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<br />lHO
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<br />TUESDAY JULY 11, 1967
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<br />being $4.54 per foot. Pending specific recommendations as to revised
<br />
<br />connection fees to be incorporated in amendments to appropriate ordinances,
<br />
<br />Council continued this matter but, meanwhile, ordered that a duly-advertised
<br />
<br />public hearing be conducted by Council on a proposal--recommended by the
<br />
<br />Planning Commission--to require developers to install (at developers' expense)
<br />
<br />Ilstreet paving from curb to curb"', this being a proposed amendment to
<br />
<br />Subsection IlCIl of Section 7 of the Cityfs Subdivision Ordinance.
<br />
<br />City Manager Noland and Finance Director W. H. Yeaman informed Council that
<br />
<br />delivery of $550,000 Sewer Bonds (Series B) was made on July 10, 1967, to
<br />
<br />Wheat & Company, Inc., as per purchaser's offer accepted by Council on June 13th,
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<br />and that this sum has been applied to the $1,200,000 Sewer Bond Anticipation
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<br />Note dated May 9, 1967, leaving a balance of $650,000 to be renewed. Council
<br />
<br />unanimously authorized the renewing of this balance through adoption of the
<br />
<br />following resolution:
<br />
<br />WHEREAS, the $1,200,000 Sewer Bond Anticipation Note dated May 9, 1967,
<br />issued in anticipation of the issuance of bonds authorized by the bond
<br />ordinance hereinafter described, was payable and became due June 30, 1967; and
<br />
<br />WHEREAS, through an arrangement with the holder of said note, the due date
<br />w~s extended pending delivery of--and receipt of proceeds from--$550,000
<br />Sewer Bonds, Series B, sold to Wheat & Company, Ic., on June 13, 1967; and
<br />
<br />WHEREAS, delivery of said $550,000 Sewer Bonds, Series B, was made to
<br />Wheat & Company, Ic., on July 10, 1967, for the purchase price of
<br />$550,125.00, plus accrued interest, with $550,000 of proceeds being
<br />applied to the $1,200,000 Sewer Bond Anticipation Note dated May 9, 1967;
<br />and
<br />
<br />WHEREAS, the Council of the City of Martinsville desires to provide for
<br />the renewal of the balance of $650,000 of said note; now, therefore,
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<br />BE IT RESOLVED by the Council of the City of Martinsville, Virginia, in
<br />regular meeting assembled this eleventh day of July, 1967, as follows:
<br />
<br />(1) The balance of said outstanding note shall be renewed by
<br />the issuance of $650,000 Sewer Bond Anticipation Note
<br />pursuant to the Public Finance Act of 1958 (Chapter 5 of
<br />Title 15.1 of the CODE OF VIRGINIA, 1950) for the purpose
<br />for which bonds are authorized to be issued by the bond
<br />ordinance entitled, \tAn ordinance authorizing the issuance
<br />
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