Minutes 08/27/1957 - Laserfiche WebLink

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TUES 1l~ Y AUGUST 27, 1957 ViHERE1\S, the Council desires to make further prOVlSlon for the issuance of the bonds of the City of Uartinsville authorized bI the ordinance herein- after descrihed; HOW, THEREFORE, BE IT RESOLlTLD by the Council of the City of E2rtinsville as follows: (1) The bonds to be issued pursuant to the ordinance entitled rrAn Ordinance authorizing the issuance of $2,200,000 of bonds of the City of Martirsville to finance the cost of constructinG, enlare;ing, reconstructing and equipping school buj Idings and acq,}j_ri~ and grading lands necessary therefor and providing for the subrpiss ion of the question of issuing said bonds to the qualified voters of said Cityrr, adopted by the Council of said City on April 23, 1957, shall be designated rrSchool Building Bonds" and shall consist of twenty-two hundred bonds of the denomination of ~;a,ooo each, numbered from 1 to 2200, inclusive, in the order of their maturity. (2) Said bonds shall be dated November 1, 1957, and shall be payable in annual instalL~ents on November 1 in each year as follows, viz.:-$llO,OOO in each of the years 1958 to 1977, inclusive. The bonds shall bear interest from their date at a rate which shall not exceed six per centum (6%) per annum, and the interest shall be payable semi-annually on May lst and November 1st beGin.'1i~-ig with May 1, 1958. (3) The bonds shall be coupon bonds, registerable at the option of the holder as to principal only. Both principal of and interest on the bonds shall be payable at the principal office of The First National City Bank of New Ycrk, in the Borou[;h of Manhattan, City and State of New York, or, at the option of the holder, at The First National Bank of Martinsville and Henry County in the City of Martinsville, Virginia, or at the Piedmont Trust Bank i.n the City of ;;lartinsville, Virginia, or at the Southern Bank of Commerce in the City of Martinsville, VirGinia, in any coin or c'Llrrency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. (4) The corporate seal of the City shall be affixed to or impressed upon each of said bonds and each of said bonds shall be siv,ned by the Mayor of said City and shall be attested by the City Clerk. Each of the interest coupons representing the interest payable on such bonds shall be authenticated by the facsimile signatures of such !'.1ayor and City Clerk. (5) The bonds and the interest coupons representing the interest payable thereon and the provisions for the registration of the bonds to be endorsed thereon shall be in substantially the following form: (Form of Boni) No. No. UNITED STATES OF Al.iERICA S TA TE OF VIRG INIA CITY OF NJill. TTNSVIILE SCHOOL BUILII NG BOND $1,000 $1,000