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<br />- <br /> <br />,,-, <br /> <br />r- <br />"' <br />o <br />10 <br />'" <br />.. <br /> <br />;;j <br />o <br />"" <br /> <br />" <br />~ <br />P- <br /> <br />" <br />> <br />" <br />" <br /> <br />_S <br /> <br />Q <br />o <br /> <br />~ ~~~ <br />V ~~ <br />ii V' <br />-- I';f <br />"" g <br />, ~: <br />:>< <br />;i. <br /> <br />AN ORDINANCE AUTHORIZIID THE ISSUANCE OF $155,000000 OF BONffi OF THE CITY <br />OF MARTIN3VILLE TO FINANCE THE COST OF IMPROVING THE CITYtS ELECTRIC SYSTEM AND <br />PROVIDING FOR THE SUBMISSION OF THE QUESTION OF ISSUING SAID BONll3 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 energy to the <br /> <br />City and its inhabitants, and tho Council of said City deems 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 mc!nY years derived a revenuc from the operat.ion <br /> <br />of such electric system and said electric system is nOV'( and, when it has been <br /> <br />improved in the manner hereinafter set forth, will be a specific undertaking from <br /> <br />which the City may hereafter derive a revenue within the moaning of Section 127 of <br /> <br />tho Constitution of Virginia: NOW, THEREFORE, <br /> <br />-e <br />~ BE IT ORDAINED by the Counc il of tho City of Martinsville, Virginia, as <br /> <br />o. <br /> <br />.~ !oll<1l(s : <br />e- <br />o <br />u <br /> <br />" <br />c <br />c <br />'" Section 1. The Council of the City of Martins"ille has ascertained and <br />u <br />s; ,,""""""'" <br />~ hereby determines that it is oxpedient that said City shall borrow money and <br /> <br />contract indebtedness and issue its bonds, as hereinaftor provided, to finance the <br /> <br />cost of improving tho Cityts electric system by (1) erecting and equipping a new <br /> <br />,,- <br /> <br />electric sub-station and by making additions to the present 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 shope for <br /> <br />tho 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 order to finance the cost of making said improvements to <br /> <br />said electric system, the City of Martinsvillc shall issue its negotiable bonds of <br />