Minutes 09/08/1964 - Laserfiche WebLink

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:08 TUESDAY SEPTEMBER 8. 1964 incidental thereto; to build and construct a jailor prisoner detention facilities, and furnish and equip such jailor facilities, or to build and construct, jointly with one or more other governmental units, prisoner detention facilities and furnish and equip such facilities; to plan, construct, reconstruct, widen, extend and relocate certain streets and thoroughfares in and around the City of Martinsville, either by the City or in participation with one or more other governmental agency or agencies, including to plan and construct or reconstruct drainage faci- lities, bridges and utility lines as may be necessary to such streets and throughfares; and to acquire or to lease lands, rights-of-way or easements as may be necessary to all the preceding purposes. 'SECTION II. In order to finance the cost of building, constructing and equipping a Municipal Building, Fire Station and Jail, and layout, widen, relocate, construct and reconstruct certain streets and thoroughfares in and around the City of Martinsville, the City of Martinsville shall issue its negotiable bonds of the aggregate principal amount of TWO MILLION FIVE HUNDRED THOUSAND ($2,500,000) DOLLARS pursuant to and in accordance with Chapter 193 of the Acts of 1950 of Virginia, as amended, and The Public Finance Act of 1958 (Chapter 5 of Title 15.1 of the Code of Virginia of 1 9 50) . 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. SECTION IV. Said bonds shall be general obligations of the City of Martinsville 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 centum (6%) per annum. Said bonds shall mature within a period of not more than thirty (30) years beginning with the date of said bonds in such annual installments as the Council 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 Martinsville. 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 purpose, 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 Martins- ville at a special election to be held on October 20, 1964. The Circuit Court of the City of Martinsville, 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 electior the following question: II'Shall the City of Martinsville issue its negotiable bonds in the aggregate principal amount of $2,500,000 to finance the cost of building, constructing and equipping a Municipal Building, Fire Station,