Minutes 08/27/1957 - Laserfiche WebLink

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TUESDAY AUGUS'r 27, 1957 Immediately following the time all proposals m~e to be received and opened, the State Commission on Local Debt of the Cammorn~ealth of Vj~ginia will open the s me and ascertain the amount of each proposal and the name or the names of the person or persol~ making the same, and will ascertain the best bid in accordance with the terms hereof and certify the same to the Council of the City of Hartinsville; and the representatives of the Council of the City of i.Iartinsville will be present for the purpose of acting upon the recommendation of the State Commission on Local Debt as to the best bid; and the Council will cause such bonds to be prepared, executed, and delivered to the successful bidder. The right is reserved to reject any or all bids. The bonds vrill be delivered at a bank designated by the successful bidder, either in l1ew York, New York, or in Richmond, Virginia, on November 1, 1957, or as soon thereafter as possible. The purchaser will be furnished, without cost, vii th the usual closing papers, and with the opinion of Messrs. Reed, Hoyt, Taylor & Washburn, stating that the bonds constitute valid and legally binding obligations of the City of Hartinsville, and that the City is authorized and required by law to levy on all real property taxable by the City such ad valorem taxes as may be necessary to pay the bonds and the interest thereon without limitation as to rate or amount. Bidders submitting bids must use the bid forn:s 1"Ihich may be obtained from the State Commission on Local Debt. Each proposal should be er:closed in a sealed erwelope marked "Proposal for City of M:artinsville Bonds", and should be cli.rected to the "Ci t.Y Council, City of Martinsville, Care state Commission on Local Debt, Room 222, Finance Building, Capitol Square, Richmond, Virginia. fl Further information will be furnished upon application to the undersigned. All bids will be received by the Commission for and on behalf of the City of Martinsville.- STATE COI!l1.ITSSION ON LOCAL DEBT J. Gordon Bennett, Secretary. (2 ) on Local they, in The Clerk of Council and the Secretary of the State Corrnnission Debt are hereby authorized to give such sale such publicity as their descretion, may deem advisable.