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<br />4(
<br />
<br />TUESDAY
<br />
<br />MARCH 25, 1969
<br />
<br />"",.--
<br />
<br />RESCLUTION PROVIDING FOR THE ISSUANCE OF $1,800,000 OF BDNDS OF
<br />THE CITY OF MARTINSVILLE
<br />
<br />WHEREAS, the Council desires to provide for the issuance of bonds
<br />of the City of Martinsville, hereinafter referred to, authorized
<br />by the ordinance entitled "An Ordinance A.uthorizing the issuance
<br />of nine hundred thousand ($900,000) dollars of bonds of the City
<br />of Martinsville to finance the cost to build and construct new
<br />municipal buildings, furnish and equip such buildings, and grade
<br />and improve the lands incidental thereto; to build and construct
<br />a jailor prisoner detention facilities, and furnish and equip such
<br />jailor facilities or to build and construct, jointly, with one or
<br />more governmental units, prisoner detention facilities, and furnish
<br />and equip such facilities; and to acquire or lease lands, rights-of-
<br />way 'Jr easements as may be necessary to all the preceding purposes",
<br />adopted by the Council on January 13, 1966, and approved by the
<br />qualified voters of the City at an election duly called and held on
<br />February 8, 1966, and
<br />
<br />WHEREAS, the Council desires to provide for the issuance of $900,000
<br />of bonds of the City of Martinsville, hereinafter referred to,
<br />authorized by the ordinance entitled "An ordinance authorizing the
<br />issuance of three million dollars ($3,000,000) of bonds of the City
<br />of Martinsville to finance the cost of constructing and equipping a
<br />new senior high school on North Side Drive and providing the
<br />necessary access, grading, drainage, landscaping, utilities and
<br />architectural services; and the cost of constructing and equipping a
<br />vocational shop and facilities at the Albert Harris High School and
<br />providing the necessary access, grading, drainage, landscaping,
<br />utilities and architectural services; and the cost of constructing
<br />and equipping an addition to the shop on Brown Street and providing
<br />the necessary access, grading, drainage, landscaping, utilities and
<br />architectural services; and the cost of providing a limited amount of
<br />r81l1odeling at the present Martinsville High School buildings, located
<br />on Cleveland Avenue and Brown Street, in order to convert these facilities
<br />for use as a junior high school; and providing for the submission of the
<br />question of issuing said bonds to the qualified voters of said Citylt,
<br />adopted by the Council on March 24, 1966, and approved by the qualified
<br />voters of the City at an election duly called and held on April 19,
<br />1966, NOW, THEREFORE,
<br />
<br />BE IT RESOLVED by the Council of the City of Martinsville as follows:
<br />
<br />Section 1. The City of Martinsville shall issue its negotiable bonds
<br />of the aggregate principal amount of $900,000 pursuant to the ordinance
<br />adopted on January 13, 1966, in order to finance the cos t of the
<br />construction of new municipal buildings, and jails or prisoner detention
<br />facili ties. Said bondfl shall be payable in annual installments on May 1
<br />in each year as follows, viz.: $50,000 in each of the years 1970 to 1977,
<br />inclusive, and $100,000 in each of the years 1978 to 1982, inclusive.
<br />
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