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<br />
<br />TUESDAY
<br />
<br />MAY 13, 1969
<br />
<br />RESOLUTION PROVIDING FOR THE ISSUANCE OF $1,800,000 OF BONDS
<br />OF THE CITY OF MARTINSVILLE.
<br />
<br />WHEREAS, the Council desires to provide for the issuance of
<br />bonds of the City of Martinsville, hereinafter referred to,
<br />authorized by the ordinance entitled "An Ordinance authorizing
<br />the issuance of nine hundred thousand ($900,000) dollars of bonds
<br />of the City of Martinsville to finance the cost to build and
<br />construct new municipal buildings, furnish and equip such buildings,
<br />and grade and improve the lands incidental thereto; to build and
<br />construct a jailor prisoner detention facilities, and furnish and
<br />equip such jailor facilities or to build and construct, jointly,
<br />with one or more governmental units, prisoner detention facilities,
<br />and furnish and equip such facilities; and to acquire or lease lands,
<br />rights-of-way or easements as may be necessary to all the preceding
<br />purposes", adopted by the Council on January 13, 1966, and approved
<br />by the qualified voters of the City at an electim duly called and
<br />held on February 8, 1966, and
<br />
<br />WHEREAS, the Council desired to provide for the issuance of
<br />$900,000 of bonds of the City of Martinsville, hereinafter referred
<br />to, authorized by the ordinance entitled "An ordinance authorizing
<br />the issuance of three million dollars ($3,000,000) of bonds of the
<br />City of Martinsville to finance the cost of constructing and equipping
<br />a 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 />remodeling at the present Martinsville High School buildings, located
<br />on Cleveland Avenue and Brown Street, in order to convert these
<br />facilities for use as a junior high school; and providing for the
<br />submission of the question of issuing said bonds to the qualified
<br />voters of said City", adopted by the Council on March 24, 1966, and
<br />approved by the qualified voters of the City at an election duly
<br />called and held on April 19, 1966, NOW, THEREFORE,
<br />
<br />BE IT RESOLVED by the Council of the City of Martinsville as
<br />follows:
<br />
<br />Section 1. The City of Martinsville shall issue its negotiable
<br />bonds of the aggregate princinal amount of $900,000 pursuant to the
<br />ordinance adopted on January 13, 1966, in order to finance the cost
<br />of the construction of new municipal buildings, and jails or prisoner
<br />detention facilities. Said bonds shall be payable in annual install-
<br />ments on May 1 in each year as follows, viz.: $50,000 in each of the
<br />years 1970 to 1977, inclusive, and $100,000 in each of the years
<br />1978 to 1982, inclusive.
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