Minutes 07/28/1964 - Laserfiche WebLink

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92 TUESDAY JULY 28, 1964 SECTION IV. Said Bonds shall be general obligations of the City of Martinsvil 13 and the faith and credit of the City shall be pledged to their payment. Said Bonds shall bear interest at a rate which shall not exceed six per centu.ll (6%) per an~T-Xn. Said bonds shall mature within a period of not more than thirty years beginning with the date of said bonds in such annual installments as the Coun:::il of said City may determine in accordance with law. All details of the bond issue hereby authorized, not hereby determined, shall be hereafter determined by the Council of the City of Hartinsville. SECTION V. None of the bonds hereby authorized shall be issued until all of said bonds shall have been approved by the affirmative vote of two-thirds of the qualified voters of said City voting on the question of issuing said bonds, at an election called for that p1ITpOse, which said two-thirds shall include a majority of the qualified registered voters owning real estate in said City and voting in such election on such question. SECTION VI. The question whether the bonds hereby authorized shall be issued shall be submitted to the qualified voters of the City of Martinsville at a special election to be held on October 20, 1964. The Circuit Court of the City of Hartinsville, or a Judge thereof, is hereby requested to enter an order directing the proper election officers of said City to take such steps and prepare such means as may be necessary to submit to the qualified voters of said City at such special election the following question: "Shall the City of Martinsville issue its negotiable bonds in the aggregate principal amount of $2,500,000, to finan,:::e the cost of building and constructing a Municipal building, Fire Station and Jail on lands owned by the City and to layout, widen, relocate and reconstruct certain inner-circle and outer-circle streets and thoroughfares in and around the City of Martinsville, such bonds to bear interest at not exceeding six per cent per annum, and to mature within a period of not more than thirty years beginning with the date of said bonds in such annual installments as the Council of said City may determine in accordance with Law"? SECTION VII. This ordinance shall take effect at the time and in the man~er provided by law. CouClcil1s attention was directed to other requirements of said Chapter 11 of the City Charter, including that pertaining to the preparation and publication of a list of the qualified voters of the City; whereupon, Council directed its Clerk to notify the officers responsible for the preparation and publication of said list. "., .,..._"~"".,_.,,,._....___,__,,,,,,"",'''''''e"_>fl;'~'-'''''''''''''__''"''''_"~'""""""__.....___..__..,....__"...,~,"_;''"'',...."..,_"-'_,'"'~,.'''''~.',.".,