Minutes 08/12/1952 - Laserfiche WebLink

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1 TUESDAY AUGUST 12, 1952 --. WHEREAS the City of Martinsvil1e now has general monies on deposit (in certificates of deposit) some fifty-five thousand dollars with the First National Bank, Martirnville, Virginia and sooo fifty-five thousand dollars with me Piedmont Trust Bank, Martinsvil1e, Virginia; and WHEREAS it has come to the attention of this Council that said City's checking account balances in said two banks, because of unusually heavy commitments without matching inc ome to offset same, are now insufficient to continue the City's busiress during the interim until general property tax revenues due the forthcoming months shall have been realized; now, therefore, - BE IT RESOLVED by the Council of the City of Martinsville, Virginia, in regular meeting assembled this 1:7Nelfth day of August, 1952, that it doth herein respectfUlly request the said First National Bank and the said Piedmont Trust Bank to make available immediately, on a short-term basis, the cash sums of fifty-five thousand dollars ($55,000.00) each at an interest rate equal to that of said certificates of deposit, which sums shall be due and repaid by said City on December 12, 1952; and ~" i~ i BE IT FURTHER RESOLVED that William R. Shumate, Treasurer for said 'City of Martirnville, be and is hereby directed and authorized to execute on behalf of said City such papers as may be required to accomplish the purpose of this resolution. Ci ty Manager Mathewson, in accordance with requirements of the City Charter pertaining to appointoonts by the Manager, notified Cour:v:::il that Mr. Brooks R. Leavitt has been appointed as the City's (and State's) agent in connection with the obtaining of purchase options on properties to be required for the proposed Route 220 Thoroughfare, succeeding :Mr. Harry L. Turner, resigned because of illness. The Council, in acknowledgi~ with appt'oval said appointment, expressed its deep regrets that Mr. Turner bas to resign, instructing tffi Council Clerk to convey said expression to Mr. Turner as well as the Council's appreciation of his excellent work while engaged with the Thoroughfare project. A petition to rezone a certain lot on the (new) IUe Plant Road (from "business" to "residential") was referred to the Planning Commission.