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<br />UM-8/20/57-6c.
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<br />A RESOLUTION PROVIDlm FOR THE SAlE OF $2,200,000
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<br />SCHOOL BUILDING BONOO CF THE CITY OF MARTINSVILlE, VIRGINIA
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<br />l,THEREAS, the Council desires to make provision for the sale of the $2,200,000
<br />School Building Bonds authorized by the ordinance adopted by the Council on April 23, 1957;
<br />N(N(, THEREFCRE,
<br />BE IT RESOLVED by the Council of the City of Martir:sville as follows:
<br />(1) Said $2,200,000 School Buil~ Bonds of the City of llartinsville shall be
<br />sold at public sale pursuant to and in accordance with the follOlfing Notice of Sale:
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<br />NOTICE OF SAIE
<br />CITY OF l4A.RTINSVILtE, V:JRGINIA
<br />$2,200,000 SCHOOL BUILDIm BONrB
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<br />The City of Martinsville, in the State of Virginia, shall receive sealed
<br />proposals for the pul'Chase of the bonds of said City hereinafter described, until 12 o'clock
<br />noon (Eastern Standard Time), on October 9, 1957, at the office of the state co:mmission on
<br />Local Debt of the Commonwealth of Virginia, Room 222, Finance Building, Capitol Square,
<br />Richmond, Virginia. At such time and place the sealed bids received will be publicly
<br />opened by such Commission on Local I:ebt.
<br />The bonds consist of an issue of $2,200,000 School Building Bonds dated November
<br />1, 1957, payable in annual installments on November 1 in each year as follows: $llO,OOO
<br />in each of the years 1958 to 1977, inclusive" and bearing interest frem their date payable
<br />semi-annua.lly on May 1 and November 1. The bonds are of the denanination of $1,000 each,
<br />and are coupon bonds, registerable at the option of the holder as to principal only. Both
<br />principal and interest are payable at the principal office of The Fll'st National City Bank of
<br />New York, in New York City, or, at the option of the holder, at The First National Bank
<br />of Martinsville and Henry County in the City of Martinsville, Virginia, or at the Piedmont
<br />Trust Bank in the City of Martirsville, Virginia, or at the Southern Bank of Commerce in
<br />the City of Vartinsville, Virginia.
<br />The bonds are issued to finance the cost of constructing new school buildings,
<br />reconstructing and enlargir:g existing school build~s, and acquiring and grading the lands
<br />necessary as sites far such school buildings and grounds and the equipment and apparatus
<br />necessary for such buildings and grounds.
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