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<br />:37 <br /> <br />MONDAY <br /> <br />DECEMBER 30. 1968 <br /> <br />WHEREAS, the sale of the City's $3,900,000 General Improvement Bonds <br />remains pending; ~nd <br /> <br />~~~REAS, anticipated income of the City of Martinsville will not be <br />sufficient to meet the City's operating expenses and contractural <br />obligations until said bonds are sold and delivered; and <br /> <br />WHEREAS, by resolution adopted September 26, 1968, Martinsville City <br />Council authorized the borrowing of funds from local banks, on a <br />temporary basis, the sum of $3,846,000.00, which sum is due and payable <br />Decmeber 31, 1968; now, therefore, <br /> <br />BE IT RESOLVED by the Council of the City of Martinsville, Virginia, <br />in meeting assembled this thirtieth day of December, 1968, that the <br />Honorable F. T. Renick, M.D., Mayor, and W. H. Yeaman, Clerk of <br />Council & Director of Finance, be--and are hereby--authorized and <br />directed to execute notes, on behalf of the City of Martinsville, for <br />the renewing of loan of $3,846,000.00 (due December 31, 1968) for the <br />period ending April 30, 1969. <br /> <br />Mr. John D. Richmond, Superintendent of the City's Public School System, <br /> <br />appeared before Council and informed the Council that his office has on file <br /> <br />seventy-nine approved requests for tuition grants which are to be paid either <br /> <br />by the City or by the state of Virginia, at a total cost for 1968-69 of <br /> <br />$9,875.00 to the City. Heretofore, as Mr. Richmond pointed out, for the <br /> <br />relatively few students involved, the City has paid the grants and recovered <br /> <br />the State's proportionate part; however, inasmuch as the applicable statutes <br /> <br />currently are the subject of litigation and the State of Virginia is a <br /> <br />defendant in this litigation, it was the Superintendent's opinion that <br /> <br />currently-approved tuition grant applications should be paid by the State, with <br /> <br />the State recovering the City's share through a reduction in the 1970-71 amount <br /> <br />due the City from ABC funds. Council concurred with the Superintendent and, <br /> <br />too, authorized him to forward such applications to the State for disposition. <br /> <br />- <br /> <br />After reviewing the following bids received December 17, 1968, for the <br /> <br />construction of the following sewer lines, Council accepted the lowest bid <br />