Minutes 04/25/1967 - Laserfiche WebLink

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1 1t-1 TUESDAY APRIL 25. 1967 Vice-Mayor & Councilman E. E. Stone presented the following resolution and moved that it be adopted: WHEREAS, the $1,200,000 Sewer Bond Anticipation Note dated November 9, 1966, payable M3.Y 9, 1967, issued in anticipation of the issuance of bonds authorized by the bond ordinance h9reinafter described will become due on May 9, 1967, and the Council of the City of Martinsville desires to provide for th9 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 purplse 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 Martin3ville 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 tyll , adopted by the City Council of the City on January 26, 1960, in anticipation of the receipt of the proceeds 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 IISewer Bond Anticipation Note'!, and shall be dated May 9, 1967, and shall be payable June 30, 1967, and shall bear interest at the rate of three and one quarter per centum (3t%) 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 Bank, 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 holder of said outstanding note. The motion having been duly seconded, and the resolution having been considered, it was adopted, Messrs. F. T. Renick, M.D., Mayor; E. E. Stone. Vice-Mayor; Harry L. Boaz; W. Donald Hartford; and Francis T. West voting for the resolution and no one voting agair.st it. Council referred to the Planning Commission--for its consideration and recommendation--Mr. Stafford G. Whittle's petition requesting the rezoning