Minutes 07/28/1964 - Laserfiche WebLink

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2 TUESDAY JULY 28, 1964 of Third street between C & E streets, execution of said contract held -- subject to the approval of City Attorney Cubine. Pending a written report and recommendations by the Public Works Department through City Manager Hirst, Council continued the study of ways and means to alleviate drainage and erosion problems in the Jefferson Circle-Craig street area. .- By unanimous action of mem~)ers present, Council introduced and placed on first reading the following ordinance which would provide for the issuance by the City of bonds in the amount of $2,500,000 to finance the cost of constructing specified improvements, including a new municipal building, fire station, jail, and certain streets, as proposed by Council in a public meeting conducted July 27, 1964, subject to approval by the qualified voters of the City, in the manner prescribed by Chapter 11 of the City Charter, in a referen.dum to be held October 20, 1964: BE IT ORDAINED by the Council of the City of Martinsville, Virginia, as follows: ..- SECTION 1. The Counci 1 of the City of Martinsville has ascertained and hereby determines that it is expedient that said City shall borrow money and contract indebtedness and issue its bonds, as hereinafter provided, to finance the cost of building and constructing a Municipal building, Fire Station and Jail on lands owned by the City of Martinsville and to layout, widen, relocate and reconstruct certain inner-circle and outer-circle streets and thoroughfares in and aroQ~d the city of Martinsville. - SECTION II. In order to finance the cost of building and constructing a Municipal Building, Fire Station and Jail on lands owned by the City and layout, widen, relocate and reconstruct certain inner-circle and outer-circle street:3 and thoroughfares in and around the City of Martinsville, the City of Mertinsville shall issue its negotiable bonds of the aggregate prin2ipal amount of $2,50J,000 pursuant to and in accordance with Chapter 193 of the Acts of 1950 of Virginia, as amended, and Chapted 19 of Title 15 of the Code of Virginia of 1950, as amended. SECTION III. The City Council has ascertained and hereby determines that the probable life of each of the improvements hereinbefore described and the average thereof, is a period of thirty (30) years.