Minutes 08/13/1957 - Laserfiche WebLink

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j TlJ ESDA Y AUGl'ST 13. 1957 Council unanimously placed on first reading the following ordinance--entitled "An Ordinance Authorizing The Issuance of $3,700,000 Of Bonds Of The City Of Martinsville To Finance The Cost Of Improving The City's Sewage Disposal System And Providing For The Submission Of The Question Of Issuing Said Bonds To The Qualified Voters Of The City"--as prepared by the City's bond attorneys (Reed, Hoyt, Taylor, and WaShburn, New York, N. Y.): AN ORDINAl!CE AUTHORIZING THE ISSUANCE OF $3,700,000 OF BONDS OF THE CITY OF MARTINSVILLE TO FINANCE THE. COST OF ThfPROVING THE CITY'S SEWAGE DISPOSAL SYSTEM AND PROVIDING FOR THE SUBMISSION OF THE QUESTION OF ISSUING SAID BONDS TO THE QUALIFIED VOTERS OF THE CITY. WHEREAS, the City of Martinsville has, for many years, maintained and operated a sewage disposal system for the collection and disposal of sewage, and the Council of said City deems it advisable that said sewage disposal system shall be improved in the manner hereinafter set forth; and ~ WHEREAS, said City has been deriving a revenue from the operation of such sewage disposal system and suoh sewage disposal system is now and, when it has been improved in the manner hereinafter set forth, will be a specific undertaking from which the City may hereafter derive a revenue within the meaning of Section 127 of the Constitution of Virginja: NOW, THEREFORE, BE IT ORDAINED qy the Council of the City of Martinsville, Virginia, as follows: Section 1. The Council of the City of Martinsville has ascertained and hereby determines that the public interest requires that the sewage disposal system maintained by the City shall be improved by constructing and equipping a sewage treatment plant to be located on a suitable site, and by constructing 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 oollection of sewage, and by acquiring the lands or rights in land required for the making of such improvements, and that it is expedient that said City shall borrow money and contract indebtedness and issue its bonds, as hereinafter prOVided, to finance the cost of such improvements. Section 2. In order to finance the cost of making said improvements to said sewage disposal system, the City of Martinsville shall issue its negotiable bonds of the aggregate principel amount of $3,700,000 pursuant to and in accordance with Chapter 193 of the Acts of 1950 of Virginia, and also Article 3.1 of Chapter 22 of Title 15 of the Code of Virginia, 1950. Said bonds shall be issued under and in compliance with the provisions of Clause (b) of Section 127 of the Constitution of Virginia, and, subject to the conditions prescribed by said clause, shall not be included within the otherwise authorized indebtedness o,f said City.