Minutes 09/19/1957 - Laserfiche WebLink

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THURSDAY SEPTEMBER 19, 1957 A special and duly-called meeting of Martinsville City Council (see Council minutes of September lO, 1957) was held in the Council Chamber, City Hall, Thursday, September 19, 1957, at 7:30 P.M. Present were Mayor and Councilman John W. Shultz, Vice-Mayor and Councilman E. E. Stone, Councilman C. C. Donavant, Councilman B. H. Hill, and Councilman J. R. Walker. The purposes of this meeting was to cor~ider various phases of a proposed sewerage system improveIre nt program; to consider ways and means of financing such a program; to consider and/or adopt an ordinance, as placed on first reading August 13, 1957, calling for an election on the question of issuing bonds to finance or help finance the cost of proposed sevTerage system coretruction; and to consider such other business as might come to Council's attention. Ci ty Manager' Hirst reviewed for purposes of discussion and for the benefit of visitors presfmt the conditions leading up to the development of preliminary plans for the proposed sewerage system improvement prograrr,. Mr. Hirst then presented three cons truction and financing schedules, as follows: Cons truction Bond Issues Plan Period Amount Term Financed by (A) 2 -3 years $3,700,000 30 years 144% of water bill (B) 7 years 2,350,000 20 years lOO% of water bill (C) 7 years 2,700,000 30 years 90% of water bill After some discussion, including answers by Council to questions by visitors present, C01illCil, by a recorded and unanimous vote, took the following official actions: (1) amended the ordinance placed on first reading August 13, 1957, which ordinance called for an election to be held November 5, 1957 on the question of issuing $3,700,000 in bonds to finance the proposed sewerage system improvement program, by substituting an amount of $~~,500,000 in place of the '3,700,000; (2) adopted said ordinance as amendedj