Minutes 01/23/1962 - Laserfiche WebLink

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04 ~!X. JAFUA;RY 23. 1962 The bonds are general obligations of the City secured bjr a pledge of its faith and credit and by a covenant that, until all of the bonds have been fully paid and discharged in accordance 1.J'ith their terms, (1) the City s1:>.:.'111 operate its sewage disposal system and will charge rates or fees for service furnished by such system; and (2) such re.tes or fees shall be fixed and maintained at a level \oThich will oroduce sufficient revenues to pay for the cost of operation and administration of said system (including interest on bonds issued therefor) and the cost of insurance against loss by injury to persons and property, and an annual amount to be covered into a sinking fund suf:f'icient to pay, at or before maturity, all bonds issued to finance said syste:r.1; and (3) the revenues which the City derives from said system in each fiscal year shall, to the extend necessary, be first applied to the payme~t of such cost of operation and administrat::ton durir:g the fiscal year and to the payment of such annual amount p2.yable in s'lch fiscal year; a~d (4) the City shall segregate and keoD segregated, from all other funds, aD revenues derived by the City from its operation and Oimership of sajd system. The City will furnish without cost to the purchaser, at the Mme the bonds are delivered (1) the opinion of Hessrs. Reed, Hoyt, Hashburn & HcCarthy, of New York City, that the bonds are valid and legally binding ob1igations of the City and that the City is al1thorized and required by law to levy on all real nropcrty taxable by the City such ad valorem taxes as may be necessary to pay the bonds and the interest thereon without limitation as to rate or amount, and that the covenant with respect to the charging and anplic2.tion of rates or fees for sCI"'lice furnished by such system is lega'_ and binding, and (2) c('~t ificates in form satisfactory to said Attorneys evidencing tho proper execution and delivery of the bonds and receipt of pa~JTrlent therefor, anu (3) a certificate, dated as of the date'Jf delivery of the bonds, and signed b;r the officers who signed the bonds, stating that no litigation is then nendinp or, to tne knoi.J'ledge of such officers, threatened to restrain or enjoin the issuance or delivery of the bonds or the levy or collection of taxes to pay thp bonds or the interest thereon, or auestioning the validity of the stpt.utes or the proceedings under which the bonds are issued, and that ne~ther the corporate existence or boundaries of the City, nor the title of any of the said officers to their respective offices, is being contested. Bidders sul::rnitting bids must use the bid forms which may be obtained from the State Commission on locaJ Debt. Each pronosal should be enclosed in a sealed envelope marked "Pronosal for City of 'Martinsville Bonds", and should be directed to the "City Council, City of Martinsville, care State Commission on Local Debt, Room 228, Finance Building, Capitol Square, Richmond, Virginia." Further information will be furnished upon application to the undersigned. AD bids will be received by the Conmlission for and on behalf of the City of Hartinsville.