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<br />i2 <br /> <br />TUESDAY <br /> <br />DECEMBER 14. 1965 <br /> <br />With prior approval of the City's Bond Attorneys and of City Attorney Cubine <br /> <br />at to form, Council introduced and placed on first reading the following <br /> <br />ordinance calling for a referendum on Tuesday, February 8, 1966, on the <br /> <br />question of issuing $900,000 in City bonds to finance the cost of certain <br /> <br />municipal facilities, as cited in the ordinance: <br /> <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF NINE HUNDRED THOUSAND <br />($900,000) DOLLARS OF EONDS OF THE CITY OF MARTINSVILLE TO FINANCE <br />THE CO'ST TO BUILD AND CONSTRUCT NEW MUNICIPAL BUILDINGS, FURNISH <br />AND EQUIP SUCH BUILDINGS, AND GRADE AND IMPROVE THE LANDS INCIDENTAL <br />THERETO; TO BUILD AND CONSTRUCT A JAIL OR PRISONER DETENTION FACI- <br />LITIES, AND FURNISH AND EQUIP SUCH JAIL OR FACILITIES, OR TO BUILD <br />AND CONSTRUCT, JOINTLY, WITH ONE OR MORE OTHER GOVERNMENTAL UNITS, <br />PRISONER DETENTION FACILITIES; AND FURNISH AND EQUIP SUCH FACILITIES; <br />AND TO ACQUIRE OR LEASE LANDS, RIGHTS-OF-WAY OR EASEMENTS AS MAY BE <br />NECESSARY TO ALL THE PRECEDING PURPOSES. <br /> <br />BE IT ORDAINED by the Council of the City of Martinsville, Virginia, <br />as follows: <br /> <br />SECTION I. The Council of the City of Martinsville has ascertained <br />and hereby determines that it is expedient that said City shall borrow <br />money and contract indebtedness and issue its bonds, as hereinafter <br />provided, to finance the cost to build and construct new Municipal <br />Building or buildings, furnish and equip such buildings, and grade and <br />improve the lands incidental thereto; to build and construct a Jailor <br />prisoner detention facilities, and furnish and equip such jailor <br />facilities, or to build and construct, jointly, with one or more other <br />governmental units, prisoner detention facilities and furnish and equip <br />such facilities; and to acquire or lease lands, rights-of-way or ease- <br />ments as may be necessary to all the preceding purposes. <br /> <br />SECTION II. In order to finance the cost of building, constructing <br />and equipping a Municipal Building and Jail, the City of Martinsville <br />shall issue its negotiable bonds of the aggregate principal amount of <br />NINE HUNDRED THOUSAND ($900,000) DOLLARS pursuant to and in accordance <br />with Chapter 193 of the Acts of 1950 of Virginia, as amended, and The <br />Public Finance Acts of 1958 (Chapter 5 of Title 15.1 of the Code of <br />Virginia of 1950). <br /> <br />SECTION III. The City Council has ascertained and hereby determines <br />that the probable life of each of the improvements hereinbefore <br />described, and the average thereof, is a period of thirty (30) years. <br /> <br />SECTION IV. Said bonds shall be general obligations of the City of <br />Martinsville and the faith and credit of the City shall be pledged to <br />their payment. Said bonds shall bear interest at a rate which shall <br />not exceed six per centum (6%) per annum. Said bonds shall mature <br />within a period of not more than thirty (30) years beginning with the <br />