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<br />o ..1-
<br />
<br />TUESDAY
<br />
<br />MARCH 25. 1969
<br />
<br />Section 2. The City of Martinsville shall issue its negotiable
<br />bonds of the aggregate principal amount of $900,000, pursuant to
<br />the ordinance adopted on March 24, 1966, in order to finance the
<br />cost of the construction, reconstruction, and improvement, by the
<br />erection of additions, of school buildings and facilities in the
<br />City. Said bonds shall be payable in annual installments on May 1
<br />in each year as follows, viz.: $50,000 in each of the years 1970
<br />to 1977, inclusive, and $100,000 in each of the years 1978 to 1982,
<br />inclusive.
<br />
<br />Section 3. Each of said bonds described in paragraphs 1 and 2
<br />hereof shall be designated "Public Improvement Bondll and shall be
<br />in the denomination of $5,000. Said Bonds shall constitute a
<br />single issue of bonds of the aggregate principal amount of
<br />$1,800,000, shall be numbered from 1 to 360, in the order of their
<br />maturity, and shall be payable in annual installments on May 1 in
<br />each year as follows: $100,000 in each of the years 1970 to 1977,
<br />inclusive, and $200,000 in each of the years 1978 to 1982, inclusive.
<br />A part of the indebtedness evidenced by each such bond shall be
<br />deemed to have been incurred for the purposes described in paragraphs
<br />1 and 2 hereof, and such portion of such indebtedness shall be in the
<br />proportion to $5,000 as the total amount of bonds of like maturity
<br />to be issued for each of such purposes bears to the total amount of
<br />bonds of like maturity to be issued for all of such purposes.ee-a.p.&-tG-
<br />the- -t;e.tft-l- -afflG1.ffi:'b--e-f- -~ -e-f- -l-:Hre--ma:-is-ttl'-:H-;r ~b0- -be- -~-fe-r- C'l:":l:I--ef-
<br />etteft-~.
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<br />Section 3a. The Council has heretofore determined that the probable
<br />life of each of the improvements referred to in Sections 1 and 2 of
<br />this resolution is a period of thirty years, and the Council hereby
<br />determines that the average probable lives so determined for the
<br />improvements described in Sections 1 and 2 of this resolution, taking
<br />into consideration the amount of bonds to be issued on account of each
<br />purpose described in the ordinances referred to in said Sections, is
<br />thirty years computed from May 1, 1969.
<br />
<br />Section 4. All of said bonds shall be dated May 1, 1969, and each of
<br />s~id bonds shall bear interest as follows: $700,000 of bonds payable
<br />in each of the years 1970 to 1976, inclusive, 4.80 % per annum;
<br />$700,000 of bonds payable in each of the years 1977 to 1980, inclusive,
<br />4.90% per annum; and $400,000 of bonds payable in each of the years
<br />1981 and 1982, 4.80% per annum. Interest shall be payable semi-annually
<br />on May 1 and November 1.
<br />
<br />Section 5. Said bonds shall be coupon bonds, registrable as to
<br />principal only. Both principal of and interest on said bonds
<br />shall be payable at the principal office of the First National City
<br />Bank, New York, New York, or, at the option of the holder, at the
<br />First & Merchants National Bank in the City of Richmond, Virginia, or
<br />at The First National Bank of Martinsville and Henry County in the
<br />City of Martinsville, Virginia, or at the Piedmont Trust Bank in the
<br />City of Martinsville, Virginia, in any coin or currency of the United
<br />States of America which, at the time of payment, is legal tender for
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