Minutes 04/29/1968 - Laserfiche WebLink

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Said bonds shall be payable in annual installments on May 1 in each year as tollOVl, viz.: $155,000 in each of the years 1969 to 1987, inclusive, and $55,000 in the year 1988. Section 3. Each of said bonds described in paragraph. 1 and 2 hereot shall be ._ designated "Public Improvement Bondll and shall be in the denomination ot $5,000. Said bonds shall constitute a single issue of bonds of the aggregate principal amount ot $3,900,000 shall be numbered from 1 to 780, in the order ot their maturity, and shall be payable in annual installments on May 1 in each year &8 tollowa: $200,000 in each of the years 1969 to 1987, inclusive, and $100,000 in the year 1988. A part of the indebtedness evidenced by each such bond shall be deemed to have been incurred tor the purposes described in paragraphs 1 and 2 hereof, and such portion of such indebtedness ahall be in the proportion to $5,000 as the total amount of bonds ot like maturity to be issued for each of such purposes bears to the total amount of bonda of like maturity to be issued for all of such purposes. ",.--. Section 3a. The Council has heretofore determined that the probable ute of each of the improvements referred to in Sections 1 and 2 ot this resolution is a period of thirty years, and the Council hereby determines that the average ot the probable lives so determined for the improvements described in Sections 1 and 2 ot this resolution, taking into consideration the amount of bonds to be issued on account of each purpose described in the ordinances referred to in said Sections, is thirty years computed fram May 1, 1968. Section 4. All of said bonda shall be dated May 1, 1968, and each or said bonds shall bear interest trom its date until its maturity at a rate which shall not exceed 6~ per annum. Interest shall be payable semi-annually on May 1 and November 1. Section 5. Said bonds sba1l be coupon bonds, registrable &s to principal only. Both principal of and interest on said bonds shall be payable at the principal ottice of the First National City Bank, New York, New York or, at the option of the holder, at the First & Merchants National Bank in the City ot Richmond, Virginia or at The First National Bank ot Martinsville and Henry in the City ot Martinsville, Virginia or at the Piedmont Trust Bank in the City of Martinsville, Virginia, in any coin or currency of the United States of America which, at the time or payment, is legal tender for the payment of public and private debts. Each of said bonds shall be signed by the Mayor of said City, and shall be atte.ted by the Clerk ot Council, and shall be sealed. with the corporate seal of said City. Each ot said interest coupons shall be authenti- cated by the facsimile signatures of such Mayor and Clerk ot Couneil. Section 6. The full faith and creeli t of said Ci ty are hereby pledged to secure the payment ot said bonds and the interest thereon. Ad valorem taxes on all property subject to taxation b,y said City shall be levied annually in an amount sufficient to pay said bonds and the interest thereon as the same become due and payable. Section 7. Each or said bonds and of the interest coupons representing the intere.t payable thereon and the provision for the registration ot said bonda to be endorsed thereon shall be in substantially the folloWing form: 294 (b)