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<br />1~ <br /> <br />M<lIDAY <br /> <br />MA~H 18, 1957 <br /> <br />,.- <br /> <br />Section 2. In order to finance the cost of constructing said <br />new school buildings and of enlarging and reconstructing said existing <br />buildings and of acquirirlg and grading said lands and of installing <br />such apparatus and equipment, the City of Martinsville shall issue its <br />negotiable bonds of the aggregate principal amount of $2,200,000, <br />pursuant to and in accordance with Chapter 193 of the J'.cts of 1950 of <br />Virginia, as amended, and also Article 2 and Article 4 of Chapter 19 <br />of Title 15 of the Code of Virginia, 1950. <br /> <br />Section 3. 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 years. <br /> <br />- <br /> <br />Section 4. Said bonds shall be general obligations of the City <br />of Martinsville and the faith and credit of the City shall be pledged <br />to 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 within <br />a period of not more than thirty years beginning with the date of said <br />bonds in such annual installments as the Council of said City may <br />determine in accordance with law. All details of the bond issue hereby <br />authorized, not hereby determined, shall be hereafter determined by <br />the Council of the City of VJartinsville. <br /> <br />;-~~ ~ <br />'\go- <br />,,:0::1' <br />ii <br /> <br />Section 5. None of the bonds hereby authorized shall be issued <br />until all of said bonds shall have been approved by the affirmative <br />vote of two-thirds of the qualified voters of said City voting on the <br />question of issuing said bonds, at an election called for that purpose, <br />which said two-thirds shall include a majority of the qualified registered <br />voters owning real estate in said City and voting in such election on <br />such question. <br /> <br />,-. <br /> <br />Section 6. The question whether the bonds hereby authorized shall <br />be issued, shall be submitted to the qualified voters of the City of <br />Martinsville at a special election to be held on May 21, 1957. The <br />Circuit Court of the City of Martinsville, or a Judge thereof, is <br />hereby requested to enter an order directing the proper election <br />officers of said City to take such steps and rlJ1r lJl . :11 I~"I lid <br />prepare such means as may be necessary to submjt to the qualified voters <br />of said City at such special election the following question: "Shall the <br />City of Martinsville issue its negotiable bonds of the aggregate principal <br />amount of $2,200,000, to finance the cost of constructing new school <br />buildings and of reconstructing and enlarging existing school buildings <br />and of acquiring and grading the lands necessary for use as sites for <br />such school buildings and of installing in such buildings and grounds <br />necessary apparatus and equipment, such bonds to bear interest at not <br />exceeding 6% per annum, and to mature wi thin a period of not more than <br />thirty years beginning with the date of said bonds in such annual installments <br />as the Council of said City may determine in accordance with law?" <br /> <br />Section 7. This ordinance shall take effect at the time and in the <br />manner provided by law. <br /> <br />2~~:t\A['c,,"~'--,~ <br />,W. H. Y(am~, Clerk of Council <br />"'- .., <br />."- -Y <br />