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<br />gO
<br />
<br />TUESDAY
<br />
<br />JUNE 13. 1967
<br />
<br />Upon being informed of the need of funds to meet both operating expenses
<br />
<br />and anticipated contractual obligations, as set forth in the following
<br />
<br />statement, Council unanimously adopted the following resolution authorizing
<br />
<br />the City Treasurer to borrow funds in accordance therewith:
<br />
<br />STATEMENT OF ESTIMATED EXPENSES AND INCOME
<br />
<br />Total Estimated Expenses
<br />
<br />For Period June 12, 1967 through October 31, 1967
<br /> Remainder
<br /> June-1967 July-1967 Aug.-1967 Sept.-1967 Oct.-1967 Total
<br /> $410,000.00 $473,000.00 $507,000.00 $518,000.00 $605,000.00 $2,513,000.00
<br /> 243,000.00 250,000.00 250,000.00 250,000.00 250,000.00 1,243,000.00
<br /> 80,000.00 80,000.00 80,000.00 80,000.00 320,000.00
<br /> 40.000.00 - 40.000.00 30.000.00 30,000.00 140.000.00
<br /> $653,000.00 $843,000.00 $877,000.00 $878,000.00 $(Jb5,000.00 $4,216,000.00
<br /> 477.000.00 495.000.00 527.000.00 --496.000.00 575.000.00 2.570.000.00
<br /> $176,000.00 $348.000.00 $350.000.00 $382,000.00 $390.000.00 $1 .646.000.00
<br /> -----
<br />
<br />General Expenses
<br />Construction Expenses:
<br />School
<br />City Hall
<br />Wa ter Li ne & Tank
<br />
<br />Deduct:
<br />Cash & Anticipated Income
<br />
<br />Anticipated Cash Deficits
<br />
<br />A RESOLUTION AUTHORIZING THE CITY TREASURER TO BORROW FUNDS IN THE
<br />AMOUNT AND FOR THE PERIOD HEREINAFTER STATED
<br />
<br />WHEREAS, anticipated inco~e of the City of Martinsville, during the
<br />forthcoming four and one-half months, will not be sufficient to meet
<br />the City's operating expenses and contractual obligations during said
<br />period; now, therefore,
<br />
<br />BE IT RESOLVED by the Council of the City of Martinsville, Virginia,
<br />in regular ~eeting assembled this thirteenth day of June, 1967, that
<br />John W. Bouldin, Jr., Treasurer of the City of Martinsville, be--and
<br />is hereby--authorized to borrow from local banks, for the account of
<br />the City of Martinsville, a sum not to exceed $1,650,000.00 (in total)
<br />in such installments and in such manner as may best meet the City's
<br />needs and as may be agreeable with the lending institutions, for a
<br />term ending October 31, 1967.
<br />
<br />By report dated June 8, 1967, the Planning Commission reported that it has
<br />
<br />duly considered the petition submitted by Mr. William S. Coleman to Council
<br />
<br />on April 11, 1967, requesting the rezoning of his property at 120-124
<br />
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