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<br />C I T Y 0 F N ART INS V ILL E, V I R GIN I A
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<br />~--RESOLUTION PROVIDING FOR THE ISSUANCE OF $3,900,000 OF BONDS OF THE CITY OF MARTINSVILLE
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<br />WHEREAS, the Council desires to provide for the issuance of bonds of the City of
<br />Nartinsville, hereinafter' referred to, authorized by' the ordinance entitled "An Ordinance
<br />authorizing the issuance of nine hundred thousand ($900,000) dollars of bonds of the
<br />City of Martinsville to finance the cost to build and construct new municipal buildings,
<br />furnish and equip such buildings, and grade and improve the lands incidental thereto;
<br />to build and construct a jailor prisoner detention facilities, and furnish and equip
<br />such jailor facilities or to build and construct, jointly, with one or more other
<br />governmental units, prisoner detention facilities, and furnish and equip such
<br />facilities; and to acquire or lease lands, rights-of-way or easements as may be necessary
<br />to all the preceding purposes"', adopted by the Council on January 13, 1966, and approved
<br />'~"'-'1y the qualified voters of the City at an election duly called and held on February 8,
<br />,%6, and
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<br />WHEREAS, the Council desires to provide for the issuance of bonds of the City of
<br />Martinsville, hereinafter referred to, authorized by the ordinance entitled -An Ordinance
<br />authorizing the issuance of three million dollars ($3,000,000) of bonds of the City of
<br />Martinsville to finance the cost of constructing and equipping a new senior high school
<br />on North Side Drive and providing the necessary access, grading, drainage, landscaping,
<br />utilities and architectural services; and the cost of constructing and equipping a
<br />vocational shop and facilities at the Albert Harris High School and providing the
<br />necessary access, grading, drainage, landscaping, utilities and architectural services;
<br />and the cost of constructing and equipping an addition to the shop on Brown Street and
<br />providing the necessary access, grading, drainage, landscaping, utilities and architect-
<br />ural services; and the cost of providing a lim! ted amount of remodeling at the present
<br />Martinsville High School buildings, located on Cleveland Avenue and Brown Street, in
<br />order to convert these facilities for use as a junior high school; and providing for the
<br />submission of the question of issuing said bonds to the qualified voters of said City",
<br />adopted by the Council on March 24, 1966, and approved by the qualified voters of the
<br />City at an election duly called and held on April 19, 1966, row, THEREPORE,
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<br />BE IT RESOLVED by the Council of the City of Martinsville as follows:
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<br />Section 1. The City of Martinsville shall issue its negotiable bonds of the
<br />aggregate principal amount of $900,000 pursuant to the ordinance adopted on January 13,
<br />'--1966, in order to finance the cost of the construction of new municipal buildings, and
<br />Jails or prisoner detention facilities. Said bonds shall be payable in annual install-
<br />ments on May 1 in each year as follows, viz.: $45,000 in each of the years 1969 to
<br />1988, inclusive.
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<br />Section 2. The City of Martinsville shall issue its negotiable bonds of the
<br />aggregate principal amount of $3,000,000, pursuant to the ordinance adopted on March
<br />24, 1966, in order to finance the cost of the construction, reconstruction, and improve-
<br />ment, by the erection of additions, of school buildings and facilities in the City.
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<br />29L. (a)
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