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<br />1 B
<br />
<br />WEDNESDAY
<br />
<br />SEPTEMBER 27, 1967
<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 $550,OOJ Sewer Bonds, Series B, dated March 1, 1967; and
<br />
<br />WHEREAS, the Council of the City of Martinsville has made provision
<br />for the issuance of the remaining $1,200,000 of bonds of the City
<br />of Martinsville of the $2,500,OJO of bonds of the City which are
<br />authorized by said ordinance, and $550,000 of said $1,200,000 of
<br />bonds have been issued, NOW, THEREFORE,
<br />
<br />BE IT RESOLVED by the Council of the City of Martinsville as
<br />follows:
<br />
<br />(1) The remalnlng $650,000 of bonds of said $1,200,000 of bonds
<br />shall be issued at this time, shall be designated "Sewer Bonds,
<br />Series C", shall be dated September 1, 1967, and shall consist of
<br />one hundred thirty bonds of the denomination of $5,000 each,
<br />numbered from 1 to 130, inclusive, in the order of their maturity.
<br />Said $650,000 of bonds shall constitute an issue of bonds payable
<br />in annual installments on March 1 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 />Said bonds shall bear interest at the rate of 3 7/8% per annum,
<br />payable semi-annually on March 1 and September 1.
<br />
<br />(2) The bonds shall be coupon bonds, registrable at the option
<br />of the holder as to principal only. Both principal of and interest
<br />on the bonds shall be payable at the principal office of First &
<br />Merchants National Ban{ in the City of Richmond, Virginia or at the
<br />option of the holder at The First National Bank of Martinsville and
<br />Henry County in the City of Martinsville, Virginia or at the Piednlont
<br />Trust Bank in the City of Martinsville, Virginia, in any coin or
<br />currency of the United States of America which at the time of payment
<br />is legal tender for the payment of public and private debts.
<br />
<br />(3) The corporate seal of the City shall be affixed to or impressed
<br />upon each of said bonds and each of said bonds shall be signed by the
<br />Mayor of said City and shall be attested by the Clerk of Council.
<br />Each of the interest coupons representing the interest payable on such
<br />bonds shall be authenticated by the facsimile signatures of such
<br />Mayor and Clerk of Council.
<br />
<br />(4) Until all of said $650,000 Sewer Bonds, Series C, have been
<br />fully paid and discharged in accordance with their terms, (1) the City
<br />shall operate its sewage disposal system and will charge rates or fees
<br />for service furnished by such system; and (2) such rates or fees shall
<br />be fixed and maintained at a level which will produce sufficient
<br />revenues to pay for the cost of operation and administration of said
<br />system (including interest on bonds issued therefor) Qnd the cost of
<br />insurance against loss by injury to persons and property, and an
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