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<br />
<br />TUESDAY
<br />
<br />APRIL 23, 1 968
<br />
<br />WHEREAS, the sale of the City's $3,900,000 General Improvement Bonds
<br />remains pending and, therefore, necessitates the renewing of notes due
<br />April 30, 1968, in the amount of $2,246,000.00, borrowed in anticipation
<br />of the sale of said bonds; now, therefore,
<br />
<br />BE IT RESOLVED by the Council of the City of Martinsville, Virginia,
<br />in regular meeting assembled this twenty-third day of April, 1968, that
<br />F. T. Renick, M.D., Mayor, and W. H. Yeaman, Clerk of Council, be--and
<br />are hereby--authorized and directed to borrow from local banks, for
<br />a:;count of the City of Martinsville, a sum not to exceed $2,846,000.00
<br />(in total), including the aforesaid $2,246,000.00~ said sum to be due
<br />and payable on June 30, 1968.
<br />
<br />Upon recommendation of the Department of Taxation of the Commonwealth of
<br />
<br />Virginia, Council unanimously adopted the following resolution--which was
<br />
<br />placed on first reading April 9, 1968--enacting a "local use taxl1 effective
<br />
<br />July 1, 1968:
<br />
<br />To impose a local city use tax in Martinsville City, Virginia, pursuant
<br />to Sec. 58-441.49:1 of the Code of Virginia (Chapter 191, Acts of
<br />Assembly, 1968), at the rate of one per cent to provide revenue for
<br />the general fund of the city.
<br />
<br />Whereas, the City of Martinsville has heretofore imposed the local
<br />sales tax authorized by Sec. 58-441.49 of the Code of Virginia; and
<br />
<br />Whereas, Sec. 58-441.49:1 of the Code of Virginia (Chapter 191, Acts
<br />of Assembly, 1968), provides that a city which has previously imposed
<br />the local sales tax authorized by Sec. 58-441.49 of the Code of
<br />Virginia may impose a local use tax by the adoption of a resolution
<br />by the council of the city by a majority of all the members thereof,
<br />by a recorded yea and nay vote, stating its purpose and referring to
<br />Sec. 58-441.49:1 of the Code of Virginia; and
<br />
<br />Whereas, the said Sec. 58-441.49:1 further provides that the local
<br />use tax shall become effective on the first day of a month at least
<br />60 days after the adoption of the resolution, but not earlier than
<br />July 1, 1968; and
<br />
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<br />
<br />Whereas, the said Sec. 58-441.49:1 also provides that the resolution
<br />authorized thereby may be adopted in the manner stated notwithstanding
<br />any other provision of law, including any charter provision; now,
<br />therefore,
<br />
<br />Resolved, by the Council of the city of Martinsville, Virginia, as
<br />follows:
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