Minutes 06/23/1964 - Laserfiche WebLink

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78 TlJESDAY JUNE 23, 1964 March 24, 1964, the Smith property being purchased for the sum of $175,000.00, which--after the initial payment hereby authorized as of July 1, 1964--leaves a balance of $122,500.00, payable in two equal annual installments of rate $61,250.00 and carrying an annual interest/of 3t on unpaid balance. City Manager Hirst pointed out that the 1964-65 budget, as adopted, provides only $45,500.00 toward the purchase payments herein authorized and, further, recommended a financing schedule (by means of temporary loans from the local banks) spread over the next five budget years. Council, however, directed that financing of the property acquisition be made through a temporary borrowing by the General Fund from one of the City's other funds and that, when and if necessary (to provide cash in the City's bank accounts), the Mayor and Director of Finance be and are hereby authorized to execute notes with the local banks to borrow sufficient funds on a temporary basis to make payments when due for this property acquisition or any portion thereof. Council acknowledged receipt of a Report on Audit, prepared by the State Auditor of Public Accounts, covering the accounts and records of the late William R. Shumate, as to liability to the Commonwealth of Virginia, for the fiscal year ended JUne 30, 1963, and for the period July 1, 1963 through January 12, 1964, or to the date of Mr. Shumate's death. The report stated that Mr. Shumate, as Treasurer, had made property accounting for all funds of record during the periods audited. Subject to City Attorney Cubine's approval as to form, Council authorized Mayor Wilson and the Clerk of Council to execute easement agreements with the Norfolk & Western Railway Company, covering four new sewer line crossings of the railway company's right-of-way.