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<br />" If <br />.l:J t) <br /> <br />TUESDAY <br /> <br />DECEMBER 27, 1966 <br /> <br />City Manager Noland informed Council that financial data on the City of <br /> <br />Martinsville has been recently filed with Moodyts Investors Service, <br /> <br />New York City, in the hope that this bond-rating firm will assign an <br /> <br />improved bond rating to the Cityts bonds (i. e., recently authorized <br /> <br />for schools, city hall, and sewerage system) which must soon be <br /> <br />offered for sale to provide funds for projects authorized. City Manager <br /> <br />Noland indicated, too, that subsequent to the rating firm's study of <br /> <br />material filed it is hoped that representatives of the City will be <br /> <br />given an opportunity in person to confer with Moody's in support of the <br /> <br />Cityts contention that it is entitled to an improved rating. <br /> <br />Mr. William F. Stone, Attorney at Law and member of the Virginia Senate, <br /> <br />appeared before Council and reported that the Virginia Department of <br /> <br />Highways has agreed to construct an industrial access road, including <br /> <br />railway overpass and low-level bridge across Smith River, to connect <br /> <br />Rives Road Extended with Route 220 South if both the City of Martinsville <br /> <br />and the County of Henry will each contribute $100,000.00 toward the cost <br /> <br />of this project. Mr. Stone pointed out the need and advantages of such <br /> <br />a road, to which Council concurred, with Council pointing out that it has <br /> <br />advocated this project construction for quite some time; whereupon motion, <br /> <br />duly seconded and unanimously carried, Council adopted the following <br /> <br />resolution pledging the City's financial assistance to the extent of <br /> <br />$100,000.00 and payable as set forth in said resolution: <br /> <br />WHEREAS, the Virginia Department of Highways has agreed to construct <br />an industrial access road from a point along Rives Road Extended, in <br />the City of Martinsville, to a point along Route 220 South, in Henry <br />County, as set forth on the said Highway Departmentts map identified as <br />Project 6599-044-101, upon the condition that the City of Martinsville <br />and the County of Henry each agree to contribute $100,000.00 each <br />toward the cost of this project; and <br />