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<br />TUESDAY
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<br />JUNE 24, 1969
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<br />By the following resolution, unanimously adopted, Council authorized the renewing
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<br />of notes due (in the amount of $2,046,000.00) due June 30, 1969, until September
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<br />30, 1969, representing funds borrowed in anticipation of the sale of bonds
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<br />authorized:
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<br />WiiEREAS, the sale and/or issuance of $2,100,000 City of Martinsville
<br />Ge~eral Improvement Bonds remain(s) pending; and
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<br />WHEREAS, anticipated income of the City of Martinsville will not be
<br />sufficient to meet the City's operating expenses and contractual
<br />obligations until said bonds are sold and/or delivered; and
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<br />WHEREAS, by resolution adopted April 22, 1969, Martinsville City
<br />authorized the borrowing of funds from local banks, on a
<br />temporary basis, in the sum of $3,846,000.00, of which sum an
<br />amount in the total of $2,046,000.00 remains outstanding, due and
<br />payable June 30, 1969; now, therefore,
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<br />BE IT RESOLVED by the Council of the City of Martinsville, Virginia,
<br />in regular meeting assembled this twenty-fourth day of June, 1969,
<br />that the Honorable F. T. Renick, M.D., Mayor, and W. H. Yeaman,
<br />Clerk 0: Council and Director of Finance, be--and are hereby--authorized
<br />and directed to execute notes, on behalf of the City of Martinsville,
<br />for the renewing of said outstanding loan of $2,046,000.00 (due June
<br />30, 1969), for the period July 1, 1969 to September 30, 1969, with
<br />right of anticipation reserved for any portion o~ all of said amount.
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<br />Upon recommendation of City Manager NOland, Council authorized the transfer
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<br />of $60,406.00 from the Electric Fund's surplus account to the Municipal Building
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<br />Bond Fund to balance the building project and close out same.
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<br />In considering the School Board terms of Messrs. Henry C. Reed and W. K. Putney,
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<br />expiring June 30, 1969, Council received a statement from Mr. Thomas J. Womack
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<br />who--speaking as a citizen and parent (and not as a member of the City School
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<br />System faculty)--expressed pride with the educational program offered in the
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<br />past and up to the present by the City School Board as well as concern with the
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<br />future of local education under the now-integrated system. Mr. Womack urged,
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<br />in the interest of maintaining the very best educational system in Martinsville,
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