Minutes 11/08/1966 - Laserfiche WebLink

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11 TUESDAY NOVEMBER 8. 1966 ,~,- Upon motion, duly seconded, Council unanimously adopted the following resolution providing for and authorizing the renewal of the City's Sewer Bond Anticipation Note dated May 9, 1966, and payable November 9, 1966, for the succeeding six-months period ending May 9, 1967: WHEREAS, the $1,200,000 Sewer Bond Anticipation Note dated May 6, 1966, payable November 9, 1966, issued in anticipation of the issuance of bonds authorized by the bond ordinance hereinafter described will become due on Noverlber 9, 1966, and the Council of the City of Martinsville desires to prov~de for the renewal of said note as hereinafter set forth; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Martinsville as follows: (1) Said outstanding note shall be renewed by the issuance of a $1,200,000 Sewer Bond Anticipation Note pursuant to the Public Finance Act of 1958 (Chapter 5 of Title 15.1 of the Code of Virginia, 1950), for the purpose for which bonds are authorized to be issued by the bond ordinance entitled "An Ordinance authorizing the issuance of $2,500,000 of bonds of the City of Martinsville to finance the cost of improving the City's sewage disposal system and providing for the submission of the question of issuing said bonds to the qualified voters of the Ci ty", adopted by the City Council of the City on January 26, 1960, in anticipation of the receipt of the p!'oceeds of the sale of the bonds authorized to be issued by said bond ordinance. (2) A negotiable note of the City of the aggregate principal amount of $'1,200,000 shall be issued for all moneys borrowed pursuant to this resolution. Said note shall be designated "'Sewer Bond Anticipation Notell, and i3hall be dated November 9, 1966, and shall be payable May 9, 1967, and shall bear interest at the rate of three and one quarter per centum (31-) per annum. Such interest shall be payable at the maturity of the note. (3) The Mayor and Clerk of the Council are hereby authorized and directed to cause said note to be prepared and to execute said note, and to deliver said note to Piedmont Trust Company, Martinsville, Virginia, and First National Bank of Martinsville and Henry County, Martinsville, Virginia, in exchange for said outstanding note upon payment of the interest payable with respect to said outstanding note to the holders of said outstanding note. Dr. C. J. Mathes, Director of the local Health Department, reported to Council on matters of sanitation involving various walks and alleyways within the central business district, indicating that--although some improvements are in process--some compulsory procedures will have to be effected to obtain compliance.