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<br />.40 <br /> <br />TUESDAY <br /> <br />APRIL 23, 1957 <br /> <br />enter an order directing the proper election officers of said City to take <br />such steps and prepare such reans as may be necessary to submit to the <br />qualified voters of said City at such special election the following <br />question: nShall the City of Martinsville issue its negotiable bonds of <br />the aggregate prin::ipal amount of $2,200,000, to finance the cost of <br />constructing new school buildings and of reconstructing and enlarging <br />existing school buildings and of acquli"ing and grading the lands necessary <br />for use as sites for such school buildings and of installing in such <br />buildings and grounds necessary apparatus and equipment, such bonds to bear <br />interest at not exceeding 6 % per annum, and to ma. ture wi thin a period of <br />not mere 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?" <br /> <br />Section 7. This ordinance shall take effect at the time and in the <br />manner provided by law. <br /> <br />Again discussing methods of financing the $2,200,000 school building program, <br /> <br />Council considered a schedule based on a $2.25 property tax rate and $1.00 per <br /> <br />month on City utility customers. A suggestion that was made that Council also <br /> <br />consider imposing a tax on other local utilities to finance the school building <br /> <br />program or the school bond debt service was referred to City Attorney Stone for <br /> <br />legal opinion. Meanwhile, Council tentatively scheduled a special meeting to <br /> <br />discuss this matter and related matters further. <br /> <br />In accordance with duly-advertised public notice, Council conducted a hearing on <br /> <br />a proposal that the street name "Pumphouse Road" be changed to that of "Clearview <br /> <br />Driven and, there being no objections registered, Council effected the name <br /> <br />change immediately. <br /> <br />By letter dated April 22, 1957 the Planning Commission reconnrended that the present <br /> <br />B-1 (Commercial) zoning depth along Memorial Boulevard South between Joseph Martin <br /> <br />School and the former intersection of Rivermont Heir,hts be increased to a depth <br /> <br />(of approximately 200 feet to 235 feet) following more closely existiq; property <br /> <br />,,".~,_,._.-,,-___"~,,_..___,.,,__~"_.__"",",n_".""~___"_~"~.<".", <br />