Minutes 02/22/1966 - Laserfiche WebLink

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') _. TUESDAY FEBRUARY 22, 1966 .- present Martinsville High School buildings in order to convert these facilities for use as a junior high school, the City of Martinsville shall issue its negotiable bonds of the aggregate principal amount of Three Million ($3,000,000) Dollars pursLant to and in accordance with Chapter 193 of the Acts of 1950 of Virginia as amended, and The Public Finance Act 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 full faith and credit of the City shall be pledged to their paJ~ent. 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 (0) 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. 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. SECTION VI: The question, whether the bonds hereby authorized shall be issued, shall be submitted to the qualified voters of the City of Martinsville at a special election to be held on April 19, 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 Martinsville issue its negotiable bonds in the aggregate principal amount of $3,000,000, to finance the cost of constructing and equipping a new senior high school on North Side Drive, and providing the necessary access, grading, drainage, landscaping, utilities and architectural services; and the cost of constructing and equipping a vocational shop and facilities at the Albert Harris High School and providing the necessary access, grading, drainage, landscaping, utilities and architectural services; and the cost of constructing and equipping an addition to the shop on Brown Street and providing the necessary access, grading, drainage, landscaping, utilities and architectural services; and the cost of providing a limited amount of remodeling at the present Martinsville High School buildings, located on Cleveland Avenue and Brown Street, in order to convert these facilities for use as a junior high school, such