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<br />- <br />, <br /> <br />FRIDAY <br /> <br />DECEMBER 13, 1957 <br /> <br />- <br /> <br />A special and called meeting ~ Martinsville City Council was held in the City Manager's <br />office, Friday, December 13, 1957 at 11:00 A..M. for the purpose ~ considering the <br />investing and/or investing school bond proceeds in certificates of indebtedness within <br /> <br />the scope allowed by governing statutes. Present were Mayor John W. Shultz, Vice-:Mayor <br /> <br />E. E. Stone, Couroilman C. C. Donavant and Councilman B. H. Hill. Councilman J. R. <br /> <br />Walker was unable to attend but indicated his apprcwal of the investing of these funds <br /> <br />r-- <br /> <br />if done so in accordance with the advice of local bank officials. Also present were <br /> <br />City Manager Hirst, School Board members Charles C. Broun and Henry C. Reed (both for <br />whom are officia:L<3 in the Piedmont Trust Bank and '!he First National Bank of Martinsville <br /> <br />and Henry County, respectively), and School Superintendent M. L. Carper. <br /> <br />~!I~~ <br />...j'co...~' <br />ti <br /> <br />After reviewing the financ ial needs of the City School Board for its school buidling <br />construction requirements up to April l, 1958, the Council and the School Board members <br />determined that the sum of $1,900,000.00 could be invested in federal government <br /> <br />short-term certifioates ~ indebtedness, generally known as 1t90-day bil:L<3", lIhich would <br /> <br />yield as good-if not better--a. return as arv federal government obligations available. <br /> <br />Upon motion, duly seconded and unanimously carried, the Council requested and authorized <br /> <br />-- <br />/ <br /> <br />The First National Bank ~ Martinsville and Henry County to invest $1,000,000.00 of City <br />funds (school bond proceeds) and the' Piedmont Trust Bank the sum of $900,000.00 of City <br />funds (School bond proceeds) in such certificates of indebtedmss maturing the latter <br /> <br />part of March, 1958. <br /> <br />Upon motion, duly secon:ied and unanimously carried, Council authorized City Manager <br /> <br />Hirst to drain Smith Lake. <br /> <br />-- <br /> <br />Council was adj ourned. <br /> <br />2~,~-~ IT <br />w. H. e " Clerk of Counc <br />