bear interest at a rate not exceeding six per centum (6%) per annum and to mature within a period of not more than thirty (30) years, beginning with the date of said bonds, in such annual installments as the Council of said City may determine in accordance with Law?1I Council was adjourned. w. ~.~;.Cierl" of Council .~'"",._,._---"-------~._..,-_._-.