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<br />42 <br /> <br />TUESDAY <br />-- <br /> <br />JULY 13. 1965 <br /> <br />~- <br /> <br />Upon recormnendation of City Manager Hirst, who called Council's attention to <br /> <br />the fact that sewerage system construction commitments and expenditures have <br /> <br />exceeded available funds, Council adopted the following resolution authorizing <br /> <br />the borrowing of $550,000.00 from local sources, for a period not to exceed <br /> <br />six month,3, and also authori zed the preparation of necessary documents to <br /> <br />provide for the offering for sale $1,200,000 Sewer Bonds already au thori zed: <br /> <br />,- <br /> <br />WHEREAS, there remains unissued the sum of $1,200,000 from a total <br />of $2,500,000 Sewer Bonds authorized by an election held March 1, <br />1960, to finance the cost of constructing and completing a sewerage <br />system for the City of Martinsville; and <br /> <br />WHEREAS, because this construction program has been accelerated to <br />the extent that available income is not sufficient at the present <br />time to meet contractual obligations; <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Martinsville, Virginia, in regular meeting assembled this thirteenth <br />day of July, 1965, that John W. Bouldin, Jr., Treasurer of the City <br />of ~irtinsville be, and is hereby, authorized to borrow--for the <br />account of the City of Martinsville--the sum of $550,000.00 for a <br />period of not longer than six months and in anticipation of offering <br />for ,;ale wi thin the next six months part or all of the aforesaid <br />$1,200,000 Sewer Bonds authorized but unissued; and <br /> <br />BE IT FURTHER RESOLVED that the First National Bank of Martinsville <br />and Henry County and the Piedmont Trust Bank, Mart insvi lIe , Virginia, <br />are hereby respectfully requested each to lend to the City of <br />Martinsville one-half of said $550,000.00 for a period not exceeding <br />six months. <br /> <br />In respom;e to an inquiry through Mr. Jack Flora, Real Estate Agent for the <br /> <br />United States Post Office Department, Council adopted the following <br /> <br />resolution granting an option to sell to the United States Post Office <br /> <br />Department a portion of the property acquired from the J. R. Smith Estate, <br /> <br />for the pLrposes and amount set forth in said resolution and more specifically <br /> <br />,.- <br /> <br />described in the option: <br /> <br />A RESOLUTION AUTHORIZING EXECUTION OF OPTION TO SELL TO THE UNITED <br />STATES POST OFFICE DEPAR1MENT A SPECIFIED TRACT OF LAND OWNED BY THE <br />CITY OF MARTINSVILLE AND LOCATED WITHIN THE CITY OF MARTINSVILLE, <br />VIRGINIA <br />