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<br />,-' <br /> <br />- <br /> <br />~'.". <br />Oo.g <br />)?~ <br />\ ~/? <br />lei <br />~c <br /> <br />,- <br /> <br />,"'- <br /> <br />1: <br /> <br />TUESDAY <br /> <br />APRIL 23, 1957 <br /> <br />request the judge of Martinsville City Circuit Court to enter a court order calling <br /> <br />for a bond election on May 21, 1957: <br /> <br />AN CRDlNANCE AUTHORIZING THE ISSUANCE OF $2,200,000 OF BONDS OF THE CITY OF <br />MARTINSVILIE TO FINANCE THE COST OF CON3TRUCTING, ElUARGING, RECONSTRUCTING <br />AND EQUIPPING SChOOL BUILDINGS AND ACQUIRING AND GRADING LANDS NECESSARY <br />THEREFOR AND PROVIDING FOR TI-JE SUThnSSION OF THE QUESTION OF ISSUING SAID <br />BONDS TO THE QUALIFlliD VOTERS OF SAID CITY. <br /> <br />BE IT ORDAINED by the Council of the City of Martinsville, Virginia as follows: <br />Section 1. The Council of the City of Martinsville has ascertained and <br />hereby determines that it is expedient that said City shall borro'l. money and <br />contract indebtedness and issue its bonds, as hereinafter provided, to finance <br />the cost of constructing new school buildings and of reconstructing and <br />enlarging existing school buildings and of acquiring and grading the lands <br />necessary for use as sites for such school buildings and grounds and of <br />installing in such buildings and grounds necessary apparatus and equipment. <br /> <br />Section 2. In order to finance the cost of constructing said new school <br />buildings and of enlarging and reconstructing said existing buildings and of <br />acquiring and grading said lands and of installing such apparatus and equip- <br />ment, the City of Martinsville shall issue its negotiable bonds of the aggre- <br />gate principal amount of $2,200,000 pursuant to and in accordance with Chapter <br />193 of the Acts of 1950 of Virginia, as amended, and also Article 2 and <br />Article 4 of Chapter 19 of Title 15 of the Code of Virginia, 1950. <br /> <br />Section 3. The City Council has ascertained and hereby detennines that <br />the probable life of each of the improvements hereinbefore described and the <br />average thereof, is a period of thirty years. <br /> <br />Section 4. Said bonds shall be general obligations of the City of <br />Martinsville and t..'le faith and credit of the City shall be pledged to their <br />payment. Said bonds shall bear interest at a rate which shall not exceed <br />six per centum (6%) per annum. Said bonds shall mature within a period of <br />not more than thirty years beginning with the date of said bonds in such <br />annual installments as the Council of said City may determine in accordance <br />with law. All details of the bond issue hereby authorized, not hereby <br />determined, shall be hereafter detennined by the Council of the City of <br />Mart ins ville . <br /> <br />Section 5. None of the bonds hereby authorized sh8~1 be issued until <br />all of said bonds shall have been approved by the affirmative vote of two- <br />thirds of the qualified voters of said City votinr; on the question of <br />issuing said bonds, at an election called for that purpose, uvhich said two- <br />thirds shall include a majority of the qualified registered voters owning <br />real estate in said City and voting in such election on such question. <br /> <br />Section 6. The question whether the bonis hereby authorized shall be <br />issued, shall be submitted to the qualified voters of the City of Martins- <br />rille at a special election to be held on May 21, 1957. The Circuit Court <br />of the City of Martinsville, or a Judge thereof, is hereby requested to <br />