Minutes 12/22/1959 - Laserfiche WebLink

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TUESDAY DEX::EMBER 22, 1959 ----- or before maturity all bonds issued to finance saw sewage disposal system; and (3) the revenues which the City derives from said sewage disposal syst.em in each fiscal year shall, to the extent necessary, be first applied to the payment of such cost of operation and administration during such fiscal year and to the payment of such armual amount payable in such fiscal year; and (4) in order to give guarantees far the faithful observance of such stipulations, said City shall segregate and keep segregated, from all other funds, all revenues derived by the City from its operation and owner- ship of s aid sewage disposal system. /- Section 7. None of the borxis hereby authorized shall be issued until all of said bonds shall have been approved by the affirmative vote of a majority of the qualified voters of said City voting on the question of issuing said bonds, at an election called for that purpose, which majority shall include a majority of the qualified registered voters owning real estate in said City and voting in such election on such question. Section 8. The question whether the borxis 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 March 1, 1960. 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 election the follovri~ question: f1Shall the City of Martimville issue its negotiable bonds of the aggregate principal amount of $2,500,000, to finance the cost of improving the City's sewage disposal system by constructing and equippi~ a sewage treatment plant to be located on a suitable site, and by construct- ing the intercepting sewers necessary to connect the City'S existing sewage disposal system with such sewage treatment plant, and by constructing additional sewers needed for the collection of sewage, and by acquiri~ the lands or rights in land required for the making of such improvements, such bonds to bear interest at not exceedirg 6% per amrum, and to mature within a peri.od 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?1I ,.....-..., Section 9. This ordinance shall take effect at the time and in the manner provided by law. An agreement, prepared and presented by the Norfolk & Western Railw8\V Company and approved by' City Attorney Taylor, between the Norfolk & Western Railway Company and the City of Martinsville, was approved far execution by Mayor Shultz and the .,- Council's Clerk on behalf of the City. This agreem:mt pertained to the comtruction by the City of a new access street from Memorial Boulevard (U.S. Route 220) to the Sellers Street-Salem Street area, the elimination by the Norfolk & Western Railway 1: ,~\y; ! .~ '*: ~ '" j ..::, \ ,.,~ ,". '~-...:.-,><:, J.- .,,). ~ ---.\ ""- - ~ "' '" ~ .........,':j .. ..\( I ., J "- ~ "