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<br />TUESDAY
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<br />MA y 13. 1 969
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<br />Section 2. The City of Martinsville shall issue its negotiable
<br />bonds of the aggregate principal amount of $900,000, pursuant to the
<br />ordinance adopted on March 24, 1966, in order to finance the cost of
<br />the construction, reconstruction, and improvement, by the erection of
<br />additions, of school buildings and facilities in the City. Said bonds
<br />shall be payable in annual installments on May 1 in each year as
<br />follows, viz.: $50,000 in each of the years 1970 to 1977, inclusive,
<br />and $100,000 in each of the years 1978 to 1982, inclusive.
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<br />Section 3. Each of said bonds described in paragraphs 1and 2
<br />hereof shall be designated "Public Improvement Bond" and shall be in
<br />the denomination of $5,000. Said Bonds shall constitute a single issue
<br />of bonds of the aggregate principal amount of $1,800,000, shall be
<br />numbered from 1 to 360, in the order of their maturity, and shall be
<br />payable in annual installments on May 1 in each year as follows: $100,000
<br />in each of the years 1970 to 1977, inclusive, and $200,000 in each of the
<br />years 1978 to 1982, inclusive. A part of the indebtedness evidenced by
<br />each such bond shall be deemed to have been incurred for the purposes
<br />described in paragraphs 1 and 2 hereof, and such portion of such indebted-
<br />ness shall be in the proportion to $5,000 as the total amount of bonds of
<br />like maturity to be issued for each of such purposes bears to the total
<br />amount of bonds of like maturity to be issued for all of such purposes.
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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 this
<br />resolution is a period of thirty years, and the Council hereby determines
<br />that the average probable lives so determined for the improvements
<br />described in Sections 1 and 2 of this resolution, taking into consideration
<br />the amount of bonds to be issued on account of each purpose described in
<br />the ordinances referred to in said Sections, is thirty years computed from
<br />May 1, 1 969 .
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<br />Section 4. All of said bonds shall be dated May 1, 1969, and each
<br />of said 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; $700,000
<br />of bonds payable in each of the years 1977 to 1980, inclusive, 4.90% per
<br />annum; and $400,000 of bonds payable in each of the years 1981 and 1982,
<br />4.80% per annum. Interest shall be payable semi-annually on May 1 and
<br />November 1 .
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<br />Section 5. Said bonds shall be coupon bonds, registrable as to
<br />principal only. Both principal of and interest on said bonds shall be
<br />payable at the principal office of the First National City Bank, New
<br />York, New York, or, at the option of the holder, at the First &
<br />Merchants National Bank in the City of Richmond, Virginia, or at The
<br />First National Bank of Martinsville and Henry County in the City of
<br />Martinsville, Virginia, or at the Piedmont Trust Bank in the City of
<br />Martinsville, Virginia, in any coin or currency of the United States of
<br />America which, at the time of payment, is legal tender for the payment
<br />of public and private debts. Each of said bonds shall be signed by the
<br />Mayor or said City, and shall be attested by the Clerk of Council, and
<br />shall be sealed with the corporate seal of said City. Each of said
<br />interest coupons shall be authenticated by the facsimile signature of
<br />such Mayor and Clerk of Council.
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