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<br />It
<br />
<br />TUESDAY
<br />
<br />JUNE 13. 1 967
<br />
<br />A RESOLUTION PROVIDING FOR THE ISSUANCE OF $1,200,000
<br />SEWER BONDS OF THE CITY OF MARTINSVILLE
<br />
<br />WHEREAS, pursuant to the ordinance adopted by the Council of the
<br />City of Martinsville on January 26, 1960 the Council has heretofore
<br />authorized the issuance of $1,300,000 Sewer Bonds, Series A, dated
<br />March 1, 1962, and
<br />
<br />,-
<br />
<br />~IEREAS, the Council of the City of Martinsville desires to
<br />make provision for the issuance at this time of the remaining
<br />$1,200,000 of bonds of the City of Martinsville of the $2,500,000
<br />of bonds of the City which are authorized by said ordinance;
<br />NOW, THEREFORE,
<br />
<br />BE IT RESOLVED by the Council of the City of Martinsville as
<br />fo llows:
<br />
<br />(1) Negotiable bonds of the aggregate principal amount of
<br />$1,200,000 shall be issued pursuant to the ordinance entitled 1tAn
<br />Ordinance authorizing ~he issuance of $2,500,000 of bonds of the
<br />City of Martinsville to finance the cost of improving the Cityfs
<br />sewage disposal system and providing for the submission of the
<br />q"Jestion of issuing sa~d bonds to the qualified voters of the Ci ty1t ,
<br />adopted by the Council of said City on January 26, 1960. Said bonds
<br />shal~ be issued pursuant to and in accordance with the Public Finance
<br />Act of 1958 (Chapter 5 of Title 15.1 of the Code of Virginia, 1950).
<br />The faith and credit of the City are here by expressly pledged for the
<br />full and complete payment of the principal of and interest on said
<br />bondE; .
<br />
<br />(2) Said $1,200,000 of bonds shall be payable in annual
<br />installments in each year as follows:
<br />$ 50,000 in the year 1969,
<br />100,000 in each of the years 1970 to 1974, inclusive,
<br />200,000 in each of the years 1975 and 1976, and
<br />250,000 in the year 1977.
<br />
<br />(2a) $650,000 of bonds of said $1,200,000 of bonds shall be
<br />issued and shall be dated at such time as shall be determined by the
<br />City Council and shall be payable in annual installments on March 1
<br />in each year as follows:
<br />
<br />$:200,000 in each of the years 1975 and 1976, and
<br />250,000 in the year 1977.
<br />
<br />(2b) $550,000 of bonds of said $1,200,000 of bonds shall be
<br />issued at this time and shall be designated 1tSewer Bonds, Series BIf
<br />and shall be dated ~~rch 1, 1967, and shall consist of one hundred
<br />ten bonds of the denomination of $5,000 each, numbered from 1 to 110,
<br />inclusive, in the order of their maturity. Said $550,000 of bonds
<br />shall constitute an issue of bonds payable in annual installments on
<br />M~rch in each year as follows:
<br />$ 50,000 in the year 1969, and
<br />100,000 in each of the years 1970 to 1974, inclusive.
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