Minutes 09/10/1957 - Laserfiche WebLink

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TUESDAY S~PTEMBER lO, 1957 l~. I. M. Groves, Sr., as agent for the D. S. Davis Estate heirs, presented a petition requesting the rezoning from residential to business the Davis propert;)r located at 15 Cleveland Avenue (fronting on Cleveland Avenue 72.9 feet and having a depth of approximate~ 550 feet). The petition was supported by four other property owners on the East side of Cleveland Avenue to the extent that they have no objections to the proposed rezon:Lng. Council referred this petition to the Planning Commission for its consideration and recomr:1endation. In response to a request submitted by the Virginia Department of Highways, Couro il approved for Mayor Shultz' signature an option agreement and, further, agreed to donate two small tracts of land (consisting of a total of 2.55 acres) to the Highway Department in connection with their proposed interchange construction of Routes 220 and 58 near the present Smith River bridge, which would include and provide certain improvement.s to the City's access road at its hydro-electric plant. In a re-statement of policy expressed by resolution adopted March :1.1, 1950 and to broaden the scope of this resolution, Council adopted the follovving resolution regarding escrow agreerrents to be executed by the City Treasurer to protect City deposits in various banks: WHEREAS, in accordance ~ith the proVlslons of Section 9(c) of Chapter 6 of the Charter of the City of ~:lartinsville, enacted March 14, 1950, the Treasurer of the City of Martinsville is directed to deposit all funds of the City in such barLK or banks as the Council may designate; VillEREAS, further in accordance with the forego~_ng Charter provis ions, such bank or banks shall give bond in such sum or suns as the Council shall determine; NOW, TEffiEFORE, BE IT RESOLVED by the Coumil of the City of Martinsville, Virginia, in regular meeting assembled this tenth dqy of September, 1957, that the Treasurer of the City of Martinsville is hereby instructed to execute escrow agreement; on the City's behalf with each of the banks in v.hich City funds are deposited; and BE IT FURTHER RESOLVED that such escrow agreements shall require acceptable collateral from the depositories of an amount equal at all times to one hundred per centum (lOO~~) of the deposits on hand in the name of and for the City of Martinsvil1e.