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<br />/- <br /> <br />,- <br /> <br />t- <br />"' <br />o <br />10 <br />'" <br />.. <br /> <br />'" <br />0:: <br />o <br />"" <br />~ <br />~ <br />p. <br /> <br />AN ORDINANCE AUTHORIZIID THE ISSUANCE OF $155,000000 OF BONm OF THE CITY <br />OF MARTIN3VILLE TO FINANCE THE COST OF IMPROVING THE CITYIS ELECTRIC SYSTEM AND <br />PROVIDING FOR THE SUBMISSION OF THE QUESTION OF ISSUING SAID BONIl3 TO THE QUALIFIED <br />VOTERS OF SAID CITY. <br /> <br />------ <br /> <br />WHEREAS, the City of Martinsville has, for many years, maintained and <br /> <br />operated an electric system in order to provide a supply of electric cnergy to tho <br /> <br />City and its inhabitants, and the Council of said City deoms it desirable that said <br /> <br />electrio system shall be improved in the manner hereinafter set forth; and <br /> <br />WHEREAS, said City has for W!l1Y years derived a revenue from the oporat.i.on <br /> <br />~ of such electric systcm and said electric system is nOVl and, when it has been <br /> <br />_S <br /> <br />" <br />o <br />-" <br /> <br />: ~i' <br />~ ~ <br />. ~. <br />>- <br />z <br /> <br />~ <br />~ <br /> <br />I <br /> <br />o <br />e- <br />o <br />U <br />Q <br />:; <br />.3 <br />'" <br /><.5 <br />o ,- <br />-" <br />~ <br /> <br />improved in the manner hereinafter set forth" will be a spccific undertaking from <br /> <br />which the City may hereafter derive a revernle within the meaning of Section 127 of <br /> <br />the Constitution of Virginia: NOW', THEREFORE, <br /> <br />BE IT ORDAINED by the Council of the City of Martinsville, Virginia, as <br /> <br />foll~ls : <br /> <br />Section 1. The Council of the City of Martins1lille has ascertained and <br /> <br />hereby determines that it is expedient that said City shall borrow money and <br /> <br />contract indebtedness and issue its bonds, as hereinafter provided, to finance the <br />cost of improving the City's electric system by (1) crecting and equipping a new <br /> <br />.- <br /> <br />electric sub-station and by making additions to the presont electric sub-station, <br /> <br />and (2) constructing necessary transmission lines to and from said sub-stations, <br /> <br />and (3) erecting and equipping buildings suitable to provide a garage and shops for <br /> <br />the storage, maintenance and repair of vehicles used in the operation of such <br /> <br />electric system, and (4) acquiring such lands or rights-in-lands as may be necessary <br /> <br />for the making of such improvements. <br /> <br />Section 2. In ordor to finance the cost of making said improvements to <br /> <br />said electric system, the City of Martinsville shall issue its negotiable bonds of <br />